Last week I had a chance to meet few bright students who right out of their universities were trying to setup an organization. Few quick word of advice which I gave them and might be for others as well
1. Identify what you want to be a service company or a product company, (They wanted to be a service one, so following is for service organization)
2. Pick a niche area don’t say you can do every thing from php to .net, pick a specific area, If I am a customer I would never give projects to a company which tells it can do every thing and has just started.
3. Start with small projects, don’t try to get the ultimate project as your first one, take baby steps, there is a lot to do for projects from specifications to delivery and getting paid, if you take a big one and make mistake chances are you won’t be able to get back up.
4. Use the online platforms for Services, create accounts on ODesk, Elance and Rent a coder, and bid regularly, learn and bid again, slowly a trickle of projects will come.
5. Stay put, for students just graduating think of a minimum of 2 years before you make enough money, prepare every one who can get effected for this, specially your family. The pressure to join a job will be immense, be ready to keep it at bay.
These were few things I told them might hold true for most starting from scratch.
Also if you ever need advice, don’t hesitate to contact me, In Lahore we can always meet, out of it I am available on emails and phone.