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If you are tempted to take a step away from your full time building job or contractor role, you might be tempted to begin the new year by plowing some of your energy into your very own construction startup. You may have a little book of contacts ready to take with you and you may be an expert in your field. This doesn’t mean that there won’t be other aspects of construction and business that you need help with. Construction is an industry that requires some specific legislation to be adhered to and it also requires business acumen as well as sound tradesperson skills. Read on to discover the ultimate guide to starting a construction business.
Business Plan
As with any new startup, you need to hone a well thought out business plan. This shouldn’t be some generic print out from a free website. You need to think about what is specific to your company. Use this document to think through your ideas for your business vision and the ethos of your venture. This will also be the document where you can make financial forecasts for your first three years or so of trading. The more specific and quantitative you can be, the greater the chance you have of securing investment from a bank or business angel. Give it out, use it as the basis for your pitch and ensure that you enthuse within your business plan about your business ideas.
Legalities
It’s vital that you can adhere to all public liability, professional and industry specific insurances. These are crucial if you are to trade legally. Build up a network of contacts within construction. While you might be an excellent builder or electrician or plumber, you will need the help of fellow tradespeople to complete construction projects on time. Ensure that you contact a support service company to clear the waste that you produce on site on a regular basis. This stops your projects from grinding to a halt and enables you to worry about one less aspect of your jobs. If you hire staff, ensure that you adhere to health and safety legislation and undertake refresher training every year.
Market Yourself
While you might not be the most savvy Internet user, you need to become more au fait with the world wide web. It’s crucial that you get yourself a business Facebook page, a Twitter feed and an Instagram page as well as a website. These interlinked platforms create a more effective online presence that you can use to market your business. Being a new venture, you will have some already well established industry rivals to compete with. Ensure that you update your feeds every other day, detail any offers that you have and use Instagram to show some gimmicky before and after photos of your projects. If someone gets in touch, respond promptly and be willing to travel to secure your first projects.
If you are eager to launch your own construction startup, follow this guide, and see your new venture go from strength to strength.
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