Is there a good chance to do well as a Mechanical Design Consultant?
Hi, I am a Mechanical Engineer with 15+ years in Design-EOT cranes, Material handling systems, Automation systems, Fabrication as well.
Presently I am 39 years.
After working for companies @16 years, I want to start my own Design Firm (Consultancy-Proprietorship). Preparing Business Plan also. I have a back up for my expenses for a year (can take care of a family for a year without earning).
Still, have fear in mind -can I get enough work? No doubt about how I will deliver as I am good at Design, Concepts, Calculations, 2D and 3D. Doubt about sustainability, getting the work as there are already players in the field who are doing the similar work. Can anyone help me out in this? Is there a good chance to do well as a Mechanical Design Consultant? Do not want to do a Job again.
Thank you Ramani Sir
I've been through the process, @Sachin . It's a tough decision; but not an impossible one.
I'd strongly suggest starting with small projects which you can deliver in your part time. If possible, take an unpaid leave for about 1-2 months and try delivering the projects that you undertake.
There are key points I'd like you to be aware of -
- Technical knowledge is just a small aspect of running a business
- The major part where most techies stumble is the 'sales' process
- Maintaining a discipline is another challenge. It's far easier to do a job when someone else sets a target for you and you've to deliver it without really figuring out other aspects of business.
- Do develop the ability to handle rejection. You should be able to take a 'NO' and move on.
- Make sure you are familiar with the legal aspects of running a business. You did not mention whether you're opting for a private limited or a proprietorship or a one person company.
- Make sure that you are aware of handling billing and creating contracts that have your back. Billing was major challenge for me because I had no clue how to go about it. Looking back, I laugh at how naive I was.
- Get your first client before you put your resignation letter. If you're moving into services - that's the first thing you should do.
- Say goodbye to 9-5 work hours and holidays for at least first 2 years.
But let me tell you, if you are determined - you'll enjoy your journey like anything; even when for others your hustle will make no sense.
All the best!
Thank you Kaustubh for sharing the advice in such a detailed way.
Definitely, I will act upon the key points shared.
Yes- Marketing, Sales, Billing are the areas I have to work upon.
I am planning for Proprietorship to start with.
Definitely. There is a lot of scope in the consulting industry. I would like to narrate my instance. I did management consulting and I am pretty much contented with my domain. Also, I wanted to ask that do you really want to do mechanical design consulting or is there any other consulting streams that you might be interested in?
Giving an example of management consulting, I have seen a huge growth in terms of the market. Having been in the market for a while now, I can say that there is a lot of scope in the domain. I have come across companies that are monitoring these growths, its functioning and big players in the domain and even their analysis states that the market is going strong.
Any form of consulting (especially management consulting) holds deep roots in intelligence information. Data and intelligence hold the key to improvement and upscale. If you are interested in data, intelligence, information, and analytics then consulting is the right place for you. Consulting is not just about giving recommendations but also about reading the data to gain considerable insights from it.
Again taking the instance of management consulting, websites like that deal with data and intelligence in the consulting market. You can definitely seek careers in domains like intelligence gathering like this, get into client-based consultation or start your own firm at the end.
To summarize everything, consulting on a broader level seems a feasible option to opt. It is totally up to you what type of specialization you want to pick and how can it help you in the future.
You can browse here to get some relevant information here related to consulting and consulting trends. https://www.beroeinc.com/category-intelligence/management-consulting-market/
If that doesn't work, you can look here for more advanced details of being a mechanical or engineering consultant
If you did not find either of these resources interesting, let me know maybe I can discuss or dig up something worth your consideration.