“A third of architectural practices made so little profit in the boom times that they could go bust with the onslaught of the credit crunch, an RIBA survey has revealed.
This year’s RIBA Business Benchmarking Survey, released to BD this week, shows that just 67% of firms met the industry safe standard of profits equalling 15% of total turnover.”
Survey Warns of Low Profit Margins:
Building Design 7 November 2008 (Will Henley)
Read more of this article here
I’ve been managing architects practices for over a decade now, and I’ve met many architects and young graduates looking to have their own businesses too. The one thing which seems to be of most concern is the business of having a business.
It’s all very well having an architectural mission (and don’t get me started!) but in the cold light of day, those of us not blessed with deep pockets or wealthy benefactors have to make a buck. Enough bucks to do what we want.
Now it’s not rocket science, but it can be as scary, so I thought it would be useful to invite some rather special people to make a contribution to the thread which runs through this blog, the one about money and running a business. [Keep up at the back there!]
Over the coming months a group of people who help architects (and a range of other people who have businesses) will be sharing their ideas and encouragements with you here, no obligation, just to prove that it is possible, and people are making money, and keeping their principles, right now. Maybe you might learn something. I know I will.
Let the discourse begin…