How To Start Your Own Concrete Business – If you’re looking for a steady stream of income that can one day replace your day job and reach your desired goal of financial freedom, starting a concrete business is worth considering, especially if you’re interested in the construction industry.
The concrete industry is a thriving subcategory of the construction industry. It has been constantly growing because real estate projects and construction needs are constantly growing rapidly.
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Starting a particular business is potentially lucrative. It can start with relatively little capital and quickly turn into a larger company after proof of concept. Not only that, but concrete companies are sustainable and long-lasting because construction services are always in demand and you won’t experience the dreaded feasts and famines that occur in other industries.
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If you’re curious about what it takes to start and maintain a successful concrete business, read on!
Starting a business can be overwhelming if you don’t have the relevant information to take action. If you are wondering how to start a particular business, it shows the determination and motivation needed for the next steps. When it comes to starting your particular business, there are a few key steps you need to take to get started.
The first step in most countries is to register your company as an entity with the government and take out supplier liability insurance. The best precautions are to avoid any possible legal liability. There are always risks in any business, no matter how precise and careful you are.
Contractor’s liability insurance gives you peace of mind in the worst case scenario. If any of your services cause property damage, or if you later hire workers and one of them is injured on the job, you’re covered. You must have this insurance because it covers your costs if you find yourself in a situation where you have to pay for the damage.
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Depending on your country and state, you may also need a contractor or a specific permit before starting projects for clients. To confirm this, do a quick Google search for the specific business licenses required in your area and see if you’re missing any necessary paperwork.
Finally, some locations also require more specific certifications to perform specific services, such as holding a contractor’s license, testing fees, and renewal standards.
After all the necessary paperwork is done, it’s time to choose which services you will offer. Some specific companies focus on one specific aspect of the process, but for the best chance of success, it’s best to offer as many services as customers need.
Start with projects that you can do yourself, and as your business grows and has more demand, you can hire workers to perform specialized services that you may not be able to do yourself.
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After completing the necessary paperwork and choosing the services you will offer, set yourself up for success with a business plan. Your business plan is your blueprint and guiding compass.
Your business plan should cover the critical steps involved in building your business, from purchasing equipment to negotiating contracts with suppliers, deciding whether to hire employees if your budget allows, and finally a marketing plan. A fundamental aspect of designing your business is thorough research on the best equipment to give your customers the best work possible.
You should consider these materials as the foundation of your toolkit from which to build. You can invest in more specialized tools in the future once you have a customer base. It’s worth checking with local hardware and building supply stores to see if you can buy items in bulk at a discounted price; this is more appropriate when you hire employees and need duplicate tools.
The initial costs of a particular business depend on what services you decide to offer. If you choose to provide basic services, your costs will be equipment costs, labor (if you outsource), paperwork and advertising costs. Starting a particular business can cost you a few thousand dollars or even less; if you can borrow equipment on an hourly basis until you have enough money to reinvest in your equipment.
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To find a reasonable price range for your service, a good rule of thumb is to look at competitors in your area and charge a little less. Once you’ve built a customer base and collected referrals, you can raise your prices to match your competition. After all, it is about the maximum return on your investment.
If you’re lucky enough to have worked in the construction industry and have contacts in the industry, the best place to start is to tap into your existing network. Whether you choose to offer discounted rates in exchange for positive testimonials on your website or a referral commission for anyone who successfully refers a client to you, the key is to be resourceful and strategic at this early stage.
Once you get solid reviews and are confident in the quality of your work, using Google Ads to target local leads is one of the best ways to get a steady stream of customers. Google allows you to target your ads to people within your coverage area and show them in Google search results when they search for a specific term, such as “specific services near me”.
If you made it to the end, you are probably a determined and motivated individual who has the will to make his particular business a success. With careful preparation and adherence to your business plan, you will inevitably be successful. Deciding to start your own construction company can be an exciting yet overwhelming experience. With so much research, reporting and paperwork to complete, it’s easy to get lost in the administrative details and forget the passion that inspired you to start your own business.
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In fact, 68% of small business owners regret not spending enough time in their first year learning the basics of running a business. Fortunately, starting a construction business is actually quite easy as long as you know where to start. Construction companies take time to plan and build, so starting early can help you succeed later.
And while COVID-19 has halted manufacturing in major cities, there are still 36 states where construction is considered an essential service as of this writing.
We’ve gathered everything you need to know to get your business off the ground, from writing a solid business plan to what types of insurance are needed and more. Here’s how to start a construction business broken down into 5 steps. Click on the links below to go to individual sections:
Thanks to the internet, there is a lot of free, publicly available data available to you if you know where to look. Here are some great resources you can use for market research:
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Preliminary research is optional, but it will make the rest of the process of starting your construction business much easier. In particular, once you’ve completed your research, it will be much easier to complete the next stage of the process: writing your business plan.
Every startup needs a business plan that will help you not only get the business off the ground, but also get investment funds, get loan approval, and more. Here are the steps you need to take to write a business plan for your construction company:
An executive summary is an introduction to your business plan. It should be short (one or two pages), comprehensive and persuasive.
The Small Business Administration recommends including your mission statement, basic biographical information about your business, the products and services you offer, financial highlights and funding goals, relevant past accomplishments, and your future plans for the business. The rest of your business plan contains the same elements highlighted in your executive summary, but in more detail.
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After the summary, give an overview of your company: who are the founders, when was it founded and what does it do. You should also write a value proposition outlining why your company’s offerings are in demand in your particular market.
You should also state here whether your company is structured as an S-Corp, C-Corp, or LLC and how assets are divided if you are not a sole proprietor.
In this section, you must provide research that demonstrates the existence of a specific demand in your target market and why your company is uniquely positioned to meet that demand.
In this section, you describe in detail the products and services you offer. If possible, discuss current or past projects that could exemplify what your company offers. Since the construction industry also relies heavily on sourcing materials, highlight any existing partnerships you may have
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