Start Business In Engineering Field - Essay Example

Introduction Before probing into the topic of starting a new business in engineering field, we must get to know what a business is and why do we need that. Business means to invest something in order to achieve something which is desired. That is, giving some required input for the purpose of getting desired output. Or we can say that business is any profitable and marketable activity which is performed in order to gain some profit. Any organization operating any business wants it to be lucrative and beneficial as we know that a business is done to achieve the desired level of revenue. Proper cost effective and suitable policies should be applied by any organization to expand it and make it profitable and successful. Success dependency Success of any business is dependent on the management policies applied by the organization that is operating that specific business. If the policies are only person oriented or productions oriented, then the objectives can not be achieved successfully but if both of the entities are taken into consideration while making policies, then the objectives are achieved efficiently and the business becomes profitable. A business is said to be profitable and successful when it provides profit and benefits in return of the investment done by the owner of that specific business. When the tasks or objectives set by the management personals of the business are not achieved efficiently or effectively, it is said that the business is not profitable or cost-effective. Important factors in starting a business Before coming to the issue of starting a new business in engineering field, let’s have a look at those factors which play an important role in starting a new business. Some of these factors are: Investment Business plan Legal obligations of that specific business Selected business’s environmental and economical impacts Analysis of the specific business market, and A complete knowledge of competitors These factors should be kept in mind and should be analyzed properly before starting any sort of new business because they have a major and crucial impact on the success and expansion of any specific business. Without a correct and appropriate analysis and in depth study of these factors, success of a new business can not be achieved rather it will result in loss on the investment. Starting an engineering business Let’s talk about how we can start a new business in the field of engineering by taking an example of starting a construction company which will operate various businesses related to engineering. Services provided by the company First off all we should get to know the services which our company will provide to our customers. The services which will be provided by our construction company will be as follows: 1. Develop houses and buildings 2. Selling of properties 3. Renovation and reformation of houses 4. Maintenance of buildings 5. Interior decoration of hotels and homes, and 6. Assist customers in buying or selling of properties These were the services which our company will provide to its customers. Now, let’s get to know those key points which should be taken in proper consideration while starting any new business in the field of engineering. Key points for starting a construction company The first point in starting a construction company is to make a plan for its success which can only be done by conducting a feasibility study before we commit ourselves to start a construction firm. Now the question is of market value of our firm which means whether the area, where we are going to start our firm, is suitable or not. We should have information of all other companies or construction firms working already in that area where we are going to start our firm. In this case we will be able to analyze our competitors who are already in that specific engineering business. We should analyze the strengths and weaknesses of our competing construction firms as in which areas they are advancing and gaining success and what are those areas in which they are lacking behind. Then we should also have a brief look at whether the market for our business is static or not. If the market related to construction industry is facing decline in that area, it should not be started there and if the market is undergoing growth, then that is the right time and place to start a new construction firm. We should also have smooth investment in our hands to start a construction firm. In these days, the machinery needed for development and renovation of houses is very expensive. We need to have a sound investment with us to be able to buy that machinery and place to develop the construction firm. Investment always play a key role in the success of any business and it that business is related to engineering, a huge amount should be there for a better startup and then expansion of the construction firm. Another important point to be considered for starting a construction company is that of hiring experienced and professional engineers. When professional and experienced engineers will be hired by the firm as employees, it will be easier for the firm to gain the trust of the customers by providing them with the services of professional engineers whether they want to develop their houses or to renovate them. Startup business plan for the construction firm There must be a perfect planning to start any sort of new business. “A plan can help you move forward, make decisions, and make your business successful” (Berry, 2009). Without a proper startup plan, no business can be successful as planning works as the foundation for the success of any business. Following is the plan of actions which should be followed to make a profitable and successful construction firm: First of all, a market research should be conducted in order to validate the idea of making a construction firm. Then a research on the construction industry should be conducted as to know the favorable and unfavorable aspects for entering into the construction industry. Then a feasibility study should be done in order to make sure whether the location at which we are going to develop our construction firm is appropriate for such type of business or not. If the location appears to be suitable