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Engineering

Engineering in Australia

After a recent period that saw engineering Opens in new window decline as an industry, growth seems imminent. In particular, emerging nations such as China and Russia may have increased demand.

If you're looking to buy a company in this sector, consider one that exports its products.

Engineering Business

If you're not already licensed, keep in mind this profession requires intense schooling. In some jurisdictions, you can obtain a license without a related college degree. However, having a degree makes the process much smoother.

You will also need to work for a licensed professional, possibly for several years, in order to finish the process.

Develop the idea for your company, and be sure to specialize in one in which you have related experience. You might start an electrical, mechanical, or even structural firm. Or, consider an engineering business for sale.

Before you can begin approaching creditors for a loan, you'll need a business plan. Your plan will demonstrate the viability of your idea. The more concise you can be, the better.

You should also establish your marketing strategy and legal and financial structures at this time.

Now, it's time to actually speak with creditors. If you can't obtain a loan, which is common, you have other options. Continue to save money while working your day job.

Present your plan to investors who may be willing to give you money in return for partial ownership of your firm. Talk with family, friends, and co-workers, but be careful. Lending from these sources often leads to permanently damaged relationships.

Once you've received startup finding, choose your physical location. You won't rely too much on foot or auto traffic ? just make sure the location is safe and presents well.

Next, hire employees. If you can't afford full-time employees, target part-time ones. Talk with former co-workers and see if they want to work with you. Or, maybe they know someone else who would.

Finally, market your firm's services to anyone and everyone. Start with small projects and bid low just so you can begin building your reputation. As the company grows, you can increase your fees.

Buying an engineering business can be a good idea, especially if you have access to overseas clients. The industry is growing steadily with the global economy, so selling an engineering business shouldn't be challenging.

About the Author

This Wiki was written by Andy White, CEO of Biz Trader Opens in new window.