The dream of every individual is owning a business and being the boss on their own. One of the best things that can happen to you is owning your own business. If you are passionate about the construction industry, setting up your own subcontracting business is one way to actualize this dream.
So many individuals are thriving well in the concrete business because they have the right motivation.
The concrete industry, which is a subcategory of the construction industry is a significant contributor to the world’s economy.
In the United States, for instance, it contributes mainly to the GDP of the nation. Between 2013-2020, the sector has provided jobs for over 300,000 people.
This notable progress witnessed in the construction sector makes it a highly desirable industry for business.
Setting up your own concrete contracting company is mainly an open-ended business opportunity.
You may decide to focus on smaller concrete jobs or target larger contracting jobs.
Most people starting a concrete business begin with smaller projects and rise higher to taking larger subcontracting jobs. Because of the size of the construction sector around the world, the opportunities available are vast and limitless.
If you want to start up your own concrete business, you must take note of the following:
Prepare your Business Plan
A wise man once said, “if you fail to plan, you plan to fail.”
This saying also applies as you prepare to own your concrete business.
The success of any venture is in the planning stage. Making your business plan is the first thing to do.
So much is involved in starting up a new venture, especially a new concrete business. You must understand your market and know the opportunities that are available for concrete contractors.
Create a business plan that will serve as a guide and compass that will help you navigate all the activities that will position you for success.
Find the best possible way of financing the business. Also, decide on where the firm will be, pen down the services you wish to offer, and determine what your competitive advantage will be, the things that will help you stand out above other competitors.
Do All The Necessary Paperwork
You will have to register your business entity with the government and get your contractor liability insurance, depending on the location of the business.
For instance, if you wish to locate your business in the US, you will have to go through a process of permission before you can bid for jobs.
The process varies depending on the state, but basically, all contractors must have a version of contractor or concrete license for each state in work projects that will be carried out in.
Some states require a separate concrete-specific license, and others include contractor permits. There are also other specific requirements concerning application fees, testing, and renewal standards that need to be in place too.
Set your Services
You need to understand that even as a concrete contracting company, you may not be required to do everything related to your concrete business.
You have to narrow down well-tailored services that are relevant to the demand for what you have to offer.
Consider jobs and services that are realistic for you and your clients. It will be foolishness on your part to provide services that are beyond your capacity. Start with smaller projects and grow to take up larger concrete jobs as you gain more experience and enlarge your sphere of influence.
You will also need to set your costs and bid for jobs based on your pricing structure.
After you must have determined the scope of your concrete business and your business plan, the next thing to do is to plan.
Start acquiring all the necessary tools and equipment. Make a thorough research on the best facilities your business will need that will last long.
Go for high-quality equipment that will do excellent jobs. At this point, you also need to decide whether you will procure the equipment or lease. The type of equipment you need varies from job to job
One major thing about the construction industry is that it is very risky and dangerous. As such, you will need to set up safety measures.
It has been reported that over 10% of concrete workers mostly get hurt on the job site. Have a plan in place for managing unforeseen circumstances around your job site.
Work your Networks
Before deciding to start up your own concrete construction business, you must have been in the construction industry. Leverage all the contacts and networks you have built over time to find and bid new jobs.
Join the relevant associations and groups of other successful contractors. Build healthy relationships with them.
Be humble enough to learn from those who have gone ahead of you in the business. When it comes to success in the concrete business, it is not just what you know that matters, who you know also matters.
Identify your Target Market
You need to identify your target market-people who are willing to hire your services. This is one of the main things to consider even before opening the business.
You don’t want to be offering services that no one is willing to pay for. It is easier for a company to thrive when it has a target market.
Plan for Growth
Think big, but start small. Don’t remain small. You must be visionary. Have a 10-year projection even as you start small. You need to engage all the relevant principles that will guarantee your growth in the long run.
Know your target audience and market your business to them. Know who you want to work for and devise different strategies to get to them. By adequately marketing your business, you will find more opportunities that will position you to grow from where you are to where you ought to be.
The process of starting up a business is not something that should be taken lightly. If you plan well, you will eventually succeed. If you do your paperwork well and spend the necessary time required to plan well before venturing out, your concrete business will thrive no matter where it is situated.
If you are more interested in capitalizing on an existing business, instead of launching a new one, then you should check out my post on cheap franchises under 1000 that you can start today.
Choosing to be a business owner is one of the best things to do. Good Luck!