As you already know, the construction business is seriously on the rise once again. Since we are overcoming some of the negative pitfalls created by the housing market crash, construction projects will once again boom. Are you ready to get in on the action?
In recent years, the residential building construction industry is considered one of the fastest-growing markets because housing demands have increased tremendously. As far as commercial construction is concerned, this market has also begun to rebound tremendously and there’s plenty of work to go around for everyone.
Starting a construction business is not going to be easy. But if you’re willing to put in the effort and energy, and use the tips we’re about to share with you today, you’ll have no problem getting your own company up and running in no time at all.
- Become Licensed, Bonded, and Insured
To achieve lasting success in the construction world, you have to take the necessary steps to protect yourself and your business. Not only that, but getting licensed, bonded, and insured is also going to protect your clients as well, and they’ll feel confident in your ability to cover any unfortunate mishaps that could potentially happen if something were to go wrong during a construction project.
So visit your state’s business licensing office and inquire about getting the right licenses to perform in the construction business. Depending on which areas you plan on going into, you may need to become licensed in HVAC, gas fitting, plumbing, electrical, and more.
To operate legally in most states, you will need to acquire construction bonds. You’ll need a surety bond from a third-party. This bond guarantees your client will be paid if you do not meet your contractual obligation when taking on a particular project. Visit the small business administration online to find out more about surety bonds.
Insurance is also vital to your success in the construction business. For the most part, you’ll need to acquire vehicle insurance, property insurance, general liability, disability insurance, workers compensation insurance, unemployment insurance, and other potential types of insurance. So meet with your broker and find out about the best ways to receive coverage for your new company.
- Choosing a Name for Your Construction Company
Do you have the perfect name for your new construction business? If so, you may be feeling like you’re on top of the world at the moment. But don’t get too excited yet, because you haven’t discovered if the business name is still available in your state.
If you plan to open a business in Oklahoma, as an example, you should check with the OK Secretary of State website to find out if your corporation name hasn’t already been taken. The same goes if you plan to work in another state in the US. Visit the Secretary of State’s website, run a corporation search, and find out if somebody has already taken the name you’d like to use.
Is your name still available? Good! Now contact a lawyer and have them officially open up your brand-new corporation and make everything legal.
After this, once everything has been cleared by a lawyer, you can start the next step of your business creation by partnering with a company specialising in Website design for construction companies. By creating a tailored website for your business, you can ensure you are ready to begin marketing your brand, attracting customers, and growing your business from its infancy into a local household name.
- Buying or Renting Equipment
It’s going to be impossible to run a construction company without the right technology and equipment. Visit http://www.iconjds.com to rent or lease shoring equipment. You’ll also potentially need to rent trucks, excavators, backhoes, and other equipment necessary to get the job done. Or if you have the capital available, you can invest in your business and buy this equipment if you think you’ll need it over the long run.
Conclusion
Nobody ever said running a construction business was going to be easy, but if you’re willing to give it a try, use the tips we’ve shared today to get your business off the ground. You’ll be glad you used this advice and started your company the right way.
