Architecture School didn't teach me about Business!
The most common complaint I hear from architects is that architecture school did not teach them enough about the business of architecture. Although most students take a professional practice course in architecture school, most will begin their careers knowing very little about business.
I was no exception. I entered the profession blind and it would be three years before I even read a contract.
As a young professional you might not think it is important for you to know about business. Besides, you’re just a CAD Jockey! Or a BIM Ninja!
Why do you need to know about the Business of Architecture?
You should care.
You cannot be an effective architect without a basic understanding of the business of architecture. As architect Mark LePage of EntreArchitect says: “Profit then Art.”
As a young professional, the better you understand the design fee for a project, the better you can manage your time, which will increase the chances of the project being successful and profitable. This will improve your chances of promotion and will help prepare you for future leadership.
Do not underestimate its value.
I have boiled the business of architecture down to two pots: The Architecture Firm’s Money and The Client’s Money. You must manage both to run a successful architecture firm. If you drop one then the other will follow.
In this chapter I will talk about:
and I will share why: