Becoming a surveyor can be a rewarding career choice. You may be considering setting up your own business instead of working for someone else. This is a great idea, as it could increase your earning potential and offer better job satisfaction. Moreover, it will be much easier to make the decisions you deem fit as you’re the owner of the business and don’t have to wait for managerial approval.
Since you decided to start your own business, you probably have a good idea of the area of surveying you intend to focus on, and you may even have a name. But there are so many other things to consider when setting up a successful land surveying practice such as Techsol. Having a plan and knowing what to expect will reduce your chance of failure and help set you up for success.
The following are some of the important steps when starting up a surveying business.
Have a Detailed Business Plan
The first thing you want to do is to create a business plan for your surveying business. It will essentially help you iron out the specifics of your business and highlight the unknowns. And as the saying goes, if you fail to plan, you plan to fail.
Draft a plan that details your business’s values, objectives, and ways you intend to achieve them. This way, you will better understand the specific details of your business and detailed plans on how you plan to handle the unknowns.
Some of the important aspects to consider include the following:
- Your business name
- Your starting and ongoing costs
- Your target market
How much do you intend to charge customers?
Keep in mind that in case you need financing to start your surveying business, you will likely have to produce a solid business plan. A well-thought-out business plan will help your business grow and develop, ultimately ensuring success.
Register Your Business
Registering your business is a must, and you need to know how to do it right. The most common business structures are sole proprietorship, partnership, corporation, or limited liability company. Registering a legal entity such as a corporation or a limited liability company will protect you from being personally liable in case your surveying business is sued.
Your clients will also be more comfortable knowing that your company is credible. It’s simply easier to separate your personal and business accounts so that you can manage your cash flow effectively. With such benefits in mind, it’s often better to register a company, especially for a land surveyor business.
Get Your Licences and Permits
To run your surveyor business legitimately, you need certain licences and permits. Without them, you could risk incurring significant fines or even having your business closed. You also need to apply for the right regulation to protect your clients and your business. Regulation helps assure clients that your company maintains the industry’s best practices.
Set up Your Business Accounting
How you record your various sources of income and expenses is critical to understanding the financial position and performance of your business. Keeping up-to-date, accurate, and detailed accounts will also simplify your tax filings. Failure to stay on top of cash-flow management for your expenditure and income is one of the common reasons why businesses fail.
It’s also worth noting the taxes that are relevant to surveyor businesses. This will help you stay on top of all the necessary paperwork, file your taxes on time, and ensure you have the funds ready to pay your tax liabilities once they are due.
Have Your Business Insured
You don’t want your business to be incapacitated in case unfavourable conditions put your business in a financial fix. With the right insurance cover, you can rest assured that the costs associated with unexpected events will be sorted out without damaging your business finances.
There are several insurance policies meant to cater to different types of risks that your business may face. If you’re unsure about the risks your surveyor business may face, consider starting out with general liability insurance. You may also need a loss assessor if there is any damage done to properties during the surveying procedures.
Get the Right Tools and Equipment
Land surveyors will need certain tools and equipment to carry out their operations. For your business to be of high standard and efficient, you want to have the right kit. Having an inventory of high-quality tools is also as critical when it comes to customer satisfaction as having the right qualifications and skills.
Tools such as compasses, chains, levels, tapes, theodolites, binoculars, and clinometers are essential when in the field. Invest in quality ones. Modern tools such as an industrial drone may also come in handy for some jobs.
Define Your Brand
Of course, you will be competing with several surveying companies for the same customers. What can make you stand out from them and win more customers? Your branding! Spend time building a strong brand. You can do this by getting a well-designed logo, theme colors, a catchy slogan, and striking font. These things will help you stand out quite easily.
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