for businesses related to engineering, development of construction firm should be started in that area. After a suitable area is found, the development of the firm should be started in that specific area. When development of the construction firm is complete, it is necessary to develop and implement a business plan for the firm. A proper and effective business plan should be developed which will help the management to achieve its set of goals and objectives by assigning the tasks to concerned departments and then by setting the deadlines for achievement of those tasks. The next step is to write and implement a marketing plan for the firm so that the people get to know about the newly developed construction firm and its services. Another important step involved in our business plan should be to provide the customers with fastest and safest services in order to gain the trust of the customers which plays a vital role in success of any business. Our plan should be to move ahead of our competitors by proving the clients with efficient and reliable services whether they include development of their homes or renovation. The next step for the construction firm’s business plan should be to find and hire such employees for the firm who have an excellent professional background because trust and relationship with the customer can only be gained when they are provided services from professional engineers. It should be the basic motive of our business plan to gain the customer’s trust through fast and reliable services provided to them. If a customer has asked to develop a house for him, then proper engineering standards should be followed by professional engineers to get the contract completed with customer’s assurance and satisfaction. How to make a successful construction firm Following are some of the basic ways to get success in construction industry and to make a construction firm successful: The first and major role is played by the place where the construction firm exists. A construction firm should always be in such area where works related to engineering, that is development, renovation, sale and purchase is at high peak. It depends more on location of a construction firm rather than its structure. The second factor which should be considered is that people or customers want an ease in dealing. So, such arrangements should be made in which customers don’t feel any sort of uneasiness in interacting with the concerned department. There should be separate departments for the services provided by the firm. For example if the customer wants to renovate his house, then there should be a separate department where services related to renovation are provided. Same goes for all other departments. Another important factor in success of a construction firm is that of fast and reliable services. Proper measures should be taken in order to make sure that the customers are provided with fastest and more reliable services as compared to the other construction firms. One major factor is low cost services. Low cost but high quality services should be provided in order to gain customers. When we talk about how to gain success, we should say that quality is the main key to success. There should not be any sort of compromise on quality of services being provided to the customers. There should be a quality assurance department in the firm whose role should be to check and assure the quality of services. For example, if a customer has asked the firm to develop a house for him, then in each and every stage of development, the personals from quality assurance department should visit the house and ensure that every thing is being built according to safety and development standards. So, these were some of the ways to make a construction firm successful in a competitive market. Dealing with the employees Employee dealing plays a crucial role in the success of any organization. In case of construction firm, it’s very important to maintain friendly and generous relations with the engineers working in that firm. There should be an appropriate working environment in the firm. There should be proper conflict handling mechanisms to handle any sort of conflicts between the employees. Salaries and rewards system should be fair and performance oriented because in this way each and every employee will try to work as hard as possible in order to get an award. It will result in efficient accomplishment of contracts for the customers. Dealing with partners Following are the strategies to be followed for effective partnership between the construction firms: First of all, a shared mission and vision should be established. As in this way, both the partners will be able to utilize their abilities and level of motivation towards a task which is set mutually. Then it should always be made sure that in that decided mission, needs and demands of both of the partners are met successfully. “Make sure each partners needs and expectations are addressed” (Banker, n.d.). On any contract taken from a customer, a list of tasks should be developed as to know what parts of the contract are to be done by the firm and what parts are to be done by the firm’s partner so that no disagreement may occur at any later stage. The roles, which any partner has to play in completing a specific contract, should be defined at the early stage of initializing the project. So, we can say that ambiance of peace, trust and harmony should always be present between partners in order to continue successful completion of contracts by any construction firm. Conclusion Summing it up, it can be said that starting any business related to engineering needs a proper plan for its startup and defined set of rules and regulations should be followed by the management of the business firm in order to successfully achieve the goals and objectives set by that firm. All plans and procedures should be customer oriented as in this way the customer will be satisfied which will result in continuous success of the firm. References Berry, Tim. “A Simpler Plan for Startups” A Simpler Plan for Startups 8 June, 2009 Bplans.com. 8 Dec, 2009 . Banker, Marian. “7 Tips for a Successful Business Partnership” 7 Tips for a Successful Business Partnership n.d. businessknowhow.com. 8 Dec, 2009 Read More