There is a romantic notion that the creative freedom associated with architecture entrepreneurship is the ideal way to do business. While this is true, there is a flip side to this coin – architecture entrepreneurship requires dedication and hard work. To be successful and to be able to work hard as an architecture entrepreneur is not impossible; and if done right, it can help one earn more money as an architecture entrepreneur than can ever be earned at a respected, reputable age-old architecture firm. Here are some tips on how you can earn more money as an architecture entrepreneur.
How to Earn More Money as an Architecture Entrepreneur:
Start with a vision and be prepared to work hard:
If it’s been your dream to own your own firm, and your entire career as an architect is driven by this dream, you can have what you want if you are prepared to work for it. But you will need to first start with a vision. With a vision, a goal and a mission, you will have a clear and definite idea about where you currently are in your career and the direction you are headed. To become successful and make more money as an architecture entrepreneur, you must be willing to take on the burden of running your own business. To attract clients, you must be willing to work hard at building a strong portfolio, be willing to meet builders, make new connections, and market yourself. Work might be slow to come in, but as work comes trickling in, you will slowly but surely build your profile and expand your repertoire.
Another important part of being an entrepreneur is to be abreast of the latest news, styles, designs, and goings-on in the industry. So, be willing to continually stay abreast with the latest, search for knowledge, and make learning a part of your everyday life.
Invest in professional liability insurance:
As an architecture entrepreneur, you will find that you are prone to liabilities – this is an inherent part of your job. Oftentimes, architecture entrepreneurs believe that small projects involve very low risks – this is not the case. You can be held responsible for negligence on the part of a contractor. Construction failures are not the only lawsuits you are at risk of, and you can also be held responsible for failure to manage expectations. Besides, you are at risk of losing your assets – no matter how small they are – in case of a lawsuit.
No matter how large or small your firm, as an architecture entrepreneur, you are responsible for the safety, welfare, and health of every occupant of every project you take up. A professional liability insurance policy could help you save several thousands of dollars each year if you were to be sued for negligence on your part, mistakes, or even misunderstandings.
Visit BizInsure for more information on the types of professional liability insurance available for architects.
Develop new skills and build developments:
As an architecture entrepreneur, the world is your oyster if you develop skills such as sales, communication, finance, law, business management, and branding skills. With these skills, you can not only market your business but even yourself as a developer. Development of real estate can bring in a lot of money when you are an architect entrepreneur because this is where the volume and profit lie. You can either go private or invest in government real estate property – either way, the profits are high, and you can make a lot of money.
Here is a gist of how you can earn more money with the above skills: Find a real estate opportunity, study all the regulations, stages, profits the project can bring in, design, and costs. After a detailed and thorough study, come up with a plan to develop the project. Package it well and sell the entire package to co-investors. Once you find the investors you require, build it, sell it, and bring in the profits. If you have the resources and means, you can also invest in professionals who will conduct a thorough analysis of the projected project; it’s design, construction, and how to sell it.
The right skills, bigger projects, and insurance to protect you, your firm and your assets, coupled with hard work and persistence will ensure that you will earn more as an architecture entrepreneur than you thought possible.