What you should learn from small or big firm before you start your own firm?
whistler
May 3, 18 12:24 pm
Small firm; you do everything and have full control over the process and outcome, your effort level is directly proportional to the quality of the outcome. Flexibility, autonomy and independence.
Large Firm; excellent opportunity to learn how to work with and within great systems, highly organized, team environment, larger scale of projects but more limited on input level to the final product. Greater exposure to corporate structures, larger network of consultants and client types.
Miles Jaffe
May 3, 18 12:59 pm
How to get clients.
mightyaa
May 3, 18 1:30 pm
The business side. Employee's rarely have any clue.
Contracts, Billing, HR, Taxes, Real Costs (copiers, heat, benefits, insurance, etc.), how to set your rates, realistic expectations on billings, financial forecasting, invoicing, payment collections, consultant cost projections, scheduling, hiring & firing, contract law, employment laws, the type of firm (partnership, PC, S-Corp, etc.) It's that stuff that destroys most startups in the first couple years.
Also talk to them about relationships with staff. No, not romantic, but how to maintain that employer/employee distance. It comes into play a lot; pay raises, letting folks go, promotions, etc. "but I thought we were friends!"... or letting someone go when you know they have a family and all their names...
With larger firms, how to delegate down the chain and where to focus. With smaller, how to manage your time (if you are working on projects, you aren't bringing in projects).
thatsthat
May 3, 18 4:52 pm
"Contracts, Billing, HR, Taxes, Real Costs (copiers, heat, benefits, insurance, etc.), how to set your rates, realistic expectations on billings, financial forecasting, invoicing, payment collections, consultant cost projections, scheduling, hiring & firing, contract law, employment laws, the type of firm (partnership, PC, S-Corp, etc.) It's that stuff that destroys most startups in the first couple years."
thatsthat
May 3, 18 9:37 pm
Sorry. I was trying to quote you to say, I agree! And all of these things are the exact reason why I’d never want to own my own firm!
Anon_grad2.0
May 3, 18 1:52 pm
I hope you don’t mind me piggy backing on your question. I have been wondering though.
Would it be ill-advised for a recent grad (not licensed, obviously) to open their own studio right out of school?
I’ve been offered an opportunity to design a small yoga studio for a relative. I feel this is a fantastic opportunity that could potentially lead to more work. At the same time I’ve been hesitant to accept because I wouldn’t even know where to begin. The biggest drawback would be that I would not be advancing towards my end goal of becoming licensed.
thatsthat
May 3, 18 4:49 pm
I would say, not a good idea. 1) Working for anyone you're vaguely related to or close to is a bad idea in general. 2) If you're a recent grad, I'm guessing you have little to no real life professional experience. There is a lot of liability involved with building and if something happened, you could be sued. 3) You can't stamp if you aren't licensed - and depending on your local laws, you may not be able to get a building permit without a licensed architect anyway. (<-I would use this as the immediate reason to said relative so they don't give you crap about saying no.)
Anon_grad2.0
May 4, 18 1:55 am
Thanks, this helps
Archlandia
May 4, 18 12:53 am
@Arch_grad2.0 is it a T.I. or new construction?
Anon_grad2.0
May 4, 18 1:56 am
New small scale building
Mikeethestud
May 10, 18 5:28 pm
Before starting your own firm you should get an industry experience.
What you should learn from small or big firm before you start your own firm?
Small firm; you do everything and have full control over the process and outcome, your effort level is directly proportional to the quality of the outcome. Flexibility, autonomy and independence.
Large Firm; excellent opportunity to learn how to work with and within great systems, highly organized, team environment, larger scale of projects but more limited on input level to the final product. Greater exposure to corporate structures, larger network of consultants and client types.
How to get clients.
The business side. Employee's rarely have any clue.
Contracts, Billing, HR, Taxes, Real Costs (copiers, heat, benefits, insurance, etc.), how to set your rates, realistic expectations on billings, financial forecasting, invoicing, payment collections, consultant cost projections, scheduling, hiring & firing, contract law, employment laws, the type of firm (partnership, PC, S-Corp, etc.) It's that stuff that destroys most startups in the first couple years.
Also talk to them about relationships with staff. No, not romantic, but how to maintain that employer/employee distance. It comes into play a lot; pay raises, letting folks go, promotions, etc. "but I thought we were friends!"... or letting someone go when you know they have a family and all their names...
With larger firms, how to delegate down the chain and where to focus. With smaller, how to manage your time (if you are working on projects, you aren't bringing in projects).
"Contracts, Billing, HR, Taxes, Real Costs (copiers, heat, benefits, insurance, etc.), how to set your rates, realistic expectations on billings, financial forecasting, invoicing, payment collections, consultant cost projections, scheduling, hiring & firing, contract law, employment laws, the type of firm (partnership, PC, S-Corp, etc.) It's that stuff that destroys most startups in the first couple years."
Sorry. I was trying to quote you to say, I agree! And all of these things are the exact reason why I’d never want to own my own firm!
I hope you don’t mind me piggy backing on your question. I have been wondering though.
Would it be ill-advised for a recent grad (not licensed, obviously) to open their own studio right out of school?
I’ve been offered an opportunity to design a small yoga studio for a relative. I feel this is a fantastic opportunity that could potentially lead to more work. At the same time I’ve been hesitant to accept because I wouldn’t even know where to begin. The biggest drawback would be that I would not be advancing towards my end goal of becoming licensed.
I would say, not a good idea. 1) Working for anyone you're vaguely related to or close to is a bad idea in general. 2) If you're a recent grad, I'm guessing you have little to no real life professional experience. There is a lot of liability involved with building and if something happened, you could be sued. 3) You can't stamp if you aren't licensed - and depending on your local laws, you may not be able to get a building permit without a licensed architect anyway. (<-I would use this as the immediate reason to said relative so they don't give you crap about saying no.)
Thanks, this helps
@Arch_grad2.0 is it a T.I. or new construction?
New small scale building
Before starting your own firm you should get an industry experience.