Have you wondered what does it take to start a construction business? How to apply for a license and where to start? The construction industry has been blooming for the past years and it is likely that will grow even more in the upcoming years. This might be the perfect time if you are planning to start a company for yourself, so feel free to follow our simple and short guide.
As they say “Every start is a hard” but when you know the basics, it will be no problem for you to get things going. This guide could be used for starting almost any type of business, from color dispensing which you can learn more about if you click this link, or construction related business that we are going to talk about here.
Develop your business plan
A business plan isn’t just a document that shows the plan of your company but it is rather a useful aid in achieving the goals that will produce the revenue in the end. It will enable you to know how, when and where to start your business.
Once you define your goals and plan, consult with other business people who run a similar business and ask them for advice. Consult with experts especially when it comes to the financial part and loans you are planning to take to have a good starting point.
Have in mind that outlining the business plan is not that easy, but you can find a lot of templates that will save you tons of time and feel free to use these as your guide, especially if you are new into the business plans.
Register legally your company
Once you are done with the previous step, you need to understand the rules, licenses and registration procedures for your company, as you want a legal company. Have in mind that different states and countries have different procedures that you need to comply with.
It is a good thing to hire an attorney who is into this matter, if you have a decent budget and can afford to pay him. Of course, in any way you must get yourself familiar with the procedures and regulations so you understand the steps and actions you need to take. Do not forget the licenses you need to obtain to become a legal company!
Insurance is a must
As the construction work is a relatively dangerous business, you must insure your business and the equipment you possess. Heavy machinery and electricity can be deadly so make sure you insure your business first. Once you are done with that, head for the general liability insurance as it will protect you against the accidents, on-site injuries and other accidents that may happen during the work. Generally, there are three types of insurance that you must secure.
All the workers in your company MUST be insured in case of the injury or an accident, so worker’s compensation is the inevitable part and the first type of insurance. Unemployment insurance gives a safety to your workers in case that they lose job not by their fault; for example if a company cease to exist for some reason.
The state disability insurance ensures that the workers, in case of a serious injury that makes them no longer able to work, are getting enough money to pay the bills and other expenses.