I just recently passed the PE exam, and have been contemplating doing my own thing. I'm curious as to whether there's anyone on these forums that has started their own engineering firm, or done solo engineering work(i.e. not via any sort of temp agency). Would be interested in hearing the experiences of anyone who has gone down this path - how did you get started - did you ease into it as a side gig before jumping with both feet, or did you cut ties and go full speed? What do you like/dislike about it?
For reference, my background is in chemical engineering and materials science. In general my current job is too intellectually constraining(primarily because my organization has a very top-down decision-making process), and as such I'm looking for options that give me more flexibility and room for growth.
Congrats on licensure!
I started my own solo practice in civil engineering a little over one year ago. I do site design, development planning, and a little structural design. I've had my PE since 2012. Since graduating with my BS in 2008 I have:
1) Spent 6 years working for heavy civil construction contractors doing project management work with a little design work mixed in. Was able to meet licensure requirements here;
2) 2 years working for a mid-sized civil design firm (~25 employees). Was able to manage a wide range of work and open a branch office for the firm.
3) 3 years with a private drive-thru restaurant developing property and doing site design work.
I did design work on the side for about 6 months before leaving to go full time on my own. This allowed me to setup my business entity (LLC), buy PL insurance, & purchase software licenses. I was mainly able to do this because I did not work for another design firm. This would have been a conflict of interest (morally if not legally).
When I left #3 above I was able to keep my employer as a core client for about 6 months. I left knowing this could dry up at any time. This was an awesome way to start out.
Because of my previous experience and I have been able to set my bill rate high enough to make about 30% more net income than my last W2 position. I target about 25 billable hours per week, and probably spend 10-15 hours per week on un-billable tasks.
My recommendations (and the core of my business strategy) are:
1) Focus on providing the best service you possibly can to the client. Blow them away every time. The money will take care of itself
2) Keep it as simple as possible. For me that means no employees, very low overhead, Profit First accounting
3) My business won't make me rich. It will spin off enough income to pay my bills, invest a fair amount annually, and become a lifestyle business that I never want to give up. Focusing on getting rich from this business means compromising #1 & #2
Good luck! Let us know what you decide