If you are an aspiring entrepreneur looking to become your own boss and escape the routine of a 9–5 working existence, then you may have considered setting up your own small business. Today, millions of business-minded people have done this, or are taking the steps to achieve this and make owning and running their own businesses a reality.
It can be an immensely satisfying experience to have complete control over a small enterprise and if your business is a success, you’re likely to be in a position where your earnings far outstrip what you could expect to receive as an employee.
While there is an almost unlimited range of businesses to cultivate, one that may be attractive for practically-minded people is to start your own construction firm. The construction industry is currently enjoying a period of growth and landing a successful construction contract can be extremely financially lucrative.
In this article, some top tips for starting a successful small construction form will be explored in detail.
1. Create a comprehensive business plan
As with any small business, one of the key ways to ensure its success is to have a solid and well-researched business plan. This can be a key way to both secure external finance for your business and map out the direction of your business in its early years of operation.
Consider that there will be significant startup costs in creating a viable construction firm. Machinery and equipment will need to be purchased and experienced staff will need to be hired to undertake the work that you need to do.
A comprehensive business plan will be able to demonstrate the viability of your firm as it will consider key competitors and how your business will be able to attract suitable contract work. Once finance-lending organizations can see a clear and researched plan that demonstrates how the business will generate income, it will be far easier to secure funding for your venture.
A well-written business plan will also guide your firm through its first few years of operation and will provide key information on the scope of construction work that will be undertaken and if your firm will specialize in specific areas of the industry.
2. Invest in high-quality equipment
It is of paramount importance that any construction firm invests in the best quality equipment for its work. This can include a range of specialist machinery such as cement mixers, lifting equipment, and construction vehicles that will be used in the business’s daily operations. Put simply, this equipment will be used on a continuous basis and will need to be extremely durable and able to withstand heavy-duty usage.
Companies such as hotairtools.com provide a range of specialist tools and equipment that can be used in the construction industry (such as hot air blowers and heat guns). These types of companies will commonly sell their products to trade customers and will have built a reputation for selling durable, well-constructed tools and equipment that are designed to last.
While buying cheap equipment can seem like good financial sense, it isn’t in most circumstances as replacements will need to be purchased far more frequently than with more durable and well-designed products.
3. Hire and train the best staff
Any small construction firm will build a reputation in the industry that’s based on the work it has completed and the quality of the final projects. Given that most of the work that’s completed will be undertaken by your staff, it’s vitally important to hire and train the best staff available.
Ideally, you’ll want building professionals who have time-served experience working on construction projects with other firms in their working history. They should demonstrate excellent skills and knowledge and will work effectively as part of a wider construction team.
Ensure that successful candidates have access to a range of training packages so that they can further develop their skills. It’s recognized that offering opportunities for personal development and suitable training packages can be a key way to retain your most skilled staff. This can be vital in the construction industry, especially when certain skill sets are in short supply and competitor firms may be looking to poach some of your most skilled workforces.
4. Consider worker safety
As a final point, it’s incredibly important to put worker safety at the forefront of all your daily operations. The construction industry can be a dangerous place to work and it’s estimated that there are over 150,000 accidents on construction sites every year.
Every step should be taken to ensure that the working environment remains safe, suitable safety equipment and protective gear are provided and any accidents or near misses are reported.
By ensuring that the working environment remains a safe place with all risks considered and action taken to minimize their impact, your firm will be able to build a reputation for safety. This will also help to minimize the threat of employees taking legal action against the firm if an accident occurred that was due to an unsafe working environment that hadn’t been accurately assessed and mitigated.