Becoming your own boss and starting your own business may sound like a dream come true. You may not realize the amount of effort that goes into setting up a successful small construction business. Here are some steps to guide you through the process.
Secure Funding
The first place to start is with writing up a business plan. Few people have the money available to launch a successful business without the aid of a loan. Banks want to know that they are making a good investment decision by giving you a loan. Bring your business plan with you and have a marketing strategy in place. Let your lender know what steps you plan on taking to make your business a success.
Bonded and Insured
Make sure that you have all of the required licenses for your state. If you plan on employing other people to work for you, make sure to have an insurance plan in place. Many states require that you have at least a worker’s compensation insurance package. It is also a good idea to carry liability insurance. Your company will look more attractive to customers if you can show that you are a licensed and bonded business.
Prepare Tools
Determine what tools you have available for the needs of your business. It is a good idea to purchase tools that you are going to be using on a regular basis. Depending on the types of jobs that you are taking, it may not be necessary to purchase every type of tool available. For certain tools, like scaffolding equipment, that will only see occasional use, it makes more sense to consider renting them. Once your business has a regular client base, you can then purchase more tools as needed.
Develop a Client Base
Since you are starting out your business, your marketing budget is probably very small. Consider sources of free marketing. Let your friends, family, and neighbors know about your new company. Use this word of mouth form of advertising. Make up some simple flyers and put them up on bulletin boards at local stores. Use social media to get the word out as well. Post pictures of samples of work you have completed. You may even want to setup a webpage so that potential customers are able to find you online.
It will take a fair amount of effort on your part to make your business a success. Use these steps to get your company off to the right start.