Starting own Practice (am i mad)

BAZM8

As i noted here a couple of weeks back i'm for the high jump on the 20th. I've more or less decided to start up on my own. (I've heard Technicians don't become unemployed, they become self employed)

So i'm looking for pointers from my fellow techs who've been there done that. Do's and don'ts (and "for god sakes you must's and must nots)

Did you advertise? Did you set up a co straight away or wait? get an accountant? Register with RIAI? PI Insurance? Cash flow? how deal with certifications etc.

Everything and anything accepted,

For the record i've 18 years experience (13yrs in project managment)

Thanks in advance for any help.

(note for Mods: i've posted this here as i'm only currently interested in the views of Arch techs not the general business community)

sinnerboy

Can't offer advice ( am now and have always been employed) - except to say you're not mad . I wish you well and I'm sure others here will now offer more pragmatic advice other than than simply positive thoughts

kkelliher

BAz

As a quantity surveyor in the same position as yourself you can never be mad at present as you have no option in the present market but to try and make a go of it yourself. I have set up a quantity surveying practice as I cannot find any live work whatsoever in Ireland. I am for the jump this friday but already have work for next week so I guess it will be a week by week process.

Best of luck to you in your venture as I guess you will have ups and downs.

Supertech

Get PI.

Get a good accountant.

Keep your accounts up to date from Day 1 !!

Get a listing in the Golden Pages - best advertising money you'll spend.

If you're going to take on staff get advice on employment contracts.

Go see your local Enterprise Board - plenty of advice and possibly grants there.

Be realistic with what you can take on - there's a tendency to take on too much when you start up first in the fear that you'll never get another job in !

Builderfromhell

I've been self employed for over 10 years.

Some years ago people said I was mad working day and night and often Sundays for myself with all the hassle of people ringing whenever they want and not so easy to get money from same people. But I stayed with it as I planned to be established by the time of the recession.
One major dis-advantage you will have is that you need to get established. ALL my work comes from referrals.
The other dis-advantage is that many other techies and Architects will be having the same idea. The ideal time to have set up on your own was a few years ago.

Good luck.

ManFromAtlantis

good luck. ur not mad . ps are u dub area or down the sticks or in the sticks?

No6

Get PI and cover your arse, keep it small and your overheads low, don't take on staff unless you have too, personally I find advertising useless, its word of mouth every time, talk to an accountant, find out what you have to do, records to keep etc, register with the revenue, don't worry about cash flow (there isn't any at the moment!!:eek:) join the RIAI or CIAT if you are elligible and best of luck. I'm in my 9th year and still hanging in there!!

parka

It's all been said above, but stay friendly with your old employer, some work may come out of it.

Get P.I., no matter what it costs.

BAZM8

ManFromAtlantis wrote: »

good luck. ur not mad . ps are u dub area or down the sticks or in the sticks?

Kildare Area

Poor Uncle Tom

Get PI insurance cover first. Send out a generic letter of introduction to all your local solicitors, accountants, auctioneers/estate agents, etc. Make a list of all the aspects of the job you were involved with over the years, as well as an idea of fees and charges, and keep it handy for referral.

In over 20 years I have never advertised in the conventional way, waste of money, imo.

Pick an organisation, or more then one, you best feel will represent your needs and join them.

I think you are starting out at the best possible time, any bits of work will keep you going, few decent jobs will make it worth while, get to know people, before you know it 20 years have gone by.:D

If you've made your mind up to start out on your own, no second guessing, you must believe in yourself and go for it balls out, welcome aboard and the very best of luck to you.:)

pseudo-tech

BAZM8 wrote: »

As i noted here a couple of weeks back i'm for the high jump on the 20th. I've more or less decided to start up on my own. (I've heard Technicians don't become unemployed, they become self employed)

So i'm looking for pointers from my fellow techs who've been there done that. Do's and don'ts (and "for god sakes you must's and must nots)

Did you advertise? Did you set up a co straight away or wait? get an accountant? Register with RIAI? PI Insurance? Cash flow? how deal with certifications etc.

Everything and anything accepted,

For the record i've 18 years experience (13yrs in project managment)

Thanks in advance for any help.

(note for Mods: i've posted this here as i'm only currently interested in the views of Arch techs not the general business community)

BAZM8, a lot of good advice from old heads above. Remember, you're not mad you just have no options. In relation to an Accountant, consider forming a limited company for the following reasons:

You will receive more protection for your personal wealth and by that i mean your family home, cars, money etc. once you don't perform in a way that could be seen as negligent, then its open season.

You can manage your finance better and over the year you will pay less in tax due to claims on VAT etc etc etc.

In the long run if you survive, you can personally purchase your office and rent it to the company.

Too much info, your accountant will guide you more.

In relation to establishing yourself, if you were doing personal projects over the last ten years the transition should not be too difficult. However, If this is going to become your livelihood, you need to review your fee structure. If you charge too little from the outset, thats' all you will get. You will end up being a busy fool! Value your time and charge accordingly.

Be very cautious with your PI. Don't undervalue this because if for some reason you do make a mistake, this is the line of protection between you and keeping your family home. Its like buying a good pair of shoes!

Join the CIAT if you can. They are accepted by the AIB and i would imagine by the others when they decide to tighten up. Being a member of the RIAI is no help to you a a self-employed contractor other than good CPD which is also important.

Network network network. Someone above mentioned keeping in with your old employer. That's a good piece of advice. While he/she may not be able to retain you full time, they themselves may pick up a project in the future that they may sub-contract out to you. I also find meeting and talking with other professionals to be important from Solicitors to other Architectural technician's. We are a small community and generally like to help one another.

Set up good office standards from document control to up to date information. Manage your money well and remember that cash flow is KING!

Don't say no to any project. if its too big, here is where the relationship with your old boss or some of the other Arch. Techs comes into play. You could collaborate with them to undertake a larger project and everyone benefits.

I'm rushing home now, if i think of any more i will post it up. If you have any specific questions PM me.

BAZM8

thanks for all the replies and best wishes... I'll take them on board and dive right in.

I'm going to send out the letters of intro in the next week or so and maybe advertise on a local basis initially. But I'm going to wait a month or so to see whats coming in before i go the whole hog on the Company, PI etc. Before i do any work i'll sort these out. (Must also check out that discussion on the CIAT, I hope joining is not a long drawn out process)

Any other advice would be much appreciated.

Ta

BAZ