With the growing trend of a home office and working remotely, many engineers who are frustrated with the toils of corporate life consider a fresh start with their own design consulting business. And while the idea of being your own boss sounds like a nice change, it can be difficult to build a successful book of business that grows every year or even maintains the same level of net income.
The reality is that many engineers who venture into their own design consulting business are unsuccessful only to return, defeated, to the 9-to-5 workforce, if not relegated to the life of part time work. Design services differ from software services. Once a design is completed, it can be replicated with little or no modification thereafter, whereas, software allows for opportunities for improvement, enhances and modifications long after the hardware has been designed and manufactured. For the purposes of this commentary, the focus will be on design consulting services.
Nine Dot Connects is in a niche market carved out by knowing the PCB industry and supplying training and design services that the industry is lacking. It also happens to be founded by an individual who could no more stand the corporate work environment. However, Nine Dot Connects is an anomaly. The opportunities and circumstances which allowed it enough runway to take off and make it what it is now is irreplicable.
In a niche community like PCB design, Nine Dot Connects interacts with many individuals who have hung their own shingle in the hopes of making it out on their own. All too often, it is not longed lived. Consistent patterns have emerged from these observations. It can be boiled down to three key factors necessary to be successful. Even then, there is no guarantee of success. Even the successful entrepreneurs, who are considered to be big risk takers, did not blindly jump into their idea. They kept their day time job until they felt the risk was manageable – A 15-Year Study of 5,000 Entrepreneurs Finally Answers the Question: Is It Better to Quit Your Day Job or Keep It? – Data doesn’t lie
The study identifies three key factors to success:
- You must be an expert in what you do
- Business Acumen
Click here to read more about these key factors and how this information might help you become the boss of your own successful and rewarding design consulting business.
If you have more questions about Nine Dot Connects, click here and an expert from The SolidExperts will be happy to help!