Advice & Strategies for launching your own company
Biyat Energy & Environment Ltd recently had the pleasure of hosting multiple business development events - supporting aspiring entrepreneurs wishing to start their own ventures - taking lessons from Biyat's own development since inception in 2017.
Biyat Energy & Environment Ltd is a global energy and environmental consultancy specializing in turnkey engineering solutions that protect the environment and improve energy efficiency in the manufacturing & industrial sectors.
A few key themes were discussed, listed below for the benefit of our readers.
Recognising your target market
This may take some soul searching, research plus lots of trial and error - however it is vital to understand which sectors, potential clients and regions you can best serve with your new business venture.
For example, Biyat currently supports various business sectors - Facilities Management, Manufacturing, Commercial Property Development and International Development.
However, our bread and butter is highly focussed on the design and build of advanced industrial facilities from the concept phase through to full volume operational launch of the facility. Important industries we serve include battery manufacturing and mission critical data centres - both of which are booming right now.
We are best placed to support developers, builders and manufacturers alike who are looking to set up flagship facilities in the EMEA / MENA regions due to our own geographical presence and expertise in this region. Also, for clients further beyond, looking to break into emerging markets / developing countries in these regions - we are able to provide various levels of support to drive these aspirations into fruition.
Understand your chargeable rate
With time and experience tendering for and accepting new work streams, big and small - you should develop an idea of market rates for your specialism. It's important to have a game plan and identify the going average, high and low marks you are willing to negotiate to. It's a good idea to make a little spreadsheet detailing permanent / contract salaries you may come across respectively on an ongoing basis to serve as a reference.
Look after your customers (and potential ones)
Be realistic when engaging potential clients, in that you can't win them all. However, each engagement, discussion, tender, presentation etc. has the opportunity to make you stronger for the next opportunity. Plus, it will also help you refine what strategies work and what don't.
Not only will you gain confidence in representing your chosen business offering, but you will also slowly build a wealth of material you can draw upon / tailor that will serve you well when the next opportunity arises.
Furthermore, try to add value in each engagement - open yourself up for sector specific questions on dilemmas facing your industry, share knowledge with industry peers on past experiences. Focus should be on relationship development and building your reputation rather than the financial element.
Finally - give concessions. It's not all about the money. Priority should always be aimed at developing long term client relationships rather than short term ones.
Time management
Be realistic with yourself and clients on how much time you expect to take on given assignments. Don't commit to time frames or project scopes that are unachievable. Openly discuss concerns with clients, break deliverables into achievable chunks, prioritise key tasks, evaluate if you require more support i.e. headcount, etc to achieve what's required.
Some key advice I was given once is "Know when to say no". As simple as it sounds, it is better to decline something you know you can't deliver on rather than paying the price of failure later.
Diversify your potential income sources
Identify opportunities to work on various workstreams without overburdening yourself and your growing organisation. Due to evolving market dynamics, you may find certain sectors are slow at certain times of the year or due to global forces outside of your control.
Keep yourself open for opportunities. Keep hunting and networking. Maintain a close eye on your sector of interest via LinkedIn and other forums, make connections with like-minded people, etc.
Marketing techniques
There is a sea of techniques available online that may make you feel overwhelmed. From our own experience, we try to sway away from cold-calling and the like, in preference for targeted engagements with those who have raised a specific shared interest. I.e. Keep your eye out for contract vacancy calls, bid invitations, requests for information, etc.
Continue to engage with interested parties, use social / business platforms appropriately, tailor each client response according to their needs rather than opting for automated messages, follow up, etc.
Finally, keep your website, LinkedIn and business social media profiles up to date and provide updates / news reels to show the world you're active! Build a portfolio log / services brochure that you can actively present to potential clients to show them what you're made of and willing to offer, plus a list of past projects.
Final note
It's really important to enjoy what you're doing. Building your own venture is a marathon not a sprint. As the old addage goes, "Rome wasn't built in a day".
Just keep at it, keep trying new things - they may lead to a dead end but each attempt will help you refine your offering, increase your knowledge and help pave the way for new exciting opportunities.
Be wary of burnout. We all need 'me time' - don't sacrifice quality time with friends and family, continue to pursue your own hobbies, etc.
Let your business grow organically. You don't need a luxury penthouse office and large workforce from day one.
Finally, keep being you!
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We hope you found this article useful!
Feel free to reach out for further information and advice relating to your new venture.
Contact — Biyat Energy & Environment Ltd (biyatenergyenvironment.com)
This article was written by Luay Zayed, founder of Biyat Energy & Environmental Ltd. A global energy and environmental consultancy specializing in turnkey engineering solutions that protect the environment and improve energy efficiency in the manufacturing & industrial sectors.
