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The decision to set up a small practice in a home office might be a lifestyle choice.
‘You have to be a certain type of person and a jack-of-all-trades.
You also have to be a bit of a psychologist when dealing with domestic clients and you have to enjoy being on site and working with small contractors.
The one or two-person practice can look like a separate profession to those working in large offices, prompting some to question whether the micro practice is sustainable as a business model.
Marianne Davys, sole practitioner and author of ‘Small Practice and the Sole Practitioner’, argues that the future is bright for micro practices as long as they are based on a viable business model.
One of the first things they say is to believe in yourself.
“It is very, very hard to be successful in business without a large degree of honesty.
Based on her own experience, Davys knows that micro-practitioners can run a profitable business and earn comparable salaries to architects employed by larger practices.
Yet success as a small practitioner means different things to different people and is not only about profit.
The Business Plan – no matter how small the practice a simple business plan updated yearly should be produced and should include a cash flow forecast and a profit and loss forecast.
Forecasts should be monitored monthly and corrective action taken when necessary and at the earliest opportunity.