Are you good with your hands? Have you always had a knack for construction, renovations, and repairs?
If so, maybe it’s time to start your own construction company. Sure, you could work for another company and let them take in the majority of the profits. But wouldn’t it be better to start your own business and hire your own licensed contractors to work for you?
We think the answer is clear. But how do you get started? How can you start your own construction firm?
We want to help. Keep reading for a quick guide to get you started on the right path.
Get Licensed
First, if you’re not already a licensed contractor, now’s the time to get certified. Most people go with a general contractor’s license. However, you need to get what you need based on the type of construction services you want to provide for your future clients.
For example, if you want to offer in-house plumbing and electrical services, you’ll also need to pursue those types of certifications. However, you can also bring on team members down the road who have specialties in these areas.
Evaluate the Local Industry
One of the most important steps in starting a construction company is learning more about the local construction industry. Is there a high demand for construction services in your area? Do you have a lot of competitors nearby who will make your journey to success more challenging?
You also need to look into the financial logistics of your future company. For example:
- How much can you charge for your services?
- What will be your monthly and yearly costs of operation?
- What can you expect in terms of revenue?
- What types of expenses will you have?
- What are your financial projections for the next five to ten years?
The more you know going into the construction industry, the more successful your construction firm will be. This will also help you avoid becoming one of the 50% of small business owners that fail in the first five years.
Write a Business Plan and Get Financed
Next, let’s talk about writing your professional construction company business plan. Your plan needs to be strongly tied to your market analysis. It also needs to address the major facets of your business, including:
- A business overview and description
- Your marketing strategy
- A detailed description of your target market
- A list of your products and services
- An outline of your company’s structure
- You costs
- Your requested startup funding
- Your earning potential and financial projections
- Etc.
The importance of your business plan cannot be overstated. It will serve you as a guide to success as you launch your construction company. However, it will also be one of the most important documents that will determine whether or not you get financed.
Start Marketing Your Construction Company
Once you get the financing you need to start your business, you can start marketing your services. You need to come up with a marketing strategy that will highly your as the best construction company in town.
You can do this through multiple avenues of marketing and advertising. We recommend building a professional, user-friendly site and implementing a solid SEO plan. You should also create a professional construction account on various social media platforms.
For more information, check out this article on the top digital marketing services for contractors. It will come in handy if you want to maximize your exposure and generate qualified leads for your new business.
Ready to Get Your Construction Company Off the Ground?
Are you getting excited about starting your constitution company? We don’t blame you. Construction firms have the potential to become exceedingly lucrative and successful.
Follow our guide to get started on the right foot. And if you’re looking for more business tips, marketing ideas, or financial advice, you’re in the right place. Look through some of our other articles before you go.