I want to start my own business, what do i need to do, and how much will it cost?

Question

I am an architecture student, at the moment I have a job, but next year my course is going to be more demanding. I want to start my own business doing architectural drawing work, surveying and building design, so I can work in my free time rather than have to commit to certain hours, any tips on how I can do this? and how much it will cost?

Answer 1

If you live in the UK and you are under 25yrs of age or 30 if you are disabled you get get some really good sound advice from the Princes Trust. In the first instance contact your Local Enterprise Trust (LET's or LEC's) 'who will give you a contact number for the Princes Trust.

The local LEC's also run business start-up programmes where you be shown how to draw up a business plan (BP) a must. Most LEc's run short courses on book-keeping, accounts and how to get free advertising and the like.

Please bear in mind that you really have to push yourself and not be fobbed off with 'NO YOU CANNOT DO THAT'. You really have to be strong if you mean to succeed. I think a useful tip is to make a list of all you need to know first off, because it's sod's law that you will forget important details when faced with bureaucracy such as the LEC's.

Good luck to you go and design a thing of beauty.

Answer 2

If you are planning to do architectural drawing work, surveying and building design -- you can start your business with minimal cost provided you will:

- operate from your home and not rent any office space
- you already have the tools of your trade

Your expenses will come from the following items, and you can definitely start on a shoestring budget (even $1,000):

- purchase of additional equipment if you still don't have it such as computer
- purchase of software such as Quickbooks for your bookkeeping
- marketing and promotional costs which can include advertisements, etc.
- networking costs which include membership fees in organizations such as Business Network International BNI http://www.bni.com/ (can be fertile ground for potential clients)
- supplies

You may or may not start with a business plan. Business plans are good as roadmaps, but since you will be doing this part time and will not apply for loans, you can prepare a less comprehensive version of a business plan. However, it is important that you think of the following questions and answer them before you even start the business:

- What service will you provide?
- Why do you think this service is needed?
- Who will need this service?
- How will you reach this market?
- How will you manage your school work vis-a-vis your part time business?
- How will you price your products?
- How will clients pay you? How will you bill them?

You may want to talk with an experienced entrepreneur who can guide you on the steps to take. There are several places where you may be able to find a mentor:

- Government Mentoring Programs such as SBDCs, which works with community colleges and local business development councils to offer mentoring programs http://www.sba.gov/sbdc/sbdcnear.html ; or the Women's Network for Entrepreneurial Training http://www.sba.gov/womeninbusiness/wnet_roundtables.html
- Volunteer programs such as SCORE http://www.score.org which is composed of mostly retired executives and entrepreneurs
- Formal mentoring programs such as Athena Foundation http://www.athenafoundation.org/programs/globallinks.html , Helzberg Entrepreneurial Mentoring Program http://www.helzbergmentoring.org/HEMP/ , or The Aspen Institute MicroMentor Program http://www.micromentor.org
- Professional organizations such as the National Women’s Business Council http://www.nwbc.gov/Mentoring/programs.html
- Industry and trade associations
- Local business groups, such as the chamber of commerce
- Local chapters of business groups

Know the legal requirements for your business: apply for a federal employer identification number (EIN) if you wish (though you could use your own SSN as a sole proprietor), state and city business licenses (if needed), and register your business name. Visit your county and ask them the procedure for starting a business in your area.

Finally, research, research and research. Ask around; it would be best if you can even talk with someone already in the same business. Go to your library, or surf the Internet. Make sure that you have all the information to allow careful planning of your decisions, actions and strategies.

Answer 3

Well the equipment costs for what you need that's a start then there is a phone line set up. and then advertising.
Can you work from home that would save costs if not you have to find premises and be able to afford to decorate and pay few months rent in advance and insurance and have the building all fire checked etc.
Banks can offer loans for business and its not to hard but then on top of your bills you need to pay the loan back .
My auntie opened her own shop for £8000 that got her decor she and i did and shelves,bags,hangers display cases and some stock .
if you are looking your own premises we vistied auctions and got alot of stuff from there at good prices for the decor.

Answer 4

I have set up my own business as a graphic design agency and it was very easy allyou have to do is register with the inland revenue as self employed and pay you National insurance and fill in a tax return every year keep all receipts of cost that can be deducted from profit then you wont have to pay tax on them.

You can do it online or get an accaountant to do it for you mine didnt charge me to set it up but it costs me £250 a year to do my tax returns

Answer 5

You can start with about $1000.00 wisely spent on marketing. If you can sell yourself from the jump with a GOOD, SOLID BUSINESS PLAN, then you can garner income from one contract and continue to build your business by investing in yourself, meaning "the business." You'll have to be sure you are licensed, bonded and insured depending on local, state and federal laws in your area. Get in (network) with Realtors, Mortgage Officers, Banks, Contractors, School Districts, et cetera: people who HAVE to inform and secure services like yours always. I am an Independent Contractor and let me tell you... you are in for some HARD WORK...but you know what they say about Hard Work: It pays off and allows for some Hard PLAY. Best wishes, prosperity and blessings to you!!! But get that PLAN TOGETHER and always overbudget so as not to go into a very avoidable HOLE.
Peace

Answer 6

You begin with a business plan. You evaluate your start up expenses, do a budget for a year that includes things like payroll costs, advertising costs, utilities, etc.

Talk to other small businesses and ask them how they did it. But knowing accounting and having a business plan is the first step.

Answer 7

2

Answer 8

1

Answer 9

Well take into mind. you have to register your buisness name point 1.
point 2 You will have to pay for advertising.
point 3 You will need to buy the neccisary equipment, eg pc, plotters and and and...
so it will cost quiet a penny to start..
i would say, work for a year, save and then open up you new buisness..

Answer 10

prepare for lots of stress as you wont get any help in this country unless your a lazy bastard i wish you luck and go for it