Starting a construction company is not just about having the capital for a start-up. Some processes that need to be done, skills that need to be learned. There is paperwork involved and once all is set and you are ready to accept clients, there are marketing and strategies on running the business that you need to learn.
Let’s try to dissect the steps you have to take to start a construction business.
Write a Draft of Your Business
This is more than writing a vision/mission/goal for your concrete construction business. This is about the fundamentals of your business – how you will establish the business (licenses, permits, hiring contractors, etc). This even includes a decision on whether to take a loan or use your savings for the start-up. Where will you set up your office?
Start with the Paperwork
The first paperwork you have to focus on is registering your business. Do you need a license for the concrete construction business? There are some special rules for a concrete construction business in every state so make sure to check your local laws.
Before registering your concrete construction business company, you have to come up with a name first. Understand what a limited liability corporation (LLC) is and how It can affect your business tax filing in the future.
You also have to get a license for your construction company. A license means that your company is recognized by your town or state to operate and do construction jobs. This will make future clients trust you, knowing that you are approved by the city government to do such tasks.
Lastly, work on your business insurance. Insurance can cover a lot of things in case an accident happens. In most construction jobs, this can be inevitable. You can also check for machinery insurance especially if you are investing in large machines or even with your service trucks.
Check Your Capital
After running a feasibility study, you already have an idea of how much cash you will need to start a concrete construction business. Make sure you have enough. If you think you will be running out of capital, you can start considering taking small loans from banks or the government. Check if your government offers assistance for small business owners.
Before taking a loan, make sure to double-check the loan terms. Do not take a loan that you might find difficult to pay because of its terms of interest. Check the interest rate and the repayment rate of available loans that you can take.
Learn a Few Tricks
Even if you are just about to start your business plan, you can already start marketing your business. Create a website or use social media to introduce your business to your target clients. Give them a teaser of the services you are about to offer.
Starting a concrete construction business can be scary but with a good plan, you can do it smoothly. Having a plan can also help you save time and money. Also, don’t forget to ask for help and opinion from people who are knowledgeable about starting a business.