Your goal: launch a construction business as quickly as possible. To achieve your goal, you need to follow the proper steps for how to start a construction company.
5 Steps for How to Start a Construction Company
It is virtually impossible to launch a successful construction business overnight. Fortunately, there are several steps you can use to put yourself in a great position to run a profitable construction company long into the future.
Here are five steps you can use to hit the ground running with your construction company.
1. Conduct Research
Use the U.S. Small Business Administration (SBA), U.S. Bureau of Labor Statistics (BLS), and other online resources to research the construction industry. This allows you to learn about the past, present, and future of the construction sector. It also gives you insights into safety training requirements and other mandates your construction company will need to follow.
2. Make a Business Plan
You know you want to run a construction company. Now, you need to define the steps you’ll need to complete to make your vision a reality. Craft a business plan that accounts for what services your business will offer, your company’s structure, and how you will market your offerings. Be as detailed as possible, so you can plan for all aspects of your company’s launch.
3. Register Your Business
Give your construction company a name and register it as an LLC or corporation. You should also register your business with state and local agencies.
4. Get Licenses and Insurance
To perform all types of construction work, you’ll need general and specialty contractors’ licenses. In addition, you’ll need insurance to protect your business and its employees. Don’t forget to sign up your workers for certification training if they will use aerial lifts as part of their daily work, too.
5. Pursue Financing
Financing may be necessary if you want to buy an aerial lift or other work equipment. You can pursue financing from a variety of sources. Small business loans are available from the SBA. These loans often have low interest rates. Or, you may qualify for working capital loans, purchase order financing, or other funding options.
Remain persistent as you get your construction business off the ground. If you stay the course, you can overcome any hurdles you encounter.
Common Pitfalls of Starting a Construction Business
Even those who perform comprehensive planning may struggle to launch a successful construction company. Common pitfalls that plague business owners as they try to start construction companies include:
– Lack of funding
– Poor marketing
– Insufficient staffing
Learn as you build your construction company. You may make mistakes along the way but can always learn from them. And, in the long run, you’ll be able to make your business a success.
The Bottom Line on How to Start a Construction Business
Those who are planning to launch a construction company should not wait to get started. The sooner you begin your launch efforts, the sooner you can start running your own business.
Of course, as you begin your quest to build your construction company, AerialLiftCertification.com can offer assistance. Our certification training program makes it simple for your workers to become OSHA-compliant aerial lift operators in as little as one hour.
We are happy to help your construction company comply with OSHA requirements for aerial lift operators. To learn more about our certification training program or enroll your workers in it, please contact us online or call us today at (888) 278-8896.