Starting your own business can be tricky, but if you feel up to it and have a great team backing you, then you’re on the right track so far. The next thing to look at is your level of expertise in the field of construction work. You may be a good builder or aced your civil engineer exams, but that does not necessarily mean that you have a head for business. You will need to consider your start-up cost before venturing into the construction business.
Write up your business proposal
List all your aspirations for your business and how you plan on reaching these goals, this should include your timeframe, stages involved and funding. You will possibly need to submit a copy of the proposal to the financial institution that may give you the loan to start your business. Include everything that relates to the business whether it’s equipment finance or the daily operations of the business.
Many construction companies start out working from home, but as soon the business grows, you will need to find a property where you can store all your tools and equipment, as well as parking for construction vehicles.
Find out about the registration process and the certificates you need that are mandatory for starting your own construction company. If you want to make an impact, then you need to set your business up officially and be recognized as a legitimate enterprize.
Insure your assets
Meet with an insurance agent and find out what kind of coverage you require as well as the different quotes you will be getting. Ask around in the industry what the other guys are doing. Starting out you may find that you will feel a bit lost at first but it will soon blow over. There is no question though that you need to cover yourself in the event of work related injuries and client’s property damage.
Establish solid relationships with other contractors, suppliers and business associates in the trade. These are the people that could be a hand up in time of crises or when you have a basic question. This is only one way how trade secrets are being shared amongst contractors. You might need the assistance of other contractors to complete jobs that you cannot do, don’t have time to do or need assistance in finalising.
You will need to learn the art of bidding as you take into account the cost of materials, labour and profit. Remember you can’t run a business if you don’t make a profit, you will want to enjoy the fruits of your labour. Consider having the same person submit invoices and collect your payments on time so you have the funds to pay for materials without accumulating excessive interest. Your administrator can quote jobs and do the other nitty gritty work, while you focus on completing projects.
It’s all about learning, accepting help and recruiting the right people for the job.