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Looking to get into the construction business? Construction is one of the few industries that has seen steady growth in demand despite the economic downturn. It’s also an industry that can be difficult to break into without proper training and experience.
The good news is that you don’t need to have worked on-site for years or even gone through university to get started with your own construction business.
In fact, there are many different ways to break into this lucrative field and start making money right away!
Keep reading as our step-by-step guide will show you how to start your own construction company step-by-step!
Get Experience
The very first step in starting your own construction business is to begin getting work experience. Many people are surprised to learn that gaining real-world work experience isn’t simply about getting a job at a construction company and performing tasks at the lowest level of responsibility.
Instead, you need to actively engage in learning everything you can about the way the industry works, including education on ethics, safety practices, licensing requirements, hiring/firing policies, billing procedures, and more.
To gain this knowledge as quickly as possible, look for entry-level positions with expansive opportunities for growth. Those held by larger companies are generally more likely to offer these opportunities than those held by a small business or independent contractors.
Know Your Local Laws
Construction businesses operate in a heavily regulated industry, so it’s important to be aware of the specific laws and regulations that apply to your region.
This includes knowing what licenses and permits you need to legally perform construction work, as well as any zoning restrictions or other limitations that may affect your ability to do business.
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Choose the Right Business Structure
One of the first decisions you’ll need to make when starting a construction business is what type of business structure to use. The most common options include sole proprietorship, partnership, limited liability company (LLC), and corporation.
Each has its own set of benefits and drawbacks, so it’s important to research each option and choose the one that best suits your needs.
Get Insurance
No matter how small and local your business is, you’ll want to carry the proper types and amounts of insurance coverage at all times.
This includes general liability insurance that protects against lawsuits related to injuries or other accidents on your job sites, as well as worker’s compensation insurance if any of your employees get hurt while working for you.
Market Yourself Effectively
Once you’ve built up some experience and implemented the other steps in this list, it will be time to advertise yourself to potential customers.
However, success doesn’t come overnight; instead, market research should be conducted before any promotional efforts take place so that they’re likely to go over well with existing and potential customers alike.
Build Your Brand
As a construction business owner, one of your main goals over the long term should be to establish a strong, recognizable brand for yourself. The way you accomplish this will depend upon your chosen business structure and available resources.
However, it generally involves putting together a logo, creating high-quality marketing content (such as blog posts, videos, and presentations), and otherwise promoting your company across multiple platforms.
There is no one-size-fits-all answer to this question, as the best way to build a brand for your construction business will vary depending on your target market, budget, and other factors.
However, some general tips include using social media platforms to share engaging content, attending industry events to network with others in your field, and collaborating with other businesses on joint marketing efforts.
Tackle Taxes
If you want to succeed in the construction industry, then tax preparation is something that simply can’t be ignored or put off until tomorrow.
Fortunately, there are many different ways to handle taxes depending upon the specific type of business structure you choose; use these strategies to get rid of yours quickly while maximizing profitability.
Maintain Your Licenses & Permits
As a business owner, it’s extremely important to make sure your licenses and permits stay up to date. Doing so ensures that you remain in compliance with the law and reduces the likelihood of any legal trouble or penalties down the road.
This can be especially challenging if you’re using multiple types of structures (especially corporations) as each requires different licensing and permit applications.
Stay Current on Local Construction Trends
There are several market research reports available that cover various aspects of the construction industry; these reports not only help businesses spot potential problems before they happen but also uncover new opportunities for growth. Make sure you have access to them so that you know what’s happening in your region at all times.
When you need an upgrade, you have companies ready to help you adapt. This is key to staying on top of trends as a construction business.
Create Strong Company Values
Having a set of strong company values can be extremely helpful in guiding your decision-making process as a business owner.
Not only do they help you stay focused on what’s important to you, but they also give customers a sense of what your company represents.
If you’re not sure where to start, consider looking at the core values of well-known construction companies and adapting them to fit your own needs.
Want More Help Building Your Own Construction Business?
The construction business is a tough business to break into, but if you follow these 10 steps and take your time building up your skillset, the potential for success will be there.
If you want more information on how to start a business from scratch and be your own boss, we have plenty of resources available that can help.
Check out our blog here for all the latest in self-construction entrepreneurship!
Aesperon Construction is a BCA-approved training and testing center with a proven track record. Suitable for individuals and businesses so, train for BCA attc.
