5 Steps to Launching a Construction Business
- 23 Jan 2020
With that said, running any kind of new business can be incredibly challenging. This is particularly the case if you fail to get off to a strong start. So even if you have the dream, do you have the right plan in place for a successful launch?
To help you along with the process, here are five steps which should serve as the foundation for the start of your construction business:
1. Secure FinancingFirst of all, you will need to produce a detailed business plan which includes figures detailing the amount of financing you require to start up. These figures need to be accurate — if you wrongly calculate the amount of funding needed, this will have serious repercussions later on.
Once the figures are right, you need to secure financing. There are several ways to do this, including:
- Bank loans
- Business angels
- Enterprise Finance Guarantee
- Family, friends, or your own money
2. Select a Suitable BaseYou might believe your home will be suitable for the business to begin with, but it’s far from ideal. First of all, you will struggle to legitimise your business if you’re not working from some form of premises.
In addition, your base should have enough space to store all of your construction tools and equipment. Also, consider the location in terms of convenience and the need for parking spaces.
3. Train Your EmployeesIf you are hiring staff from the start, you have to ensure they are properly trained in whatever field they are hired for. This will enhance their skills and help reduce any weak aspects at the same time.
Thankfully, training isn’t as difficult as you might first assume. Do you need a plant operator for your business? If so, SB Skills Solutions is a fully accredited training provider who can supply plant operator training. This is just one example thought. Other construction fields can be covered as easily with efficient training programmes.
4. Network with the Right PeopleBuilding connections is important for any construction business looking to have a strong launch. It’s necessary that you build relationships with suppliers as this will assist with getting materials and equipment when needed. Furthermore, you should establish a connection with other contractors and industry professions such as building inspectors.
5. Market Your BusinessEven if everything else is in place, your business launch won’t take off if you fail to do adequate marketing.
While you might decide that putting up signs at job sites will be enough to generate customers, this will not work if you have no customers when starting up. As a result, consider printing up leaflets, brochures, business cards, etc. and distributing these around the local area. Setting up a website and social media pages is also a no-brainer.