So many people will have that dream of starting up their own business, working for themselves – being their own boss, and making a fine living that supports them through life and allows them to have that financial freedom that everyone craves so much. Having said that, it’s important to realise right off the bat that owning a business isn’t always rewarding and fulfilling. It can also be incredibly tough, and stressful, and overwhelming, and challenging, and it’ll be all down to you to ensure you are capable of jumping over every hurdle that comes in your path. It isn’t going to be easy, and you will have days of waking up and not wanting to get out of bed. You will question why you ever thought this was a good idea to begin with, and whether you’ve made a mistake.
But you need to know that it’s normal to feel like this. Sometimes your business will do amazingly and you’ll be making so much money, but then you can have one week where you make nothing and you have to struggle and live off bread and butter until you can afford to go grocery shopping again. And while it may sound shocking – it’s what happens. It’s the sacrifice that you make in order for your business to get where it needs to be.
So when it comes to starting up your very own construction company, it’s absolutely key that you don’t cut any corners during the planning stage, otherwise things can, and most likely will, take a turn for the worst sooner or later.
First, you need to think about the vision of it all. Do you see yourself tapping into a specific niche out there? Or are your dreams set on being the next big contractor in the city? – Once you are able to establish where you see yourself, then you can begin to plan how you will get there and make it all happen. You need to make sure that you have everything in place and ready before you start taking big leaps, and that is why planning is so important.
So if you’re currently considering setting up your own construction business, or have already started, then here are some of the most important factors to think about.
Before you do anything, you need to have all the necessary experience and qualifications, not only so that people will take you seriously when you start your own business, but also because it gives you the knowledge you need to stay safe, and have as many possibilities of becoming a success. So go back to school if need be, take as many courses as you can, and don’t forget how effective work experience really is. It’s one thing to read something in a book – it’s a whole other thing to see it done right in front of you and have a go yourself with the right professionals around you. You should also learn as much as you can about business skills and customer service too, as that is a vital area to all of this. You might be a great builder with an amazing eye, but if you can’t communicate properly, then no one is going to want to do business with you.
It’s absolutely essential that you have all the appropriate insurance for the business that you are running – even more so because construction can have many different types of accidents. If you don’t have insurance, you will not only be putting your career in danger, but if something does go wrong, you’ll be finding yourself in an awfully sticky financial situation that you will be expected to pay everything yourself. Insurance is a way of covering everything; the business, your employees, and of course yourself. It’s a protection in case something bad happens that wasn’t your fault. Because when you’re an owner – everything is your fault because you’re the one in charge, and so you are taking full responsibility for anything that goes on. So don’t skip out on insurance because you think you’ll never need it – because you never know.
Identifying who your target audience is early on is very important. Essentially, your target audience are the people that you are trying to reach out to and persuade them to use your services. They are the goal that you’re after to gain their business and work with you in the long run. Depending on the kind of business will determine who you are trying to attract. Some people focus on gender, or age, or career. But as many different people from all areas of life can need the help of a construction company – your eyes can wander a bit further and spread your search. Once you have a good idea, you can then cater your marketing strategies towards the people you’re after. You don’t have to stick to just one form though – get as many strategies on the go as possible as that will increase your chances of creating leads, which turn into potential sales. Social media is also a great way of doing this without costing you anything.
Tools and machinery
This kind of business will require an awful lot of tools. Not only will you need the simple hand tools, but you’ll require big pieces of machinery too so that you can cut things down and mold them in whatever way you need to. Then you will need to think about the transportation side of it. While you most likely already have a vehicle to get around in, is that going to be able to hold all the materials that you need on a job? If you have a car, you’re not going to be able to fit what you need in the boot. This is why it’s so important to think ahead so that you don’t run into rooky errors like this. You should consider the idea of a tip truck hire so that you have the space and storage you need when a job begins.
Bear in mind you’re going to be using very dangerous things, be it because they’re sharp, pointy, heavy, or powerful, and this means that you will be very prone to having an accident if you’re not careful. It only takes one second for you to take your attention away from what you’re doing, and then cut your finger off. – Graphic, but true. So you need to ensure that you follow all the necessary safety regulations out there so that you and your team are kept as safe as possible. You also need to make sure that all your gear is up to date and working as it should, because if something is wrong with a tool and that goes unnoticed – this could also lead to a nasty incident that causes harm to you or someone else.
Like any business, you will have to start out small until you have established yourself. But the moment you want to start growing and expanding, you will need a team to work with because you won’t be able to cover all the areas by yourself. Think about it, not only is there the construction work to do. There is also the communication between you and the customers, then the payments and other financial transactions, and the marketing side to showcase what and who you are, and then all of the legal paperwork that has to be filled out too. You can’t do this all by yourself – no matter how good you are. So you’ll need to hire some employees to take over various departments so that you can focus on your role and not have to worry about anything else around, allowing you to oversee things as a manager, instead of trying to spread yourself as thinly as possible.
This isn’t a necessity, it’s more of a choice, but it can be a very good choice if you aren’t too sure about your finances. A financial advisor is a trained professional that is able to give you all the best advice that you need in order to keep your money safe, as well as knowing all the potential risks. All you have to do is make an appointment, and be as honest as you possibly can. They will ask about spendings, earnings, and everything in between, so the more information that you can give them – the better they will be able to help you. It can be difficult to see things yourself when you have so much going on, and that means you may miss vital areas of where you may be losing money without even knowing it. With the aid of an advisor, you can be made aware of these little holes in your cip accounting, and figure out a way of patching them back up again.
So now you know what things to look out for and think about, make sure that you implement them into your lifestyle and do all you can to ensure that each area is covered properly. And before you know it, you’ll be right on your way to success.
Open Business Council offers resources, Trade Finance, business advice, SME Finance and a forum and directory for businesses! Improve your business and use the best digital, financial and funding tools to grow ROI – return on investment and ROA – return on attention!