If you are keen to utilize all of the skills that you have honed in the building trade to now work for yourself, you might be eager to set up your very own construction company. With an ever growing population, the need for well-made homes and commercial premises has never been greater. If you are good at your job, you have an excellent reputation, and you have a network of contacts, then now might be the time to launch your own construction startup. A positive reputation goes a long way to get you that elusive first job. Before you resign from your employed position, put the feelers out and let people know that you are thinking of going it alone. With any luck, you may find your first building job before you even launch your company.
Moving from employee to entrepreneur can be daunting. Take a look at the sorts of things that you need to consider when mastering the building blocks of your construction company.
What Will You Specialize In?
As a builder or construction firm, you need to choose your target market. Are you going to build new homes for needy families in less well off areas? Social housing is needed more than ever as the population increases, and the financial markets are in more unstable times. Or perhaps you fancy working on those swanky high rise apartments in city centers catering for the wealthy young professionals market. Or maybe you’d like to work alongside big business to build new office blocks, warehouses, and work environments. This commercial environment can be highly lucrative, but it’s also competitive. Consider your strengths and decide what sort of work you want to do to get the ultimate satisfaction from your professional life.
More important than anything is the ability to generate a network of contacts. You need to have the number of an electrical contractor to come out at a moment’s notice should something go awry with cabling. You need to have the number of a concrete delivery specialist to help you complete the necessary digging out of foundations on time. And don’t forget the wealth of tradespeople that you need to have contracted to you. To keep them on your books, you need to pay on time, provide adequate working conditions and be a decent boss. Without high quality people working for you, your building projects run the risk of being substandard resulting in your reputation sliding.
The construction industry is highly regulated and rightly so. The people who choose you to build their new office block need to know that you adhere to all health and safety regulations and that you understand the importance of belonging to relevant schemes and that you have all public indemnity insurance in place. Train up your staff and ensure that they receive annual refresher to keep abreast of new industry regulations. As a limited company, you may need to register with a public body to demonstrate your credentials.
Mastering the building blocks of a construction business can be daunting. However, follow this guide and your building company can hit the ground running when you are ready to launch.