Tech skills are in high demand these days, and from printed circuit board (PCB) design to data science, it’s good to have talents and training in tech fields. But going solo as an entrepreneur is another thing entirely, and there are dozens of pitfalls and barriers to success for any business. In fact, 8 out of 10 businesses fail within their first few years.
So whether you’re a self-taught PCB designer or you’ve got formal education in PCB design software, it’s important to remember that the quality of your work won’t inform the success of your business: your business acumen will. With that in mind, we’ve gathered several tips and tricks to help pave the way for success with your PCB design business.
Have Clear Goals
When you’re working with PCB design, it’s important to identify what the goals for your business are. Do you want to be a niche designer, working with specific elements or clients? For example, you could design your business model around assisting other entrepreneurs or inventors, helping design the tech that will bring their ideas to life. Alternately, you could focus on designing for specific products, and build your business model based on your expertise.
Develop a Marketing Plan for Your Niche
Depending on your niche, your marketing plan might be wildly different! For example, if you’re working with entrepreneurs, Facebook (and other social media marketing tools), Kickstarter, and entrepreneurial centers might make for excellent advertising areas.
However, if you’re wanting to work with manufacturers, LinkedIn and professional organizations might be much better targets. At the end of the day, always market to the places where your likely clients will be.
Make a Calendar and Stick to It
Especially if you’re working from home, it can be very easy not to do the things that will make your business grow, or to let contracts go on past deadlines. Be sure to make a calendar and stick with it, and to market a little every day. Every day with nothing accomplished will stack up to make your business slide backwards, and procrastination is one of the easiest habits to develop.
Pick the Right Price
Designing PCB circuit can be a difficult job, and it requires an advanced skillset. That said, you shouldn’t be prone to overpricing! In fact, pricing strategy is one of the key elements that can dictate the success of a business. Any enterprise that overprices is likely to fizzle out, fast. But underpricing also comes with problems: you will likely get more clients, but it could be more work than you can reasonably do.
The best idea is to start with a sale, ensuring that your prices are low enough for potential customers to be willing to risk their businesses on a startup. From there, use questionnaires or solicit information from your clients to see how they value your service.
Define Your Value
Even in the circuit design industry, there’s competition. Why should a potential client choose your business over another one? Work hard to be able to concisely communicate your value in three sentences or fewer, and be able to do so both in writing, in person, and over the phone. Practice your delivery. It goes without saying that most clients will shop around for a great value, and you’ll be surprised how often your value proposition will either clinch the sale … or lose it.
The Bottom Line
If you’re going to start in any business, you need a solid, bombproof business plan. Just having fantastic tech skills isn’t enough. You need to zero in on a target market and use a great value proposition. When you’re designing circuit boards and PCB, the value you offer to clients will count, especially if you’re in a competitive market.
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