E25: Starting a Business: Mike Austin’s Entrepreneurial Journey with Karn Geo (Part 1 of 2)

The Ground Investigation Podcast

In this episode of The Ground Investigation Podcast, host Michael Taylor sits down with Mike Austin, founder of Karn Geo, for a deep dive into the journey of starting and running a ground investigation company. Mike shares his experiences, challenges, and strategies that have shaped the early years of Karn Geo, offering insights for aspiring entrepreneurs in the geotechnical field.

The conversation covers key topics such as the motivation behind launching the business, the hurdles of obtaining insurance, and the importance of building a strong, skilled team. They also discuss cash flow management and how to navigate client payment terms, along with tips for securing new projects in a competitive industry. Additionally, Mike emphasizes the role of technology, quality control, and environmental considerations in driving the company forward.

Key Takeaways:

• Frustration with career progression can be a catalyst for starting a business.
• A diverse and capable team is essential for achieving business success.
• Insurance requirements pose significant challenges for new companies in the field.
• Strong client relationships are crucial for winning and retaining projects.
• The ground investigation industry presents a variety of growth opportunities.
• Company culture plays a key role in employee satisfaction and retention.
• A structured business plan is necessary for securing insurance and guiding growth.
• Cash flow management is critical, especially with lengthy payment terms from clients.
• Diversifying the client base helps reduce financial risks.

Chapters:

00:00 - Introduction to Ground Investigation and Business Journey 02:52 - The Inspiration Behind Starting Karn Geo 06:17 - Challenges in the Early Days of Business 09:21 - Navigating Insurance and Professional Indemnity 13:03 - Securing Clients and Building Relationships 16:46 - Opportunities in the Ground Investigation Industry 19:36 - Roles and Responsibilities within the Team 21:37 - The Importance of a Business Plan 25:36 - Financial Challenges and Cash Flow Management 29:26 - Managing Client Payment Terms 31:34 - Team Structure and Company Growth 38:00 - Future Plans and Expansion

Sound Bites:

• "It's all a fallacy, it doesn't work."
• "We were all a little bit frustrated in our roles."
• "It was hard work and frenetic."
• "It ruins it and you're not allowed back in the house."
• "Health and safety aspects have been possibly the most challenging."
• "It's really important to make sure that before every site we go on to, we have that key talk."

Subscribe to the show to join our host, Michael Taylor, as he continues to explore the intricacies of running a business in the ground investigation industry, bringing geological experts to share their wisdom, insights, and plans for the future, and shedding light on what they believe will enhance the ground investigation industry moving forward. Don't forget to stay connected by visiting https://girec.co.uk/.