The design industry is thriving. Fitting perfectly into the increasingly tech-centric model of modern business, it’s little wonder that existing companies are expanding and their reach growing, nor that lots of savvy entrepreneurs are striving to set up their own ventures.
For those who fall into the latter category, it’s not surprising that the sector appeals or that now seems like an ideal time to branch out and build your own business, but it’s not as simple as making the decision and getting started.
Rather, there are certain realities that companies must first consider, including a number of necessary costs. Without the budget for these, it’s almost impossible to build the foundations of a successful business, so here are three essential outlays you need to be prepared for.
Before setting up as a successful business, you first need the sort of technology and equipment that’s going to place you on a par with your competitors and enable you to produce high-quality content. This will typically mean investing in Apple products, such as iMacs and MacBooks, with the MacBook Pro, for example, topping out at around $6,699 for the top model. While it may be possible to buy some of this tech secondhand, you’re still looking at a sizeable outlay – one that must be factored into your initial set-up costs.
If you’re sure you have enough saved to shell out for the equipment you need, the next thing to consider is how much you’ll have to pay for business insurance. It will usually be a legal requirement to have some form of this in place, though the exact rules surrounding it will depend upon where your company is located. Irrespective of what the law deems necessary, you’ll still want to make sure you’re sufficiently covered, though many involved in the technical design industry overlook the importance of this. That being said, accidents can happen even in small offices, so having insurance for business issues, that covers general errors and omissions as well as injuries sustained in the workplace, should be viewed as a bare minimum.
Last but not least, make sure you have enough left over in your budget for attending networking events. As those in the design industry tend to sell services rather than products, it’s essential to make the right sort of connections if you want to ensure you have a steady flow of work coming your way. This means you’ll need to attend industry events where you have the opportunity to meet businesses and individuals who’ll be interested in buying what you’re selling, and it’s not only admission fees you’ll need to cover. A lot of the time you’ll also have to travel to get there, meaning you’ll have to pay out for transport and accommodation too, so don’t forget to include these costs in your initial calculations.
When it comes to building a successful design business, there is ample opportunity for savvy entrepreneurs to make their mark in the industry, but initial setup costs can nonetheless be significant. Make sure you’re fully able to cover these before striking out, and you should have no problem in building a profitable venture in the long term.