A construction startup can be one of the most rewarding things you do in your lifetime. After all, who doesn’t want to start their own business and be the boss?
You get to choose your working hours and the people you work with—it’s more than enough reason for anybody to leap. But it is not all sunshine and rainbows. There is a lot that needs to be done before you officially open your doors and even more once you get started.
You can’t just launch a construction company without proper planning. There are too many things involved; if you fail to account for them properly, they will become a crisis later on down the road.
Marketing and promotions
It would help reach out to your local audience to convert them to customers. To do so, you will need a website and business cards. Then, see if you can buy ads on online platforms like Google Adwords.
See if landlords or property managers might want some construction work done. You can offer them discounts or freebies in return for giving you their contact info. You could even offer them an incentive to recommend your services to other potential clients; this sets it up as more of a win-win situation for all involved.
Setup the legal framework
Make sure that you have a legal and ethical structure in place. If you can, hire a lawyer to handle all your legal concerns. It would help if you also were sure to file the proper permits and licenses to operate—don’t do this after you launch. It will just waste time, especially if they send inspectors or other representatives who need to check on your progress and documents before granting you the license.
Set up a good financial system
You will have to do all your accounts on Excel or QuickBooks for the first few months after launching your construction company because hiring an accountant is expensive. You need to keep track of everything, from how much money you spend on office supplies to what clients owe you on credit. Also, call a natural gas marketing company to give you a quote on the energy resources you will need for your business.
Planning is essential
Depending on how large your construction startup will be, things might get pretty complex here; for beginners, experts suggest working with architects and draftsmen who can help design blueprints (for building houses) or scopes of work (for remodeling projects).
This way, there’s no confusion down the road because everybody knows what everybody is talking about. You can have more than one plan, of course—you may have a series of basic plans that you use for simple homes and an entirely different set of plans for multi-million dollar mansions. That’s the beauty of being the boss.
Location is key
It would help if you find an excellent place to launch your construction startup. Local ordinances may have restrictions here. At first thought, you may want to pick a location close to your home. However, finding a place closer to this area may make sense if you find most of your business in a specific geographic region. There may also be an area in your community that caters to construction companies providing all the resources you’ll need to set up shop in one location.