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The construction industry had seen some changes over the past decade or so. Popular reality shows that depict women owning design, remodeling, house-flipping, and construction businesses have inspired a wave of women-owned companies. Even if they, themselves, aren’t always in the trenches doing the heavy lifting, they are heading up these companies and doing it with success. It’s no secret that there are billions of dollars on the table to be earned by construction businesses. Why shouldn’t women have a piece of that pie?
All that said, there are some definitive things to know and do in order to run a successful construction company. Of course, experience in the industry will go a long way, but you also need to conduct in-depth research about the specific requirements, safety standards, laws, etc. before moving forward. Here are some of the top considerations before starting a construction business.
Set Solid Pricing and Estimating Methods
Before you start your business, it’s vital to have thorough pricing and a consistent estimating process set in stone. As the majority of your prospective clients will require a fixed price or quote beforehand, you need to know the price for labor, equipment, materials and other overheads.
Do keep in mind, though prices should be set for most things, each job will vary in difficulty. Consider setting a range for these variations. There are also setbacks and unexpected surprises when dealing with construction or remodeling projects. Clients will need to understand that issues come up and that they will be responsible for the additional costs. Work all of your financial agreements into a contract before you start anything.
Business Insurance
There’s no denying that accidents happen on the job. This is particularly inevitable in the construction industry. Before you start, it’s essential to invest in suitable insurance that covers accidents, mistakes, and bodily injury. This insurance is to protect your business, employees, and clients against any bodily injury, property damage, and other forms of loss due to conflict or lawsuits. There are laws governing what construction companies have to carry as far as insurance. You may also want to have additional policies to protect yourself further.
Building a Motivated and Skilled Team
You’ll need a motivated and skilled team of workers and vendors for your business to truly thrive. Recruit the best workers you can afford by conducting interviews and skill testing. Give them a probation period to prove themselves, as well.
Choose vendors with the highest ratings and best reviews. After all, these companies will provide your company with supplies, equipment, and outside services. You want them to be quality-focused and have the ability to deliver on time.
As well as the construction workers and vendors, you may also need to find an office staff to handle records, inquiries, and finances. These team members will be an integral part of your success, as they will be dealing with clients and money directly.
Health and Safety Requirements
As a business owner, ensure that all employees and freelancers are kept safe while working for you. Know all legal health and safety requirements and enforce them. Make sure all employees know these regulations, too.
In order to maintain health and safety effectively, provide your employees with regular safety training and quality equipment. Additionally, have protocols in place in case of emergencies and accidents. Safety should always be a priority, whether your team is out on a job or within your office premises.
Invest in High-Quality Equipment and Supplies
As a construction business, there is a lot of equipment you’ll need to purchase or lease. From ladders to excavators, dump trucks and generators. For this equipment, you’ll also need to think about fuel and other maintenance supplies. For example, if you need gas oil, research the best prices but also the highest quality to ensure you’re operating at a high standard
As a startup, you might not have the finances for top-quality equipment straight away. But that doesn’t mean you should cut corners. Factor in the various costs and what equipment can wait until you can expand.
