There is no hiding it: there is money to be made in the construction industry. If you have been working for someone else and have decided to strike out on your own, now is the time.
Before taking the leap and starting a local construction firm, make sure you know what help is available, and consider these select pieces of advice from people who have been there, done it, and been successful.
Although you know your day job inside-out, the tricky part is coming up with a business plan, especially if you have never done it before. Firstly, decide on your goals, then outline the ways you intend to meet them. It doesn’t have to be a document fit for The Apprentice, but will help you think through, then realise, your ideas.
There are many financing options available to small businesses, as well as online tools to keep track of your financial state. Income and outgoings are pivotal to a small business, so make sure you have an idea of monthly planned expenditure. The best people to talk to about this are at the bank, so we advise taking in your formal business plan for a chat with your banker, who will have experience in aiding the setup of small businesses.
Unfortunately, many of local construction get bogged down in the finer details of regulation and health and safety, so it’s vital to hit the ground running and get your firm up to date with business licences, insurance, employment law and industry regulations. We recommend online resources for up to date information on what you are legally required to do as a small business owner.
Although you will more than likely have most things you need, do you have all the tools for the job? If not, now is the time to invest in any extras needed for you or a staff member to perform basic tasks, such as ladders, saws, drills, bits, spirit levels etc. Carry out a service on any items you have owned for a while, to ensure they are up to the job in hand, and plan them into the budget if they are not.
Ask for help
Starting a new business is tough: that is why not everyone does it. In order to be your own boss, you have to take a leap of faith into a journey that will be difficult, time consuming, and even lonely. The key is to not be afraid to ask for help, be it on online platforms, business strategy workshops in your local area, people you know that run their own construction business, or even suppliers such as Cannon Steel Fabrication.
The reason you are thinking about starting your own construction business in the first place is that you have the skills and expertise to make more money than you are doing currently. So long as you are aware of the importance of planning and the necessity of sound finances, this will be a very rewarding adventure.