How to Start a Construction Business in 4 Easy Steps

Did you know that the US construction industry is worth 977 billion dollars and employs around 11.2 million people?

Construction is an excellent choice if you're looking to start a business. If you have experience in the construction trade, that's even better. However, it takes more than hard work to be successful in construction.

How to Start a Construction Business

You could be put out of business within a year if you don't spend some time learning the ins and outs of what it takes to be a market-leading construction business. Fortunately, you've come to the right place; we're here with a simple guide that'll teach you, step by step, how to launch your new business. Read on to find out more.

How to Start a Construction Business in 4 Easy Steps

1. Do Market Research

Completing thorough market research is a vital step before you start a construction business. Many people omit this step, which simply leads to business failure down the line. 

One aspect to consider is whether there is a gap in the market in your local area. Some cities and towns are saturated with one or two dominating firms that leave no room for smaller competitors. If this is the case, you'll need to find a unique twist to make your company attractive. 

Beyond competition, you should also have a clear understanding of your potential customer base and their needs. For example, rural contractors would specialize in restoration projects, and city-based contractors may be more adept with commercial building construction. 

Once you understand the market gap, your customer base, and how you can provide solutions, it's time to write your business plan. Finances are a critical part of your business plan, and you should always keep some of your money separate for a rainy day.

Your business plan needs to be in-depth and should include contingency plans. It's best to hire a business manager to help you create a thorough strategy that you can stick to. 

2. Sort Your Documentation

Next, you need to register your company and obtain all the correct licenses and permits. Before you can be your own boss, you need to make sure it's legal for you to be trading. 

Registering your company is simple: go online and inform state and local governments of your business name and company size. Make sure you also tell the government on a federal level to get your federal tax ID. Once you have this, you can trademark your business name and logo

Next, you need to obtain the correct licenses and permits for your state. The exact documents you need will vary based on your location, company size, and the services you offer. The federal government also requires specific permits for many industries. Check the SBA website f you're unsure which federal licenses and permits you need.

Finally, insurance and liabilities are valuable assets when you start a construction company. Things are most likely to go wrong in the early days, and you'll be grateful to be covered when they do. 

Although some insurances are required by law, you should opt for the highest level of cover in your first five years of trading to avoid potential bankruptcy. At the very least, you'll need general liability insurance, auto insurance, builder's risk insurance, professional liability insurance, and workers' compensation insurance. 

3. Prepare for Trading

Next, you need to prepare for your first job. Make sure that you're ready to work the second your quote gets accepted - having to wait around for you to find staff and a kit may cost you, clients. 

You should employ workers with a diverse skillset. Make sure you've got a team that can complete any construction job between them. At this stage, it'll be more economically viable to keep them on the books for casual work when jobs come in, rather than putting them on a salary. 

The same goes for buying a kit; it's best to hire equipment at the start of your company journey. Talk to your local suppliers and see if you can have a loyalty discount or arrange a contract to save costs. 

When your business is off the ground, you can start thinking about buying kits and having full-time employees. 

4. Market Your Business

Now, it's time to start spreading the word about the services you offer. Start by creating a great website - this is where people will go first when they hear your name. 

Make sure to have interactive options on your website: you should have a 'chat with us,' 'sign up,' 'contact us,' and 'request a quote' buttons. You can use construction estimating software to quickly get quotes out to your clients. 

Next, take to social media to share your website. If social media marketing goes over your head, hire yourself a social media manager. 

Finally, don't forget about the power of word-of-mouth marketing. Encourage your clients to share your name with their friends and collect testimonials. You'll find the first few months are the hardest, but soon clients will start rolling in, and you'll be flush with work. 

Remember, take photos of every completed job to add to your portfolio to show potential clients. 

Start Your Construction Business Today!

That's the ultimate step-by-step guide to starting a construction business. Before jumping straight in with the tools you've accumulated over the years, take some time and plan out how you'll complete each of these steps.

Remember, adequate planning may be the difference between business success or failure. 

Did you find this article helpful? If so, make sure to check out our other posts for all things business, marketing, services, and more.

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TechGlobeX: How to Start a Construction Business in 4 Easy Steps
How to Start a Construction Business in 4 Easy Steps
Do you have dreams of being your own boss.? Do you love construction? Why not start your own construction business? Read on to learn how.
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