Many of us with a passion for construction with our feet on the career ladder in the industry will have aspirations of running our own businesses one day. It’s not an easy transition to make, even having picked up a lot of knowledge and skills along the way. There are plenty of things you need to keep in mind if this is an ambition you want to make reality. Here are a few tips you might wish to remember before you start:
Planning your business
There is a lot that needs to be taken into account when you are planning to launch your own construction business. The most important of all of these, however, is the business plan. Without a watertight business plan that takes into account a range of things, you can’t even begin to feel confident about securing funding. If you haven’t researched your local government’s regulations and building guidelines, come up with a solid idea of where money will be spent or made some steps to understand where return on investment will arrive from, banks will quickly show you the door.
Financing the company
This naturally leads us onto financing the operation. This is very much dependent on how you envision your company and what kind of service you intend on providing. Smaller businesses may be able to get started with savings or by using a credit card to begin with. Larger projects may need financing. Most banks will provide loads of up to £25,000 or you could look into designated business loan providers if you need long-term finance – the likes of Funding Circle and Ortus can provide up to £500,000.
Promotion after it has launched
Once this has all been complete you are well on your way to having your own construction business. Now comes, perhaps, the toughest part: success. Competing with other businesses and establishing yourself as a trusted name is not easy, but it begins with digital media. You should get yourself online and learn about digital marketing (or enlist the services of a business that do) as Google is the first point-of-call for most people searching for services. You could also make the most of social media and advertise your company on platforms like Facebook or Twitter.