There are several steps to start a commercial space business. Space is a growing phenomenon, providing elements for enterprise ideas and business opportunities. Companies are using outer-space to do business around the world. This frontier generates key data through processing and commercialization. As an entrepreneur, spaceflight may be a great business opportunity as it is becoming the basis for hundreds of startups. Here are the steps you need to follow to start a commercial space business.
Find Your Niche
First, start your commercial space business by finding your niche. There are many things entrepreneurs need to know. There are several niches to focus your business on such as space mining, space transportation, nanosatellites or space weapons. Space mining is a top business niche where you can obtain substances, such as cosmic dust or raw materials, from celestial bodies. The discovery of gold, diamonds, iridium and other goods can contribute to the expanding scientific research of our solar system. Furthermore, as space travel is more sought after, you can offer transportation services for space flight. Your business will focus on passenger space travel along with protective equipment such as safety suits, first aid kits and space batteries. You can gain investors as people want the opportunity to travel to the stars. Definitely find your niche to determine what you can do best in the commercial space business.
Next, pitch your business idea in the space industry. In every business pitch you will need to sidestep the expected for startup success. After finding your niche, decide how your business will stand out from the competition. Discover what type of spacecraft you will use for business. Of course, conducting business in space is expensive so utilize a cheaper vessel that uses Gossamer technology. This allows the spacecraft to be lighter, thinner and easily assembled. Additionally, focus on the speed of the ship. You will need a vessel that can travel large distances in a shorter period. Furthermore, address if you will generate renewable energy while in space. The Earth only receives a limited amount of solar energy so equip your spacecraft with panels to generate solar power and transmit it back to Earth. Certainly, determine what will make your company different with your business pitch.
Adhere To Government Regulation
Additionally, adhere to government regulations when starting a commercial space business. Developing a space economy can only happen with government regulations and support. The government wants to govern property rights on limited resources including ice on the Moon and water on Mars. Therefore, they are willing to establish regulatory frameworks to supply economic development in space. The government is inclined to support space businesses as they are providing new scientific research and the opportunity to send humans to space. Furthermore, by following government incentives, such as reducing space debris, the cost of operating your business in space could lessen. Definitely adhere to government regulation for support in funding your commercial space business.
Secure Funding From Investors
Of course, secure your funding from investors. Companies are more willing to invest if you provide space data through tests, virtual reality, video or pictures. In fact, you can find investors on startup funding websites. There is a high demand for data so scientists and developers can increase the expansion of AI technology. In 2019, $1.9 billion was invested into space businesses, doubling the amount from 2018. As space travel costs millions of dollars, utilizing investor opportunities can advance your company and allow you to conduct business in our galaxy. Certainly, secure your funding from investors to start your space business.
Scale Your Business
Finally, scale your business. Typically, funding for the new space race comes from international investors and U.S. based venture capital. Find business connections worldwide as space startups are a global interest. Countries such as Saudi Arabia are investing about $1 billion in space exploration firms. Additionally, by marketing with the correct companies, you can earn funds for your upcoming venture. For example, a private space travel company in Japan raised about $90 million for their spacecraft to orbit the moon. Therefore, advertising your space business accordingly can get you support and connections from top global public investment funds. Certainly scale your business when starting a commercial space company.
There are several steps to start a commercial space business. First, find your niche to determine what you can best attribute to the commercial space business. Next, pitch your business idea stating why your business will stand out from competitors. Of course, adhere to government regulation as they are willing to offer support for space businesses. Secure your funding to ensure that you will be financially protected throughout your space business journey. Finally, scale your business to get investments and connections globally.