How to set up your own chartered surveying practice

In setting up a surveying practice, there are so many factors to consider, from identifying the right market and setting the right fees to putting together a business plan for future growth.

A business cannot accomplish any of these goals without the basic building blocks, such as insurance, compliance and procedures.

Bank managers want these kinds of boxes checked before providing a loan or account to a business. As well as being requirements for membership in an industry body like RICS, the Royal Institution for Chartered Surveyors, a global association that promotes and enforces standards.

Setting up a residential surveying business requires careful planning, knowledge of the industry, and attention to legal and business considerations. Here is a step-by-step guide to help you start your surveying business:

Company formation and set-up

Many banks now have a great service where they can create your business bank account and company registration at the same time. In this example from Tide, they provide the certificate of incorporation within hours of set-up, along with your bank account. All you’ll need is:

• Your unique company name

• Personal information You’ll need personal information such as your address, date of birth, and nationality.

• Registered office address - You can choose your home address or your business address (if you have a separate trading address). You can also use a virtual business address if you have one.

Compliance considerations

A list of what is expected from businesses requesting to be registered can be found on the official RICS website: This includes:

• Firms' compliance with its Rules of Conduct

• An adequate insurance policy - particularly a professional indemnity policy

• Protection of clients' money through security measures

• A complaint handling procedure

• Staff training and competence processes are in place, including opportunities for continuing education.

  The right insurance broker can not only provide insurance products to meet some of these needs, but can also support clients as they set up a new business in many other ways.

Key insurance considerations

In addition to providing insurance products to meet some of these requirements, a good insurance broker can also support clients in many other ways in the process of starting a new business.

RICS' Rules of Conduct for Firms, Rule 9, specifies that professional indemnity insurance is one of the key items. It is a requirement, even for self-employed individuals.

• Starting a business may also require other insurances, including: 

  • Public liability

  • Buildings insurance

  • Employers’ liability cover

  • Directors and officers cover

  • Contents insurance

  • Business interruption insurance

Accounting and HR

Ensuring you have a competent accountant and HR resource to support you is critical from the outset.

Getting the advice of an accountant or bookkeeper is important when making business decisions. Investing in professionals – or changing the way you use them – can bring considerable returns. They'll keep control of your tax obligations, identify savings, and help you grow your business. Typically, one of the main causes of business failure is poor financial management. The expertise and experience that accountants can offer cannot be underestimated and will save you time and sanity while you focus on building your business.

Managing Clients and Software

If you're starting out with a new company, cashflow will be tight. Surventrix is therefore a perfect, branded solution for your business to support your CRM, quotation and reporting needs with our Pay As You Go solution and no large outlay required.

Designed by surveyors, for surveyors - our vision is a future where Surventrix is utilised on every surveyor’s device – making it easier for small businesses to thrive. View our testimonials here: https://www.surventrix.com/testimonials

We bridge the gap between their client and survey data and the practical business insights and resources required to power growth and success by:

• Supporting you with RICS compliance. 

• Lowering business costs 

• Remove the need for multiple systems 

• Speeding up your workflow 

• Improving your sales process

• Enhance your customer experience

From report writing tools or panel management software, to valuation modelling and data analytics we keep this objective at the centre of everything we do. This ensures our clients obtain the highest possible service and maximising their time and profit each day.

In the knowledge that all risks and compliance issues have been addressed, sole traders, directors, and partners can begin to consider how to take their businesses to market and succeed.

Contact Surventrix today for support with your business requirements. Our team have extensive knowledge in surveying and business, and can help you with everything you need to get started.