Published On: Tue, Nov 7th, 2017

What You Need to Start a Construction Business

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Construction is not only a booming business, it’s also one that is incredibly rewarding. You are making a home for someone from the ground up. You are making a future business venture. You are creating the shell that someone will put their hopes and dreams into. Starting your own construction business might seem daunting, but it is doable.
The construction business is one of the fastest growing industries. Once you have the qualifications, you’re ready to start. You will need:

  1. A Plan of Action

What will separate you from any competitors? Will you be the only construction company in the area? Will you cater to upscale homes? Unique homes? Budget homes? Having a clear niche will help you focus on how to sell your services. People choose contractors based on their previous work and ideas.

  1. Financing

Construction has a lot of start-up costs. You will need to buy trucks and other heavy equipment. Thankfully there are many loans you can access as a small business, and you may be able to access government funded grants to help you start up to fit the future needs of its citizens. You just need to have a good business plan and apply. Use this money to buy the necessary equipment.

  1. Get Licensed

You need to do everything legally. If you don’t, the homes and other buildings you construct won’t be worth much. This is to protect both yourself and the clients who hire you. You will need:

  1. Business Licenses – These are the licenses that you need to operate. Whether you are a plumber, electrician, or any other construction trade, you will need one to work. You will also need a business license to operate as a business (and not as an individual contractor). If you are working from home, you might also need a license to permit you to do that, too.
  2. Insurance – You will always need insurance. Insurance protects you from accidents, from liability, and other unforeseen expenses.
  3. Other Licenses – Depending on the country you live in, you will need to apply for and have different kinds of licenses and permits just to operate. Being a fully licensed construction business is the only way to go forward and start getting clients!
  1. Hire

You can’t build a house by yourself. Now is the time to develop a good health and safety plan, and to hire talented tradespeople who will work with you.

  1. Network

Your business is entirely dependent on the networking that you can provide. People will be spending a lot of money with you; they want to know they can trust you and your work. This also applies to the other relationships you’ll need to make with suppliers, subcontractors, and the like.

Construction businesses are very like any business. The difference is that construction has a lot more rules and regulations that you must follow to become a reputable company and to also stay within the law. There is a world of people who want new homes out there – it’s time to meet them!