Once again, the construction business is booming.
In fact, with the increase in housing demand, real estate values and lending activity, the construction industry is expanding. We should also mention that six of the 20 fastest-growing industries within small businesses are in, one way or another, tied to construction.
So if you have ever thought about making the move to construction, now might be a good time. Here are a few things to consider when getting started in the construction business.
Lease Your Heavy Equipment
Leasing construction equipment has gained popularity for small business owners in recent years. Equipment leasing options Trimarc offers are both flexible and affordable. This allows new entrepreneurs to expand their business without the need to fully commit to the large costs of heavy equipment and new technology.
Say, for example, you are a small construction company that suddenly has the opportunity to take on a big project. That sounds great on the surface, but you soon discover you are ill-equipped to complete the project and cannot outright afford to buy the heavy equipment you need.
In leasing heavy equipment, you give your business the best chance for growth and prosperity.
Write Up a Really Good Business Plan
Thousands of people attempt to start businesses every year, but far too few of them do so with a written plan. A business plan is your roadmap to success. By identifying goals for your construction business, finding out who your competition is and how you plan on making money, you have set the groundwork for your construction business.
A well-written business plan should set your business apart from the rest. Describe the type of work you plan on doing, the markets you will serve and the key people you plan on having within your organization.
Unless you plan on running your business like a two-minute drill in football, you need a winning playbook that includes:
A training program
A business development strategy
A financial strategy
A list of players and their strengths and weaknesses
A company mission
Get Help and Be Mentored
You don’t need to go into this all alone. There are any number of assistance programs in your area that can help you understand the ins and outs of owning a business and offer tips on getting started. Some places are even able to place you with a mentor from the construction industry.
The more you know about owning a construction company, the more likely you are to be successful. And while you might think you know everything you need to know about owning a construction company, you need to swallow your pride and realize you don’t.
Business Name and Brand
You have created a business plan and have a vision, now it is time to come up with a company name and brand. Finding the right name for your construction company can have an impact on how successful you are. If you pick the wrong name, you might fail to connect with customers. A clear and powerful name is critical in marketing and branding efforts.
You want to avoid hard-to-spell names, customers will always get confused about how to find your company online. You also want to avoid using a company name that is a misspelling of a normal word, like Flickr for example. You don’t want to have to be constantly correcting your misspelled name.
Don’t be too narrow when choosing a company name. Avoid something like Bob’s Home Remodeling Service as this limits the types of business you will draw.
Establish a Marketing Campaign
Marketing your construction company should be a priority, so you need to dedicate time, money or both in making sure you do it right.
It is essential that you have a user-friendly website that shows up on searches. It is also a good idea that you have a strong presence on social media. This will allow potential customers to see pictures of what you do, read reviews and get to know the company better.
It is also wise to invest in quality printed materials like business cards, flyers and postcards. Make sure your logo is consistent across all marketing mediums.
Never underestimate the power of word of mouth advertising and simple things like signs in yards where you have done some work.
Hire the Right People
Being a top construction company in your area means hiring workers who are able to carry out your company’s promises and values by providing quality work. Your employees are the face of your company, so it is important that you seek out the best.
You don’t have to rely totally on job boards or job websites to find suitable employees, you can just ask around as well. Get word out to people you know and trust and you could find just who you are looking for.
We hope these tips have helped. If you are starting up your own construction company and have leasing questions, contact Trimarc, we can help.