For many in the construction industry, the ultimate goal is to be your own boss. You can put your experience to good use, make your own decisions, and be assured that you’re the one who’s going to profit from all of your hard work. If you’re a construction industry veteran, then owning your own business is a natural step to work towards. You may want to set up a family firm so that you can work alongside your children and eventually hand the business over to them.
With that in mind, here are some tips for getting started and keeping the show on the road.
Do your research
There are many practical sources of information for starting your own business, both online and in the local library. Make sure that you’re up to date on all of the tax and legal requirements that apply in your area. You can’t beat first-hand experience either, so ask other professionals to share their knowledge and experience.
For most people, securing funding for a new construction business will mean talking to your bank manager. You’ll need to set up a business account with the terms and conditions that best suit your circumstances. Other options might include start-up funding from an outside backer, but be sure not to give away more control than you’re comfortable with. You might also be able to borrow from friends or family, but again, make sure that everyone is happy with the arrangement.
Make a business plan
Having a solid business plan in place is essential and will be a prerequisite for funding in most cases. You need to set out your short-term and long-term goals, especially in terms of your financial predictions. Also, think about what sort of construction business you’re going to be running. Will you be doing general building work or something more specialized? Will you be working for the public or for commercial clients? What equipment do you need to get started? All of these things need to be considered and worked out long before you start trading.
Assemble your team
Any business is only as good as the people it has working for it, so make sure that you have the best. You’ll need hard workers that you can trust, and also a network of specialists that you can call on outside of your direct employee base, which will necessarily be small when you’re starting out. When hiring temporary subcontractors, use an umbrella company to make sure that you’re covered for all tax and payroll legislation, and also in the event of any disagreement between you and the contractor.
Advertise your business
If you’re going to get work and succeed, you need to get noticed, and this means promotion. These days, every company needs a website, and it’s worth paying to get yours professionally designed to make sure that it looks good, does the job, and shows up in online searches. Advertise in the local press and on TV and radio if appropriate, and make full use of word-of-mouth recommendations. If your work is good, then word will spread – but you need to keep pushing to stay one step ahead of the competition.