The architectural and construction industry has grown immensely over the past five years. A report by ArchitectureQuote showed an annual increase of 2% yearly from 2015 through 2020. Starting an architecture firm is a dream for many young architects and comes with tons of benefits, including the freedom to choose your projects and get creative. Looking to start your own architecture firm? These five tips will come in handy.
1. Niche Down
Giant architectural companies are a jack of all trades and take any project that comes their way. This works for them because they have numerous experts who can work flawlessly on every aspect of the project. However, when starting your firm, niching down would make your work easier. Position yourself as the go-to expert in your specialty.
Do your research and identify a gap in the market you want to fill then specialize in it. For instance, if you discover current architects prefer commercial projects over residential projects, you can make your firm a trusted partner for residential developers.
2. Create a Business Plan
A business plan is a crucial part of any business. It outlines your value proposition, how you plan to actualize your ideas, your business goals, marketing strategy, and your funding sources. Starting an architecture company is not a cheap affair, and you will need enough funds to actualize your idea and build a business out of it.
You can get starting capital from your savings, contributions from family and friends, venture capitalists, investors, or loans. Loans with car titles are an excellent option and allow you to access quick cash against the equity in your car.
3. Follow the Legal Procedures
To own an architecture firm, you need a degree in architecture, experience, and must register with relevant bodies. You need to register the firm with federal and state governments and choose a legal entity. You can choose to start a sole proprietorship, a limited liability company, a partnership, or a corporation. You must also register for taxation.
4. Define Your Brand
Defining your brand makes it stand out from the crowd so you can grow your customer base. First, choose a company logo that tells your business’ story and makes it appealing. You can do it yourself or hire a graphic designer to help you brainstorm logo designs.
Secondly, create a dedicated website and social media pages to build brand awareness and reach potential clients. Lastly, obtain a business phone number and email to communicate easily with clients.
5. Build Your Credibility
So, your architecture firm is up and running, but how do you get clients to trust you? The best way to build credibility is to create portfolios of completed projects and publish positive reviews and feedback from happy customers. Take on any jobs that come your way to create a reputation then niche down later. Network with local businesses and take part in design competitions.
Starting an architecture firm is a big step and a dream for most architects. To get off to a good start, identify your niche, create a business plan, complete the legal procedures, and define your brand. Afterwards, focus on building your credibility.
