Nikonomics - The Economics of Small Business

48 - How to Build Trust at Scale in a High-Touch Service Industry with Marilyn Moedinger

Aug 23, 2024

Marilyn Moedinger, an architect and real estate entrepreneur with 20 years of experience, shares her transformative journey in architecture and consulting. She dives into the intricate balance between creativity and business, revealing how architects can enhance their practices while navigating cash flow complexities. Marilyn also emphasizes the legal nuances in architecture, the significance of building trust with clients, and the innovative strategies for managing high-touch service experiences in this competitive industry.

55:50

Episode guests

Marilyn Moedinger

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Marilyn Moedinger's journey highlights the importance of practical experience in enhancing an architect's ability to manage both design and construction phases.

Offering consulting services enables architects to build trust with clients while also educating them on project feasibility and zoning regulations.

Architects face financial challenges rooted in project complexity, necessitating strong communication skills and effective business strategies to ensure profitability.

Deep dives

Architectural Services and Fee Structure

Architects charge varying fees based on the type of construction project, with residential projects being significantly more expensive than commercial ones. For industrial buildings, architect fees typically range from 1% to 3% of the construction cost, while custom high-end residential projects can demand 15% to 25%. Despite these seemingly high percentages, architects often find it challenging to maintain profitability due to the complexities and workload associated with residential projects. This fee structure highlights the financial intricacies involved in delivering architectural services and the efforts needed to meet client expectations.

Intro

3min

From Laborer to Architect

4min

Exploring Architecture Exams and Ancient Engineering Wisdom

2min

Navigating the Architecture Journey

21min

Exploring Architect Roles and a Listener Giveaway

2min

Building Trust in Home Improvement Consulting

17min

Balancing Art and Business in Architecture

7min

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Join me, Nik ( https://x.com/CoFoundersNik ), as I talk with Marilyn Moedinger ( https://x.com/mwmoedinger ), an architect, consultant, and real estate entrepreneur. Marilyn shares her journey from architecture school to building her own practice, Runcible Studios, where she leverages her 20 years of industry experience to deliver unique value to her clients. We discuss the complexities of running an architecture business, managing client expectations, and the realities of cash flow in a service-based industry.

Marilyn offers practical insights into navigating the legalities of architecture, the importance of creativity in business, and why architects should embrace their inner entrepreneur.

Questions this Episode Answers:

How can architects better manage their businesses and cash flow?
What are the challenges of balancing creativity and business in architecture?
How can consulting services enhance an architecture practice?
Why is understanding the legal aspects of architecture crucial for success?

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This week we covered:

00:20 Marilyn's Diverse Career Path

00:51 Early Passion for Architecture

02:33 Educational Journey and Professional Qualifications

07:31 Starting a Career During the Recession

08:47 Transition to Entrepreneurship

11:23 Role and Responsibilities of an Architect

14:26 Architect and General Contractor Collaboration

23:13 Project Cost and Liability Considerations

26:52 Legal Challenges in Condo Development

27:06 Understanding HOAs and Subdivisions

27:23 Architects' Role in Subdivisions

27:32 Exploring the Architect's Business

27:56 Consulting Services and Client Interaction

29:53 National and International Consulting

33:04 Building Trust and Expanding Network

35:38 Challenges in Architecture and Construction

40:07 Marketing and Client Acquisition

43:04 Future Vision and Business Growth

46:39 Rapid Fire Questions and Final Thoughts

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