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Join Date: Apr 2020
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Start a Side Engineering-based Business While Studying?

04/16/2020 3:55 PM

Hi all,

I am currently a postgraduate student studying industrial engineering (focus on aerospace, manufacturing, QMS, PLM etc.). I often do "consulting" work for local businesses, very minor things like setting up excel management systems and production scheduling systems for small businesses. I have experience in developing facility automation devices and data loggers and am wanting to turn this into a side business.

I am unsure how to go about this, should I invest my time in developing automation devices and systems to try and market as a product or setup a consulting based business that I can setup a website and post some tutorial/how-to content on automation and manufacturing topics. The reason for my asking is I want something I can work on casually in my free time while studying and possibly focus more on when I graduate.

Does anyone have any experience in such field or starting businesses of a similar type as described above? I would like to hear your opinions and possibly past experience, even additional business ideas in similar fields.

Thanks

Duncan

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#1

Re: Start a side engineering-based business while studying

04/16/2020 4:50 PM

Without a proprietary system in hand, and a proven track record of execution, you don't seem to have much to sell beyond hope...sounds more like a hobby...I would wait until you had more experience and some notable accomplishments you can point to before trying to talk some company out of their money...Maybe some sales experience as well....You need a good product, good service, and fair pricing as a foundation for success...

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#2

Re: Start a side engineering-based business while studying

04/16/2020 6:44 PM

Developing automation devices?...

with the history you listed,... I don’t see that you can recognize actual need... that’s what sells.

Feeco did off, you need a business plan,... but prior to that, good sound experience would come first, so you can not only convince others the feasibility of a plan would succeed, but you would recognize your own short comings.

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#3

Re: Start a side engineering-based business while studying

04/17/2020 3:09 AM

Thanks, both for the feedback.

The main reasons I recently started thinking about starting a side business is to the reputable odd jobs I'm currently doing on the side. Would you setup and register a business to start building up a reputation and client base for with these jobs I am currently doing, or rather wait until I have a few years experience and then start a business (and therefore not being able to claim current jobs as successful feats for the company)?

If the latter, is it acceptable to ask for a reference of "good" work from these clients in the meantime?

Thanks

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#4

Re: Start a side engineering-based business while studying

04/17/2020 5:10 AM

I spent over 25 years as an engineering consultant and now in retirement I mentor business startups for my local Chamber of Commerce. Keep doing what you are doing now. Not as a business but as a way enhancing your CV by demonstrating that you can solve practical problems in a commercial time scale. Most engineering courses teach the theory of engineering and miss out the problem solving, teamwork and communication aspects that are essential to become a good engineer. With the permission of your clients, add a precis of each job as an appendix to your CV along with the cost you charged, the time taken and the earnings per hour for your efforts. If that combined appendix shows you in a good light then include the appendix but my guess is that you will want to be selective with which experiences you want to claim. Sometimes it will show that jobs you have done are not cost effective when charged at the going rate, which will show you in a bad light. The exercise of doing this will show you which jobs are more profitable, helping you to define a market and demonstrating if the work would make a viable business. While you a doing this as a student freelancing for extra cash you can turn down non profitable jobs claiming time pressures due to your studies. Once you set it up as a business you cannot cherry pick the good jobs from a client for whom you do regular business, If you don,t take all the work offered it will all be offered to somebody who will.

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#5

Re: Start a Side Engineering-based Business While Studying?

04/17/2020 9:13 AM

All this assumes you're in the U.S. If you're not, please disregard.

I'm not an engineer but I do work a side gig in a different field when not at my full-time job. In my experience, if you're young and have the time, cultivating a loose side business now can be a game-changer for financial security later on. If I were in your shoes, I'd finish my postgrad degree and use it gain corporate employment somewhere, all while continuing your "consulting" work, even if it's only a few hundred dollars a month. If you eventually face the very real prospect of losing your day job, then you can pour your efforts into your side job to help pay the bills. Most personal finance pros recommend that millennials keep some sort of diversified side gig on hand due to our generation's financial situation.

Others in your actual field can speak to this better but I don't see a reason to incorporate your side business if you're the sole proprietor...a Facebook page/website, or even solid word of mouth is really all you need.

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#6

Re: Start a Side Engineering-based Business While Studying?

04/17/2020 11:15 AM

Thanks all for the input.

Definitely some great points to ponder.

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#7

Re: Start a Side Engineering-based Business While Studying?

04/20/2020 11:58 AM

"The three most important things in any business are cashflow, cashflow and cashflow." - Anon.

For that, one needs a stream of Customers.

For that, one needs something to sell, to attract those Customers.

For an Engineer, like in many other fields, it needs to be safe and morally ethical.

For any business to be really successful it needs to have an Unique Selling Proposition [USP].

To remain an USP it needs to be protected in some way. Copyright and patent are two ways commonly employed on commercially-sensitive matters.

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#8
In reply to #7

Re: Start a Side Engineering-based Business While Studying?

04/20/2020 7:24 PM

No,... it’s cash flow, and profitability

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