Starting any business is certainly an uphill climb. Finding a job is already hard enough, but making your own job can seem much harder. It takes a lot of courage to reach this point.
While you may have a field that you are aiming for, one of the top fields to consider is construction. Construction is a growing field and currently represents about 13% of India’s GDP. That’s a pretty great size!
If you already have some thoughts swirling around in your head, it’s time to take them to paper and get started. Below, we have four great tips that you can use to get your construction company started and off the ground.
Draft A Cohesive Business Plan
Most business plans revolve around these easy-to-write steps:
- Make business plan
- Do work
- Profit
If only it were that easy. One big mistake that many people make when drafting a business plan is not being cohesive or specific enough. It does no one any good to be as generic as possible when coming up with a plan. You need to be precise and exact when going over plans. Try to find your niche as well.
This means outlining management roles and responsibilities, finalizing the services being offered, coming up with a marketing plan, making a budget, and examining your competition.
Think about ways to maximize your money as well in the beginning stages. Be meticulous with your financial plans as possible. For example, you could rent vehicles instead of purchasing them. You might turn to smart technology to save you money in the long run.
Examining your competition is also very important, because that way you can see if the market is saturated or not. If it is, you might want to change your target audience or tweak the services being offered.
Red Tape
Raise your hand if you like bureaucracy! No one does and if they say they do, then they’re most definitely lying.
Before you can start laying the foundation or hammering walls into place, you’re going to need to go about the steps of registering your business. This means obtaining the proper licenses, registering your business with the local government, pay any fees, and obtain a corporate status.
While these things are an absolute drag, they must be taken care of at the start or else your construction company is going to stay stuck in the mud.
Depending on what your company is doing, there may need to be more licenses or permits out there. If you’re going to be doing drilling or mining, then you’ll need to check and see what needs to be done.
Even More Red Tape
Sorry, we aren’t finished quite yet with the red tape! Construction is considered a high-risk job, which means that you are going to have to go about securing insurance and liabilities for your workers and business.
No one ever plans for an injury and even though you may take all the necessary steps to ensure maximum safety, the unexpected can happen at any moment.
Depending on the nature of your work could influence which types of insurance you will need. There are plenty of different kinds of insurance out there like auto insurance, builder’s insurance, liability insurance, etc. so make sure you’re doing as much research as possible
Market Effectively
If you’re entering a competitive market, you need to make sure you’re marketing your business effectively. The first step to marketing effectively is performing market research, so you know your market and what exactly they’re looking for.
Earlier, we mentioned about checking out your competition. While we don’t suggest copying your competitor’s marketing tactics and strategies, you could look to them for inspiration for what has worked and what hasn’t worked.
A big part of marketing is growing your business by listening to your customers. That way,you can provide better service in the future. In turn, customers will be more likely to recommend your work to others and word-of-mouth marketing is the most powerful there is.
Once you start to obtain business on a regular basis, it’s important to ask for customer feedback in order to see if everything was to their liking or if they wish something was changed. Strive to be honest and make their projects a priority. At the end of the day, customers just want to see that you care about them