The architect’s world is one filled with creative ideas, and for someone who loves to innovate with design, this is the perfect career choice. As an architect, you get to test your skills in multiple projects, explore your own creative limits, and experiment with new ideas.
As rewarding as the career can be for you in terms of satisfaction, the monetary aspect also needs to get some attention. The field is very competitive, and that is why you should build a strong foundation for your firm to ensure that it not just survives in the niche but excels. Here are some things to keep in mind if you want to start your own architectural practice:
Build the right credentials:
Starting with your educational qualifications, it is imperative that you have a strong credential base if you want to succeed in this competitive niche. Get your degree and/ or post graduation from a reputed university.
There are certification courses that will help you hone skills in specific areas and these are useful if you wish to specialize in a particular area, for example, hospital design. Apprenticeship with a large firm that has good brand value and an excellent reputation is another great way to start your firm off with your best foot forward.
Find the right mentor:
There are quite a few aspects that a mentor can help you with. Make your first business plan, determine a good niche to position yourself in, and get you the right connections to start you off on a successful note- a mentor is a valuable ally by your side.
Choose a mentor who is experienced in this field and who has built his firm from scratch, if possible. Such an individual can understand your challenges and help you avoid pitfalls most efficiently.
Make a financial plan:
No business can run efficiently if it has a cash crunch. At the same time, the cash has to be used efficiently in areas where there is most value for every dollar spent. Start by making a list of your expenses and totalling them all up to know exactly how much cash you need to arrange for.
Then look at your options. Do not start out by thinking of taking a loan from a financier. That’s the expensive option. There might be cheaper alternatives much closer than you think- at home from family or friends. See what you can get from this close circle and then make up the gap with a lender loan. This way you keep your outgo limited. You might need help to plan a budget for your fledgling firm and this is another area where your mentor can help you.
Decide how to position yourself:
This is part of your branding exercise- to figure out what you want to be known for. Is there a specialization you have?? Any specific area you wish to pursue or one that seems to be in demand right now?? Once you make a decision about this, the next step is to position yourself in this specific niche. Do you have a certification that you did or a special project that can become a good starting point to showcase your skills in this area?? Work these into your branding endeavors so that you associate your name and brand with these skills right from the outset.
Marketing plans:
Identify your target audience and find out which channels work best in reaching out to them. Find out ways and means to address this target audience and approach those channels to market your brand. For example, if you have designed baby nurseries before with great success, you can approach a shop that sells baby/ maternity stuff and see if you can hand out brochures of your business or your business card there. Use social media to do your marketing too because it allows you to reach an incredibly vast and diverse audience at very low cost.
Protect your business:
Last but definitely not the least, ensure that your business is protected from potential risks. Often, this is one area where new business owners might overlook.
There may come a situation where a client is unhappy with your service and they file a lawsuit against you. Whether the lawsuit claims that you were negligent or that you delayed the work or that you gave the wrong advice, there is a need to prove your innocence and protect your reputation by fighting this out in the court. The costs of litigation often put a lot of financial pressure on new business owners.
This is where architects’ professional liability insurance plays a key role in safeguarding your firm. This insurance covers your court fees, lawyer fees, and any damages that may be awarded to the client.
