How To Start Your Own Construction Business In 7 Steps.pptx

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(No Transcript)
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How To Start Your Own Construction BusinessIn 7
Steps
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Research Your Local Market

• If youve always dreamed of having your own
  business, you may want to consider starting your
  own construction company to make those dreams
  come true. While its certainly not the simplest
  endeavor, there are some steps you can take to
  get your company up and running quickly and
  efficiently. These 7 steps will help you find the
  right employees and get your office space set up
  as soon as possible so that you can begin making
  money without delay.

Before you can own a construction company, you
need to know your market. Use the following steps
to research your local market 1) Decide if you
will use your savings or borrow money from family
or friends for start-up costs. 2) Determine how
much money youll need for start-up costs and
future growth, then crunch some numbers for
financing options. 3) If borrowing is the best
option for your needs, explore all your options
before deciding which one best suits your
business goals. 4) If you plan to get a loan,
review any loan agreements thoroughly and ask
questions about any unclear points so there are
no surprises down the road.
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Write Your Business Plan

• Owning a construction company can be a difficult
  and complex process. It requires a great deal of
  time, money, and resources. Before you get
  started, ask yourself these questions

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Doing Your Own Construction Market Research

• Do I have the financial stability to commit?
• Do I have the skills needed?
• What kind of support system do I have?
• Can I handle being my boss?
• Am I willing to take on risks with this business
  idea?
• How much risk am I willing to take with this
  business idea?
• Is there anything holding me back from doing this
  now or would it be better if I wait until later?

Every good business starts with a little market
research. If youre thinking about starting your
own construction company, its important to do
some market research before you start so that you
can best plan for the future. Here are four steps
for doing your construction market research 1)
Find out which types of work are most in demand
by asking friends and family members who are in
the industry what theyre seeing. This will give
you an idea of which direction your business
should take.
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Register Your Business

• 2) Research your local economy, as well as any
  other state or country where you might want to
  operate so that you know what kind of work is
  available and how much money those jobs typically
  pay.
• 3) Consult resources like LinkedIn and search
  engines to see if there are any existing
  companies in the area that offer similar
  services. You may be able to partner up with
  them, or at least learn from their mistakes.
• 4) Register on various classified sites such as
  Craigslist, Monster, Post a job listing
  specifying what type of help you need and how
  much it pays. Some sites allow people to submit
  resumes anonymously while others require
  information such as name, email address, phone
  number, etc., but this will help ensure quality
  candidates respond quickly when contacted by you.

To start your construction company, you will
first need to register your business. This will
involve filing articles of incorporation with the
state and should be done as soon as possible.
Youll also need a federal tax ID number, which
can be requested from the IRS by filling out Form
SS-4. Next, youll have to apply for permits and
licenses from your city or state government. Some
municipalities require that you submit detailed
plans for a project before theyll issue a permit
and others may require an inspection fee before
approval.
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Find The Right Licenses Permits

• Before you can run a construction company, you
  need the right licenses and permits. Youll need
  a general contractors license if you want to be
  able to bid on jobs, so make sure you know what
  state requirements apply before applying for one.
  For instance, some states require that your
  license is active for a certain number of years
  before you can obtain it. Other states might have
  different requirements for contractors who are
  bidding on public works projects. Make sure that
  all your paperwork is up-to-date and current
  before submitting any bids or starting any work.

Secure Insurance Liabilities
Any company needs to secure the proper liability
insurance, but when it comes to owning a
construction company it is crucial. You need to
carry general liability insurance and workers
compensation. If you are going into business with
other people then you also need to make sure that
all of you are covered by the same policy. If you
are hiring employees then your workers
compensation coverage must extend up until one
year after an employee leaves your company. This
ensures that if they have an accident or get hurt
while working for you, they will still be covered
and will not be able to come after your assets.
Workers compensation covers medical bills
incurred by employees and lost wages during time
off work as well as funeral expenses if they die
while on the job.
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Contact Us

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