Engineers are the inventors of our time. Starting your own engineering business is like becoming the inventor you always dreamed of. You can focus on your own projects, start your own workshop and follow your passion. You no longer have to build and design aspects that belong to someone else’s vision. For this reason, more and more engineers are setting up their own businesses. It’s a liberating way to contribute to the world in your own unique way.
Of course, nothing is quite that simple. Starting an engineering business requires the deft touch of experience. It requires strong knowledge, direction and plenty of contacts. More importantly, it requires a pot of cash to cover the startup costs. Your first step it totalling up the costs you need to get off the ground. That’s what we’re here to help with today. Follow this article to help work out your initial startup costs.
What’s your niche?
Before you can begin to calculate your costs, you need to know exactly where you’re going. A good engineering business will have a very clear and defined remit. The world of engineering is vast and huge. It’s impossible to cover every aspect with your small business. Instead, you need laser sharp focus on one project or one aspect of engineering. Try coming up with some business ideas that extend your passion and expertise. Only when you’ve defined that can you begin to make a list of essential startup costs.
Tools and equipment
No engineer can operate without his tools and equipment. They are the backbone of everything. This is where finding your niche will come in handy. As a startup, you’ll want to keep your costs to a minimum. That means identifying and targeting only the most necessary tools and equipment for your job. If you’re focusing on car mechanics, that will be essential car equipment. If it’s medical engineering it may be equipment for your lab.
If tools and equipment are the constant features, then supplies are your regular features. These are things that you will need to buy on a regular basis to keep things running. As an engineer this could include bearing housings, washers, screws and other essentials. Get a number of quotes and find the best deals early. You may need lots of supplies if you’re testing and inventing new ideas!
In the business world, ‘expenses’ are all the things that keep your company operating. This could be the rent on a lab or premises. It will be the wages required to pay employees or energy bills. Again, contact a number or suppliers for quotes here.
As an experienced engineer, you can hopefully rely on existing contacts for some jobs. However, you’ll also need to go out and find new clients and attract customers. This could involve paying for leaflets and flyers in the local area. It could be investing in PR or online marketing. This will really help get the business off the ground.
Setting up your own engineering firm will be one of the most liberating things you ever do. However, make sure you take the time to get the startup costs right from the start. Have we missed anything? Let us know in the comments below.