While some appreciate job security, more people are transitioning to becoming business owners. Not all business owners start out knowing how to handle one. If you have experience under your belt, however, you can easily use this to leverage your start-up.
Gathering Capital and Living Through the Lean Months
Businesses can take around three years before turning a profit. This is not to say you will have no income in the first few months. Income during this period may be enough to cover expenses and not much else. Prepare for this by having enough savings to tide you over as well as capital to cover your business needs. You can also choose to borrow money from banks or find investors. For this, you will need to present them with a business plan that identifies your methods, goals, and your niche to hopefully attract investors and get a positive response from the bank. Your experience as a civil engineer should be one of your greatest assets as well, so make sure your investors know this, too.
Gather Your Team and Equipment
A business is not run alone so you need to put together a team of advisors to help you along. You may have experience in engineering but you probably don’t know taxes or how to handle them. Your core team should consist of a bookkeeper, a CPA, a lawyer and mentors who have been to where you want to go to.
It also helps to take advantage of technology. One of the most important tools you can get is software to help estimate costs in your civil engineering projects. Using this can help save you time and give a more accurate gauge of what you’ll need per project, says an expert from Pronamics. Over time, it can also help you manage multiple projects at a glance.
A website can serve as both a marketing tool and your point of contact with clients. Advertising is key, particularly in your early months. If you’re not website savvy then consider hiring professionals to create and maintain your site for you. It’s important to let people know of your presence, else, your efforts in building a business may be wasted.