Starting an engineering company can be a challenging and daunting task; especially if it is your first time setting up a business. It is very easy to make mistakes and focus on all the wrong things when starting out; costing you precious time and money.
So this guide will show you how to go about setting up your Engineering company, by guiding you step by step throughout the most important parts.
In this guide you will learn:
- How To Do Market Research
- How To Create Your Business Plan
- Naming Your Business
- Choosing Your Legal Entity
- Getting Registered And Set Up
- Going Online
Before you go about renting office space or designing your business logo, you must determine whether there is a market for the kind of services your company will be offering.
What kind of engineering services are in demand now, and how can your prospective company solve those needs? Are there other companies offering similar services? What kind of value can your company offer that isn’t being offered already?
And most importantly, is that value something people would willingly pay for?
Creating A Business Plan
Once you’ve verified that there is a demand for you’re the services your business will offer, it’s time to write a business plan.
Your business plan should include:
- The purpose of your business, its vision, and its main objectives.
- A description of the products and services you will be offering.
- Your legal structure.
- Your competitive advantage etc.
- Employee recruitment.
- Plan for growth, business model, marketing strategy and financial plan with estimated expenditure and profit potential.
Naming Your Business
Your business name is a core part of your company’s brand and the image you are presenting to your customers. So it’s important to make sure you have the right one.
You can brainstorm names yourself, pay professionals to do it for you, or simply use one of the numerous FREE business name generation tools available online.
Also, check to make sure your proposed business name isn’t being used by another business somewhere else in the world; a quick search on Google should put all your fears to rest.
You should also check if your chosen name is available as a website domain because you will eventually need it when you set up your business website.
Choosing Your Legal Entity
Once you’ve named your business, you will want to start thinking about what legal entity your business will be. You have the option of choosing between a Sole Proprietorship, a Partnership, or a Limited Company, each one has different advantages and challenges.
Getting your business set up and properly registered is the next step in starting up your Engineering company. This will include performing your company name search on eCitizen. Once the name search is approved, it will need to be registered as a limited company by generating some company documents that will require to be signed and submitted back to Company Registry for processing.
Things like renting office space, opening a company bank account, getting relevant certifications and licenses, are also important aspects of getting.
In this day and age, without an online presence, it is only a matter of time before your new business is OUT of business. Your business will need a professional looking, well designed, and responsive website to serve as its digital storefront. A website allows you to reach out to more potential clients and grow your business faster and cheaper than any physical office would allow. It also gives your company more credibility and value.
To set up your website you will need to register a domain name, preferably one that is the same as your business name. Once you’ve got your domain you can then purchase a hosting plan.
Lite Plan – Includes Certificate of Incorporation, Memorandum & Article of Association only – Ksh. 20,000.
Premium Plan – Includes Certificate of Incorporation, Memorandum & Article of Association, Company KRA PIN, Web Design, Web Hosting, Domain Name, Logo & Business Card Design – Ksh. 40,000.
Are You Ready? Register Your Company Today!
Photo Courtesy of mime.oregonstate.edu