By Julius Choudhury
Are you thinking of starting your own construction business? A billion-dollar industry that’s ever-growing and ever-evolving, it’s clear that it’s a very profitable industry to get into. However, there are certain considerations that you should keep in mind when entering this venture.
To help you with this process, here are 6 things you must think about and keep in mind throughout:
Commercial or Residential?
Before setting up your company, you need to think whether you’re going to specialize in residential or commercial construction or a mixture of the two. It’s important to understand the differences between the two when making this decision; from the materials to the machinery and the permits needed.
What Licenses and Permits You’ll Need
Following on from the above, it’s essential when starting a construction business that you are aware of the essential permits and licenses you need to obtain. To do this correctly, it’s a good idea to visit your local council office to enquire about the legal papers that you’ll require to operate.
Permit and license requirements will depend on the state that you’re in and the type of construction you’ll be undertaking. So it’s vital that you’re aware of what you need from the get-go.
Essential Health and Safety Requirements
As a budding construction entrepreneur, you should be aware of the numerous health and safety requirements you’ll need to start your business. To do this effectively, you’ll need to start the process by conducting thorough research into the various laws that exist and how you can ensure that your staff will follow them every day.
For example, some of the basic requirements that you’ll have to implement is to wear safety goggles and masks when on the job site. You don’t want your workers to be at risk because the necessary safety procedures weren’t followed - so create a safety plan and train your employees the correct practices from the start.
What Insurance You’ll Need
As a construction business, there will undoubtedly be accidents occurring from time to time. So it’s critical that you have the right insurance in place to cover you. Covering property damage and any accident claims, it will make sure that your business continues to run without any risks.
The Right Equipment
Whether you’re thinking of starting a residential or commercial construction business you need to purchase the right equipment. There will be a myriad of different equipment you’ll need to get the job done, from excavators to Flex Fleet commercial truck rentals. So before operating, make a list of all the equipment and materials that you might need and factor these into your budget.
What Contracts You’ll Require
When first starting operations, you should try and develop a comprehensive contract that you’ll present to each of your clients. This will include the scope of work, how they will pay you, your schedule, the timeline, etc. Of course, this might vary a little by the type of client you have, but creating a basic outline from the start will send you on the right path.
