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September 29, 2020 / 0 Comments
Many long-time professional engineers are attracted to the idea of starting their firms. Being your own boss gives you freedom and ownership of your work, allowing you to choose projects and clients and dictate the way you do things.
Apart from passion, you have to be business-minded. This means knowing a thing or two about accounting, project management, human resources, marketing and every facet of running a business. Otherwise, your company may be doomed from the start.
How do you know if you’re ready to start your engineering firm? Here’s a checklist of 4 must-haves.
Professional registration with the Engineering Council is an assurance of competence and achievement in your field. It shows your clients and prospects that they can trust you since you have met globally recognised professional standards.
You can register as an Engineering Technician, Incorporated Engineer or Chartered Engineer, depending on your qualifications. You can try registering for the higher titles as you gain more work experience.
Your years of experience working for a firm should have given you many opportunities to make connections in the industry. Networking is important, whether or not you’re planning to start your own company someday. These connections will help you find clients and business opportunities.
Even if the people you know won’t be your direct clients, they can recommend you to their networks. It helps create noise about your company and build a positive reputation with the right people.
Be sure to follow-up. If you meet a potential client, email them promptly to let them know that you take your interaction seriously.
A startup engineering firm is only as good as its employees. Define and refine your hiring practices to make sure you’re bringing the right people to your company. They don’t have to be the best at what they do; they only have to be competent, responsible and good at working with other people. Talent is important, but you want a team that has good synergy as well.
Take a step back and think about what your firm needs. What knowledge and skill sets are you missing? The answers to these questions will guide your hiring decisions.
You have to have some knowledge and skills in accounting. The first few years of your company will be rocky, especially in terms of finances. Even if you hire an accountant, you need to know how to monitor your cash flow, evaluate your financial decisions and calculate your revenues. Focusing on your finances will help ensure your firm’s success.
Part of being knowledgeable about money is being smart about quoting. Quoting for engineering projects can be tricky. It’s difficult to predict how long a project would take and how many revisions you’ll have to do.
Asking colleagues who have done similar projects is a good place to start. This is another reason why you should cultivate your network. Be sure to give your clients some wiggle room to fit their budget.
Starting your own engineering company isn’t easy. You’ll need all the tools and resources you get to launch your startup off the ground and onto great business success.
Helping Engineering Firms Succeed
Future Engineering Recruitment helps companies find the right talent for their business needs. We match employers and job seekers according to what both parties are looking for, which helps ensure employee retention.
Contact us today for enquiries about our recruitment services.