How Much Does It Cost to Start Your Own Architecture Company?

Aspiring architects and designers often think about starting their own firm, but they’re not always sure about the steps they need to take. A lot of factors come into play while deciding to set up your own firm, but of all these, the finances are often the most confusing part.

For a straightforward answer to the question at hand, the cost of starting your own architecture company will vary based on your vision, where you live, and your circumstances. There are some basic costs that are needed to get the firm up and running. In this article, we discuss how much you will have to spend to start your own architecture company.

Location

It doesn’t take too much to start a business. In fact, a majority of entrepreneurs began their journey by setting up a small home office space, learning the trade, and then seeking out a bigger location.

Of course, not all of us are able to convert a part of our house into an office space. If you are looking for a small commercial space to kick-start your journey, choose one that needs minimal upkeep. When you’re starting out, it is best to rent a small space, and as the workload increases, you can think of getting a bigger space.

A commercial office space rent would cost anywhere between $300 to $1,500 per month, unless you’re planning on starting off with a quite big space.

Equipment

When you are about to launch your new firm, you need to take into account the expenses related to equipment as well. It is best to start off with moderate-level equipment, rather than splurging on top-of-the-line workstations right from the get go.

The computer you already own can sufficiently run basic versions of the software you need, so you can save up and purchase higher-end equipment once the business has gained momentum.

Work equipment

As for costs, a basic computer should cost you anywhere between $0 to $2000. The basic version of AutoCAD LT is affordable, and DraftSight is free of cost. Depending on the level of design software you wish to have, it shouldn’t cost you over $1,200 to get systems up and running.

Office needs

Buying a new Photocopier may cost you around thousands of dollars, which would put an extra burden over the budget. Alternatively, the best option would be to arrange a photocopier on lease. Initially, a photocopier lease is absolutely essential when setting up your new office, which will enable to you to spread the cost over a number of years.

A plotter, on the other hand, would cost anywhere between $0 to $2000, depending on how much you’re willing to invest. A good internet connection and telephone line for work calls are also essential features. These would cost you anywhere between $0 to $100 per month.

Furniture

As for furniture, you can start off with the basic table, chair, and bookshelf setup for your personal office space. You can upgrade to more seating areas as you start to get more clients. Furniture would cost about $500 -1000.

Supplies

Office essentials like trace, pens, pencils, files, paper, folders, binders, and more can be purchased with a single trip to your nearest store. All in all, the costs would amount to about $100.

Marketing your company

A major portion of starting up a company includes costs involved with getting your name out there. It is important for any new business to market themselves appropriately and secure clients early on.

For starters, you will need to develop and design a website, which you can do yourself or hire a professional to do it for you. a professional website could cost $2000 – 5000. Website hosting will cost you about $20-40 a month.

Next, you can up your marketing game by putting out quality content. Setting up your own blog is a great place to start. Your blog will not only help people build a trusting relationship with your brand, but it will also render your company authority within your market space. Starting a blog is absolutely free of cost, and you have the option of upgrading to more advanced versions later on.

Networking with the help of local networking groups will require you to pay up annual charges based on the area you live in.

Branding

Right on the heels of marketing comes branding. While you can seek professional help in getting things running, it is more advisable to rely on your own creativity while you start off. You can design your own logo, and print a limited amount of business cards until you see the business starting to gain more traction. You will also be able to save more money in the process.

Professional Liability Insurance (PL)

One of the essential considerations about starting your own architecture company is to get Professional Liability Insurance Cover. The cost of insurance will depend on your revenue, staff number, and other potential risks.

Conclusion

Starting your own architecture company is no easy feat, but taking matters slow and steady will help you set up a solid foundation to grow on. Remember to set aside a budget for all the important needs, such as rent and insurance, before moving on to other necessities. With time, you will be able to set up a company that suits your vision and style.