If you’re interested in starting a construction business, planning will make all the difference in whether or not your new venture is successful. Having all the information you need at hand will make running your business more efficient and stress-free. Before you begin, it’s a good idea to make sure that you have all your bases covered, whether that means ensuring proper permits or making sure you have access to sources for labor and materials. A little bit of research and planning will go a long way in successfully implementing your business plan and ultimately completing your projects.
Making Sure You Know What You’re Doing
It’s important to note that many people who start a construction business have relevant experience in the field. Some people are focused on a specific niche, and if you have experience in that field, your main concern will be ensuring that you are following state and county requirements. But if you don’t, it’s time to study. Taking courses in electrical or plumbing are a must. A successful construction business is not just one that hires competent contractors—but one that understands what those contractors are doing. In short, if you haven’t prepared, take courses, especially in contracting. The success of your business ultimately depends on it.
Finance and Insurance
There are a number of costs related to starting a construction business, and settling those first makes things a lot simpler. One consideration is getting outside financing for your venture, unless you are self-financed. Often surety bonds are involved depending on your state, and it’s important to make sure that this is taken care of. In this, the Small Business Administration (SBA) can be extremely helpful. Another consideration is the insurance requirement in your state needed for your business in general on an ongoing basis. Ensuring you have sufficient financing and proper insurance will go a long way to solidify your footing.
Taking Care of Paperwork
After making sure your financial footing is set aright, the next step is making sure that all your licensing requirements are in order. Construction businesses have to apply for licenses on a regular basis: both to ensure that they are maintaining their operational standards, as well as individual construction licenses applied for on a per-job basis (these vary from state to state). Make sure to know what licenses you need now, as well as the permits or licenses such as Hot Work Permits you’ll need for specific work in the future. In this, the SBA is again helpful, with a handy online tool that can tell you precisely what licenses you’ll need.
Having Labor and Materials Ready
Once you have your business plan, training, financing and licenses together, it’s a matter of having the resources necessary to complete the task for your clients. Having quality staff on hand is extremely important. Those with experience in construction often have an edge here, but there are ways to find quality contractors to begin the work you need. Making sure you have quality industrial materials as well as roll off containers available will also make a huge difference. If you will be offering welding services, you may look for an independent welding equipment distributor for your tools and supplies. Assembling your labor force means you have a job waiting. Your success, at that point, is contingent simply on getting the job done.
This article was contributed on behalf of Tiger Industrial Rentals, your number one choice when looking for industrial materials. Check out their website at www.tigerindustrialrentals.com
