BAME Entrepreneurs in Engineering
Last week I had an amazing opportunity to meet and listen to the fantastic Roni Savage & Ebenezer Adenmosun at the AFBE Real Projects event, both discussing how they started their successful engineering business in the UK construction industry.
I started learning from the moment I met Roni at reception and my elevator pitch did a runner as all I could mumble in response to what I did for a living was ‘ah design roads, drainage & stuff’ and at the end of the event on my way out to another event, Ebenezer reminded me to update my call schedule in order not to ever miss a scheduled call or contact development opportunity. If you are thinking of starting your own engineering business, here are some practical tips from Roni & Ebenezer to help out at start up.
Taking the leap
Ebenezer took the freelance route to transitioning into a service delivery consultancy while Roni had saved up and started from her home. While both had taken different start up routes, the challenges faced on the road to success is similar. Here are some of their tips towards taking that leap to starting and running your own engineering business
- Technical knowledge, you need to be excellent at delivering the service(s) you intent to start with and if possible, have an industry reputation.
- Alternative source of income or savings is a necessity as its difficult to get business from day one
- A well thought out business plan is a must.
- Focus and self-motivation are essential to getting up every day and going at it, day in day out as the hard work doesn’t stop
- Undertake a SWOT Analysis
Running with the Wolves
If you have the technical skills, alternative source(s) of income, willingness to work hard and the drive to see things through, then you may be ready. It’s quite easy to register a company and secure a domain name but getting that new business is a whole new ball game. At start up Roni & Ebenezer approached business development with these tips in mind:
- Everyone you meet is a potential client
- No contact, no business hence Network, Network, Network!!
- Having a mentor is a must.
- Quality & reliability are essential, produce excellent work always towards building a reputation and brand.
- Refine your services based on industry trends
- Live outside the box
Business administration
While developing the business and undertaking project work do not forget to learn and improve on business administration activities. Its critical to success and growth of your company, ensure you:
- Have a robust financial plan
- Research clients and supply organisations
- Keep your books in order, pay your taxes and don’t mess with HMRC.
- Reinvest in the business and grow organically.
I attended this event scrolling through Chrono24 trying to decide between an Omega Seamaster Diver 300 or a Breitling Navitimer 1461 but by the time I left I had settled on doubling my business development budget, decided to actively start trading and a settled for a cheeky A|X. I totally agree with the tips and recommendations from both Roni & Ebenezer.
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