After a few years of working at a consulting firm, you figure its time to spread your wings and go it alone. Starting your own network engineering business can be a great opportunity to work on projects that truly interest you. You have more control over your time and are able to develop meaningful client relationships. To help you get started, we’ve pulled together four tips for your consideration.
Table of Contents
1. Create a Business Plan
A business plan is a document that sets out what your business does and what you intend to achieve. It should provide a detailed map that breaks down all the steps to get from point A to point B.
When creating your business plan, think about:
- Who is your target market;
- What services do you intend to offer;
- How many clients will you take on;
- What is your financial plan; and
- How will you promote the business.
It’s important that although your business plan is aspirational, it is still honest and realistic. You might find it worthwhile to conduct some market research to get a better idea of what you are up against.
2. Build Your Team
Despite business owners being known for wearing multiple hats, its good to have help. You don’t want to be spreading yourself so thin that it comprises quality of service.
Who
Before you start the recruiting process, take some time to define your ideal employee and create position descriptions (‘PD’). Think about ideal qualifications, experience, and personal characteristics. As a small business, you’ll want to hire a diverse team with a can-do attitude.
How
When it comes to advertising available positions, you can use online employment marketplaces such as SEEK or go through recruitment agencies. Alternatively, you could reach out to former colleagues or friends in the industry. With former colleagues, be sure to check for any standing non-solicitation clauses before doing so.
Documentation
Once you have selected your team, it’s important that you have a written employment agreement with each employee. An employment agreement should set out terms such as employee obligations, term employment, remuneration, and policies and procedures.
3. Establish Your Business
Before opening your doors for business, you’ll need to get your legal affairs in order.
Business Structure
Firstly, you’ll need to determine which business structure is the best fit for your business. The three most common types of business structures are:
- Sole trader – You have full control over the business;
- Partnership – An option if you go into business with one or more people; and
- Company – A separate legal entity which limits your personal liability
Register for an ABN
Secondly, you’ll need to register for an Australian Business Number (‘ABN’). An ABN is how the government and community identify your business. The application process can be completed online and you can have your ABN in a matter of minutes.
Legal Documents
Thirdly, identify what legal documents you will need. This could be anything from confidentiality agreements to service agreements to workplace policies. If you have no clue about your legal requirements, your lawyer can provide guidance and direction.
4. Market Your Business
There is no one right way to market your business. You need to figure out what works for your business and how does your target market respond. This could be anything from having a website to having an online presence via social media to attending networking events. If you are not comfortable with marketing your business yourself, you can always outsource this task to a marketing agency.
Conclusion
Starting your own network engineering business is a monumental point in your career. To ensure that you are able to enjoy the experience, be sure to plan and plan well. What’s that saying, “fail to plan or plan to fail”?
