Starting your own construction business is a great idea if you’re already in construction, and you’re looking to get the most out of the work that you’re carrying out. Not only does starting your own business mean that you have a lot more autonomy over the projects that you’re taking on, but it also means that you can more than double your income (if you get it right). Here’s how you can start your own small business in construction, and say hello to self-employment!
Get the funds together
As with any business that you’re thinking about opening, being in construction requires some initial funds to get you started. You can either get a business loan from the bank, or put your own cash into it, so that you can get the equipment, the staff, and all of the necessary paperwork sorted. If you’re not too sure how much you’ll need, then it’s a good idea to speak to an accountant, or somebody else who has their own construction company, so ask for some advice if necessary. If you don’t plan your budget properly, then your small business could fail sooner than you think.
Recruit your team
If you’re going to make it in construction, you need to have a great team behind you from the start. Think about all of the connections that you have from the past, and see who you can get on board with you. Not only will you need to make sure that you have a strong team, but you will also need to sort out all of the CIS registration documents, so that your team are legally OK to work with you. Because of the nature of construction, it’s vital to look into all of the necessary insurance legislation, and other documents required for your team, as you don’t want to get this wrong.
Secure your first few jobs
Before you take any small business full-time, you need to be sure that you’re going to have enough work to get through those first few months. It’s a good idea to make sure that you’ve got in touch with a few people in your local area who may need your services, and you should also look at how you can market your business, through social media, and even things like local radio. Think about your target market, and see what you can do to assess how interested people are. If it seems like you will have a good amount of work to cover at least the first few weeks, then you should be ready to start up!
So…If you want to start your own small business in construction, then make sure that you keep these things in mind. Of course, this list isn’t extensive, and there are other things that you need to sort out. As long as you’ve checked out your legal requirements, however, you have the funds together, and you’ve sorted out your team and those first few jobs, then you should be on the road to success. Enjoy running your own construction business!
*This is a contributed post