Building A Small Studio Space

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a) You are currently working with a colleague in a large architect’s office and are considering setting up together in practice. What are the general issues you would need to consider? Studio Location and Ownership We are going to lease a small studio space in an office complex in Birmingham that can accommodate for four, but also allows us to use facilities such as meeting rooms if needed. The lease will cover building and content insurance. A number of factors informed our choice of location; Firstly Birmingham is a large urbanised city, but more affordable to travel and rent a property in than bigger cities like London. In terms of competition, there won 't be as many practices to compete with locally which means we have a…show more content…
Our skills complement one another’s which will make the divide of responsibilities easier between us. As designers, we must understand and accept that once we start up an architectural practice, we will be more involved in developing and managing a business than designing and managing buildings. Budget Based on a budget analysis, and considering start-up and equipment costs, we have concluded that we have enough to cover all costs. We can also afford to pay for accounting, legal and any other consultants that we may need at any point. We will employ architectural staff once we have a few projects running. The practice can increase in capacity once it has settled into the industry. If we decide to expand the practice, taking a mortgage might be something to consider. Banks are always prepared to support local businesses and lend money to them if they feel the practice has a professional approach to business. Banks compete to offer the best business loans by offering flexible repayment plans or lowering and fixing interest rates. Business Strategy Plan A new practice would benefit from having a business plan, to express where it’s going and how it intends to get there. As described in The RIBA ‘Starting a Practice’ Book, a business strategy allows the principals to evaluate their decision making against a described position.” When the practice needs financial backing, having a
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