Venturing into a new business is never easy, however experienced one maybe. There are always a few things to consider that you may or may not know. Before setting up one, you need to establish your niche. Confucius once said, “Choose a job you love, and you will never have to work a day in your life”. The same is true for any business you wish to venture into. Construction is a profitable industry across the globe but it is very important to understand the amount of preparation and work involved. Below are 10 steps to take while setting up your company;
This will depend on what aspect of construction you wish to do; you cannot get a license for everything, it is quite costly. You might be a design consultant, a land-scaping expert, a builder, or even a cost engineer. Get the license that fits in your scope of work.
2. Have a plan;
Know what your company is all about and how you are going to get there. Establish your target market, have a go-to-market strategy, budget, and find out which people you want to employ. The plan should be precise and concise; this how you will achieve your goals.
3. Get someone to do your books;
Now, you might be on a tight budget and thinking you can handle the finances of the company for the start because it is small; you couldn’t be any more wrong! An accountant or bookkeeper will make sure you are compliant across all your financial transactions. They will help you when it comes to taxes, bank statements, salaries among others. Another important thing is to get good accounting software.
4. Secure your financing;
You will need to purchase, rent, or lease equipment, tools, and vehicles to get your business started. You will also need to pay your bills, invest in advertising, and meet payroll. You will need to secure funds before you bid on your first contract, so apply for financing early on.
5. Become a member of an association;
This will help you especially when it comes to networking with other people in the construction industry. You will get benefits such as contracts, training and apprenticeship, financial services among others. These association will also help you know people that will give you jobs or those you can easily call upon to finish yours.
6. Update your insurances;
Always keep up to date with your various insurances. In case you are less knowledgeable in this area, arrange a meeting with an insurance agent and talk with him or her about the coverage required for your business. You need to protect not just business assets, but also yourself should work-related injuries, personal liabilities, or damage to clients' property occurs. Both you and your business need to be fully covered.
7. Register a domain name;
You need to create a good domain name that people will easily find when they look you up. You will be doing your company a disservice if you choose a wrong domain name. However, your will make your online business a success if you choose a right domain name. Remember to keep it short, brand-able and very easy to remember.
8. Get business cards;
Your company is not complete until you get business cards. They could have each the most important detail of the company and contact s by which people ca reach you by. You need to carry them everywhere incase you run into people that need your service. Always remember to give them out wherever you go because they act as a great marketing tool.
9. Have an office space;
Most people that are just setting up business seem to assume that they can work from m any space and get things done. The truth is, you need a good office space that is dedicated just for work. It will help you work without getting distracted as the early stages are crucial and you will get things easily done.
10. Get social media;
Very many companies are conducting their businesses online as is the trend today. You will find that social media platforms will boost your company and generate leads you ever imagined were possible. Open up company pages on Facebook, Instagram and twitter, sponsor the pages keep updating them with content to keep your potential clients interested.
With these simple steps, you will be able to put up a good company that will last for as long as you need it in the industry.