If you live in a thriving city, you more than likely have seen construction sites building businesses and neighborhoods, adding to your ever-growing city. When you see those construction sites, have you ever wondered how someone would even go about getting started in that type of business? Well, if you have wondered, it’s no easy feat.
If you think starting your own company takes an immense amount of planning and preparation, imagine how much is required for starting a construction company. There are so many things that you have to keep in the forefront of your mind, that even the most experienced entrepreneur may have a hard time remembering if it’s not written down!
If you are a determined individual, and you’re ready to travel down the journey of launching your own startup construction company, then there are seven essential steps that you can’t start without.
A Solid and Thorough Business Plan – Hire Accountant, Employees or Contractors
Your business plan should be the very first thing you start on. Writing a business plan allows you to get everything laid out and planned for every stage you will anticipate during this process. Things like a timeframe that you want to reach your goal, the amount of funding you will need to get the business going, finding the right accountant for legal paperwork, and deciding whether or not you want to hire employees or contractors.
Office and Storage Space for Your Business
When someone first decides to start their own construction company, all the planning typically starts out in their homes. That’s fine at first, but as the company’s progression increases you will need to move headquarters from your home to a more professional setting.
You will more than likely need to store certain types of equipment, tools, and legal documents, and your home is not the place for it. Plus, when you hire employees or contractors, you’re going to need plenty of room for parking.
Make Sure You’re Following All Legal Regulations
If you want your business to be taken seriously and look like a professionally established operation, then you need to make sure you have and are aware of any and all licenses, permits, certifications as well as the many different laws and regulations according to your state and city.
Make Sure You’re Covered
This is a very important aspect of your business because you have so much invested. You need to make sure you have insurance and surety bonds to protect all your business assets as well as any work-related damages including bodily injuries and property damages.
Secure Your Equipment
Being in construction, one of the most important things is what? The equipment of course! You will need to figure out if you want to buy, lease or rent your construction equipment, tools, or vehicles.
Get Your Name Out There
Being that you will be a startup construction company, you’ll be opening several accounts with different suppliers, and working with different contracting companies and building inspectors. In doing that, you need to establish a good relationship with them. This will work in your favor when you might need extra help completing a certain project by a certain deadline.
You will also want to invest in advertising and marketing. You definitely want to have a website, being that the world operates online anyway! But having a marketing aspect to your company is what will help establish your brand, and therefore, bring in more clients!
Invest in Construction Software
This is an aspect just as important as everything else. Your construction software is what will help you run your business smoothly. It can help cut time in half on certain projects you’re working on from a paperwork point of view.
