Last Updated on August 11, 2023 by Admin
Construction is a lucrative sector to be a part of. Starting your own business can help you to benefit from a share of the market while putting your expertise and skills to good use. Whether you’ve ambitions of expanding nationwide, or you’re happy serving your own little corner of the world, here are some of the basic steps you should be taking when setting up a construction company.
Table of Contents
Business planning
The foundation of any venture is thorough business and strategy planning. Construction is no different. Create a business plan that outlines every aspect of your startup from finances to operations and be sure to set goals to work towards. Starting without a business plan is rarely going to end well.
Market research should be a key component of your business planning. You need to determine whether there is demand for your construction services and, if there is, how can you grab a slice of the pie. You’ll undoubtedly face stiff competition, so see what competitors are doing well and not so well. A unique selling point (USP) should help you to win a share of the market.
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Company structure and certification
Your company needs to be set up correctly to comply with commerce and tax regulations. Choosing the right structure can also help you to manage your operations and finances more simply. Consider whether a partnership, limited company or sole trader status would benefit your venture more.
Achieving certification can be a beneficial strategy to improve the quality of your work and boost your marketing efforts. Certain contracts may require you to have such accreditations anyway. But they can help you to diversify your prospects and give a greater sense of professionalism and expertise.
Raising capital
Accumulating funds to kickstart a company is always a challenge. Using personal savings is often a necessary step to get the ball rolling, but it can only go so far. Raising venture capital from investors can be a viable option if your business has scaling potential. You’ll have to answer to investors who want to see a return on their money.
A more organic strategy is to build as your income increases. If you can get some contracts under your belt early on, you could use the profit to reinvest and get your income snowballing. You’ll need to complete excellent quality work and make sure your new business streams are firing.
Marketing
Reaching your target market in the design and construction industries relies on a dedicated marketing mix. To reach individual clients and other businesses, you’ll have to focus on networking, trade events and establishing your digital presence.
Digital sales and lead generation channels continue to grow in importance for both B2C and B2B construction businesses. Online portfolios and customer reviews are big trust signals for prospective clients, so invest in these to help your business grow.
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