The world of engineering is fast-paced, exciting and varied, so there’s no wonder you want to put your skills to good use and start your own engineering firm. Whichever engineering background you come from, this guide is here to help you think about what steps you to consider putting in place to make your engineering firm dream become your reality.
Get the right tools and technology
Just like any job, having the right tools and the technology in place to help get the job done, should be a priority when setting up your own business. Start making a list of the things that you use to help perform your engineering duties. This may include things like:
- Tools you need to use while physically out on site
- Safety wear
- Mobile equipment like a tablet, laptop, mobile phone
- Internet connection when out in the field and in the office
- Profession based software subscriptions
- Software to help manage your business for things like accounting, customer management etc
- A 3D printer
Do some math and make sure you also include these costs into your budget and planning for the business, which brings us to our next step…you guessed it…budget and planning!
Budget and planning
In engineering you’re use to working with blueprints and your most important one yet may be the one you create for your engineering firm. Spending time researching and getting the basics right from the start is going to set your business up for success in the long haul.
These are some of the key things to check when setting up:
- What is your budget? Do you have your business account and financial details set up for the business?
- Have you researched your competition? How can you stand out from the crowd as an engineering business?
- What projects and opportunities does your business plan on working on?
- Have you got all your legal obligations as a business sorted?
- Do you have your government registrations and tax requirements arranged?
The power of networking
This is an opportunity to connect with those which you already know in the industry and to start making some new connections. Having a chat to old workmates and people you know in the field is a great way to get your name out there and start drumming up some business.
You can always look at expanding your connections by joining online communities, using social media platforms like LinkedIn and joining industry related groups. Keep your eye out for business networking events, especially ones which may be organised by industry bodies in the engineering field.
Communication is key
Once you start to build up your client base and get going with projects, you need to consider what is going to be ideal way to track the progress of your projects and to communicate the developments to your clients as they happen.
Have this plan in place before you start working with your clients. You don’t want client management to be an afterthought and scrambling to make something work. Thinking clearly and planning what systems you will use, will ensure an effortless connection between you and your client.
Protect your engineering business with insurance
Once you’ve but in all the hard effort to get your engineering business up and running, take a moment to consider the different types of engineering insurances available. From Professional Indemnity insurance* for engineers to covering things like Portable Equipment* and insurance for engineering consultants, there are plenty of options to help safeguard your business.
You may also be required to have certain insurances in place before you can start working with your clients. Here are two examples:
- Public Liability insurance* may be required before you can visit certain work sites. If you are working with contracts it may also be stipulated that you have your own policy with a certain limit in place.
- To join certain industry bodies and to meet certain industry standards/ guidelines you may be required to have your own Professional Indemnity insurance* policy.
To get an accurate idea of how much insurance for your engineering firm may cost, get in touch with BizCover today. Leave the shopping around to us! We believe in making the process to get your cover sorted easy and simple, with no-dramas!
Visit bizcover.co.nz and get insurance for your engineering business without the stress so you can get on with your day. If you’d prefer to pick up the phone and chat you can find us at 0800 249 268.
*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2023 BizCover Limited.
