How to start company in Switch Mode Power Supply Design?

[Faringdon]

Hi,
A few of my friends and i wish to start a SMPS design company and undertake contracts for customers in London.
Also do the general electronics that you tend to find on boards with SMPS on them.
How do you go about this.
How does all the engineers get assured that just  one engineer is not taking all (or most of) the money?

Also, where do you advertise your services?

How do you assure that customers will pay on receipt of their asked-for goods?

[jpanhalt]

Just look at your own track record in entrepreneurship and do the opposite.

As for other people cheating, a lawyer's advice was, "There is no contract that will prevent that." Don't form a company with people you can't trust.

[tggzzz]

You start by having a good reputation and track record for designing reliable power supplies.

You do a formal SWOT analysis, to find what you should avoid doing, e.g entering a crowded field without an obvious USP, or where you have weaknesses relative to established businesses.

You don't adverise, you sell your capabilities to people that know your (good) reputation.

You add people you can trust, as and when you need them. You don't add "friends" (or relatives).

A company is the least of the issues.

[5U4GB]

Just wanted to add a +1 to everything @tggzzz said in the above post, that's exactly the list I would have posted as well.

[Dan123456]

How does all the engineers get assured that just  one engineer is not taking all (or most of) the money?

That one is easy. Let them unionise and tell them that they are free to discuss their pay packages with their colleagues if they want.

If everyone spends half of their work day every day trying to work out if they are getting payed the same as their coworkers, the company won’t be getting the most out of them.

Keep your workers happy and they will work harder for you 

[tggzzz]

How does all the engineers get assured that just  one engineer is not taking all (or most of) the money?

That one is easy. Let them unionise and tell them that they are free to discuss their pay packages with their colleagues if they want.

If everyone spends half of their work day every day trying to work out if they are getting payed the same as their coworkers, the company won’t be getting the most out of them.

Keep your workers happy and they will work harder for you 

One company I used to work for posted a scattergram of age vs salary for everyone in the company. You could see the outliers and, from their age, guess their salary. Nobody complained. It was, in some respects, the best place I ever worked. People came in on Christmas Day, because they wanted to. One person booked a 25hour day on his timesheet and had it accepted; as he put it, he started at 9am on Saturday and left at 10am on Sunday => 25 hours.