Last Updated on Jul 30, 2021 by James W
So, you’ve decided to start your own construction venture. Of course, it is an exciting profession that would require you to work on your technical and creative skills. And not to mention the managerial skills for completing and delivering the projects.
But, read this first –
Starting your construction business is no easy task. It comes with its fair share of challenges.
From seeking the necessary legal licenses to ensuring a proper delivery channel for your business, you need to consider many things.
It may seem like a daunting task at first.
But, worry not.
We’re here to help.
Follow the following steps to get started with your construction company with no prior experience.
Step 1. Decide Your Vertical
The first thing that you need to decide is which vertical you wish to serve.
Precisely there are two domains in the construction business – residential and commercial.
And, as such, they both have different business models.
Typically, commercial construction businesses will need a separate set of licenses and must be compliant with different legalities compared to residential construction.
Moreover, commercial construction companies usually deal in more significant projects. Thus, there are also more returns and profits to be earned on the investment.
Step 2. Complete The Formalities
Once you’ve decided the vertical you wish to launch your construction business in; the next practical thing is to complete the formalities.
As mentioned already, legal compliance varies for both verticals.
You may need to essentially buy construction insurance for your company if you plan to work in the commercial vertical. As such, you may need to find a construction insurance company that can offer you a comprehensive coverage plan. And that too within your budget.
Likewise, you may also need to enroll with several federations and agencies to take up commercial projects.
In short, completing the legal formalities will ensure that your business is well protected against all threats – legal and otherwise.
Step 3. Build Your Network
Now that you have the basics ready, the next thing is to build your network.
Essentially, your network will include subcontractors and construction companies to overlook specific aspects of your projects.
Of course, you cannot be personally supervising all the construction sites. Neither is it possible to manufacture all the goods and raw materials needed for construction projects.
In short, you need a robust and trustworthy network of suppliers and contractors to help you with your projects.
Step 4. Find Your First Client
The last step is landing your first client.
You have done all that’s necessary to get started with your constructions business. You have registered your business, fulfilled all the required formalities, and nurtured a network of suppliers and contractors to help you complete your project.
But, all of this is in vain if you don’t have any projects to work upon.
Now, this is where you need to incorporate a strategic and practical marketing plan for your construction business.
You can opt for digital frameworks such as a website, social media, and Youtube. Or you can go the conventional way; word-of-mouth marketing.
In any case, the net goal is to find and seal the deal with the right client.
And that’s all you need.
With easy planning and a robust service module, you can quickly start with your construction business. And, of course, with time, you can grow your business to the heights you desire.