Five Steps To Start Your Own Small Construction Business

Construction is something that’s always going to be in high demand – especially with the population ballooning. If you’ve got experience in the business, then you might have always wanted to strike out with a small construction business of your own. Doing this doesn’t just require technical experience, however; you’ll also need to know how to run a business, and set one up in the first place.

What makes construction profitable?

In the UK, about 67 million are currently (legally) residents. This is set to rise by a further four million between now and 2045. All of these people are going to need a place to live. More than that, they’re going to need places to work, play, and shop. As a result, we might expect demand for new construction projects to increase.

If you know what you’re doing, and you’re able to carve yourself a suitable niche, then you might find that you’re able to turn a respectable profit.

The Five Steps

Depending on how you look at things, there are five steps necessary to the creation of a construction business.

The Business Plan

Every successful business starts with a well-thought-out business plan. This needn’t be an exhaustive document, but it should reflect your ambitions in the medium-term, and how you intend to realise them. As the business moves forward, you can look at updating the plan.

Getting Insured

Construction is an inherently risky business. You’ll want to make sure that you’re covered against that risk. That means protecting not only yourself and your customers, but against damage to any third party. In construction, this is something that should be addressed early in the process. Specialised forms of builder’s insurance can often do the job nicely.

Equipment

A construction business will need to invest some up-front capital in equipment. For sole tradespeople, this means one or more vans and the tools necessary to do the majority of the work. It’s usually better to invest in quality tools like thermal cameras from the outset. That way, you’ll spend less on maintenance and upkeep in the long term.

Getting Certified

Your customers will want to be assured that your company is legitimate and that you have the skills and experience necessary to do the work. There is a range of bodies set up to assist construction firms in distinguishing themselves, but probably the most important of them is the Construction Skills Certification Scheme. This will not only allow you to inspire confidence in clients but to hire with confidence too.

Promotion

If you want your business to thrive, you’ll need to get a message across to your would-be customers. This means a marketing push from the get-go so that you have the clients you need to keep working during the early stages.