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The Guide That Makes Starting the Best Construction Company Simple

The Guide That Makes Starting the Best Construction Company Simple

There are roughly 700,000 construction companies in the United States. These companies generate about $1 trillion in revenue each year, making up a significant part of the American economy.

If you’ve been working in the construction business for years, you have enough experience to start your own business. You might want to join the millions of entrepreneurs who entered the world of business ownership in the last couple of years.

It’s possible to take an idea to start a construction business and make it the best construction company possible. How can you do that?

Read this guide to discover how to make your business one that turns the construction industry upside down.

Write Your Business Plan

Your business plan is the playbook for your new construction business. The business plan takes you through every part of your business.

The more you understand your customers, market, and the competition, the easier it is to position your construction company.

You could find an unmet need in residential construction or focus exclusively on commercial construction. Knowing your customers also helps with marketing.

The business plan demonstrates that you know the risks and financials of the business. This is critical because you’ll be able to address challenges and obstacles ahead of time.

Register the Construction Company

Construction companies need to get licensed and registered in the states where they do business. You need to get your contractor’s license from the state’s construction board.

You’ll have to register the business with the office that handles corporate registrations, which is usually the Secretary of State’s office.

Your construction company may need to get local permits and licenses. It depends on the municipality and if you have an office location.

If your business is near a state border, it makes sense to get licensed in both states. You could opt for one state as you start your business and expand into the other state to save costs.

Find Financing

It can cost well into six figures to start a construction company. You want to make sure that you have your business plan so you know how much you need to start the company and keep it running for at least six months.

You might not have a ton of your own money to invest in your business. That’s alright because you can leverage loans and grants to start your business.

A grant might be better to start your business because you don’t have to pay back the funds. At the same time, it’s harder to meet the qualifications and apply.

Business loans are available through the Small Business Administration, banks, credit unions, and online peer-to-peer lending sites.

Are you looking for an alternative way to fund your business? You could bring on partners or angel investors. You may have to give up some control of the business in exchange for funding.

If you do go down this road, make sure you carefully select your business partner. You could end up making a huge mistake before you even begin the business.

Purchase Equipment

You’ll need to purchase equipment for the business. Some small constriction companies start by renting or leasing equipment to save money.

These programs could end up costing more in the long term. Be sure to weigh the total cost of owning the equipment vs. leasing or renting.

Develop Internal Systems

It’s pretty easy to manage your construction company when you have one project to worry about. It’s a different story when you have several bids out and construction projects at various stages.

You’re also looking for new opportunities, managing payroll, and working with employees.

There are tools like Acumatica Construction Edition, Zoho, and Monday that can help you manage your business.

Ideally, you’ll have one piece of software that serves as the central dashboard for your business. That gives you all of the information you need without having to open up several apps to make a decision.

Another part of your systems should be standard operating procedures. This lets your team operate in a systematic and efficient way.

Hire and Retain Employees

The construction industry has a high turnover rate. It costs money to hire and train employees constantly. You can lower these costs by hiring the right people and training them.

Employers that take employees for granted or assume that they’ll leave in a few months usually ensure that happens. The longer you can keep employees, the better it is for business.

Customers trust your business more, vendors sense that your business is stable, and employees are more productive and engaged.

Do the little things to show your employees how much you appreciate them. Offer regular training and support them in their long-term goals.

They’ll stay loyal to your business in return.

Focus On Marketing

How you market your business depends on your marketing budget and your audience. Your main focus needs to be on the customer.

Know what they really want and need from your business. Communicate that in your marketing. Broadcast your marketing messages in places where your target market spends time.

At the very least, you need to have a professional website. Be sure to fill out local directory listings so you’ll get found in search results.

Get reviews and testimonials from clients and always ask for referrals. You’ll build your reputation as the best construction company in no time.

Make Your Company the Best Construction Company

What is the best construction company? It’s a company that has a clear vision and mission. It’s a company that understands that scaling and processes are essential to becoming profitable.

If you want your new construction firm to rank among the best in the construction industry, you’ll follow this guide to build your construction business.

It’ll make your life as a small business owner easier, and you’ll avoid stress and burnout.

Click on the Business tab at the top for more business news and tips about business ownership.

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