There are many different reasons that you might be considering starting your own product design company. Perhaps you are a recent college graduate, or maybe you’ve worked on electronics design for others in the past and feel that it is time for you to go on your own. It’s likely that you are passionate about design, engineering, innovation and technology and that you like to work on new product inventions.
You are probably also curious about starting your own company. You may be a self-starter who dreams of working for themselves and becoming their own boss. Whatever the reason, the best part is often building the company from the ground up and seeing how it evolves. Here’s what you need to know before you get started.
#1. Structuring your business:
You will need to spend some time becoming educated on how to structure your business. If you are starting off on your own, bear in mind that sole proprietorship isn’t a legal entity, so you will need to be prepared to make changes to the structure if you plan to hire employees in the future. Look into the main business structures and do your research before making a decision – each has different tax implications, and some issue stocks whilst others issue shares, so determine which is best for the business that you have in mind. If you plan to pitch to an angel investor in the future, the structure will be important to them – an improper structure could lead to you losing the investment.
#2. Building an online presence:
Let’s face it – building an electronics design company today isn’t just about using the right electronic schematic software and tools to help you create accurate and innovative designs. It’s the 21st century, and if your business doesn’t have a strong website, then it may as well not exist at all. People today pay attention to company websites, and it’s not uncommon to have your service and even product quality judged by the quality of your website. The good news is that you don’t have to be a web designer to build a good website, with services like Wix, Squarespace and WordPress available to use. Be sure to use your site to showcase your best work and wow your potential clients.
#3. Marketing your business:
Your website is just the tip of the iceberg when it comes to marketing your business – you’ll need to spend some time creating awareness of your brand so that you can drive traffic to your site and get the traction that you’d hoped for. Start by using content to generate some organic traffic; reach out to your professional network, and let them know about your website. One of the best ways to do this is to include a company blog on your site and let your network know about each post.
Once your business is starting to take shape, you’ll need to think about factors such as how you’re going to set up operations and offer your services to clients. And don’t forget about the boring yet necessary parts of running a business like bookkeeping, insurance and HR.