So, you have completed your architecture degree or masters and have also done the internship. Now you are ready to set up your architect’s business with your brand-new license in hand. That’s great news. This is one field of work where you always get to keep your creative ideas flowing free, experimenting and innovating, and most of all, learning all the time. When it comes to getting creative satisfaction, an architect has the edge over many other professionals.
However, to get the right kind of projects that can challenge you and help you constantly improve your skills, you need to have the right business set up. With some careful planning during the initial stage, you can address this aspect easily. Here are some tips you can use:
Start with a clear business plan
A well-thought-out business plan acts as a guidance system for your fledgling architect’s firm. It gives you the broad direction in which you want your business to grow, tells you what you can do and what you can’t and also gives you a clear picture of your goals so that you can stay focused on them at all times. Talk to your mentor and get his/her help in drawing up your business plan.
Draw up and implement a clear marketing strategy
Your business plan outlines your basic marketing strategy, but you need to flesh it out and start implementing it as soon as possible. Be it social media or word of mouth or through industry interactions or via your contacts, you need to spread the word about your firm far and wide. Invest in market research so that you know what your clients seek and how the preferences of the market have evolved in recent times. This helps you sync your services to what is currently in demand.
Understand your finances thoroughly
If you are setting up your firm on a small budget, then you may have to double up as your accountant, marketing executive, chief architect, and everything else. One of the roles that you have to take really seriously is that of the accountant. Understand your finances well so that you know how much you can extend your expenses without putting any strain on the firm’s stability. A good grasp of your finances also helps you avoid taking on too much risk in the hope of making more money from an uncertain project.
Protect your business adequately
By hiring the right kind of staff after due diligence, by verifying credentials of your clients, you protect your business from harm. There is yet another very critical way in which you need to invest in safeguards for your firm, and that is by taking the right kind of professional liability insurance for architect businesses. This insurance safeguards you from legal liability if a client is unhappy with your work, justifiably or unjustifiably, and files a case against you/your firm. Do your comparison shopping of various insurers and find the right one with help from BizInsure to give your new firm adequate coverage at an affordable cost.