For these reasons, it might be best to market your company in these terms and move on to bigger building projects as you become more reputable.
This will help you secure funding for your business.
Construction companies require a substantial capital investment to get things off the ground.
A surety bond is a type of guarantee from a third party to your client in case you don’t honor the agreed obligations stated in the contract.
Insurance – The type of construction work you do will determine the manner of insurance policies you need to take out.
Start with small, short-term projects like repairs or subcontract to an existing contractor.
Repair and renovation projects generally work well because they don’t require intense planning, yet provide a steady cash stream.There are different kinds of business insurance policies, but the main include general liability, vehicle and property insurance, and workers’ compensation insurance.Building codes – Building codes will set the standards for your construction operations, and regulate everything from design and materials to structure and on-site construction.As you move through the steps make sure to put it all on paper and move down the list until you secure your first contract.It will be your actionable checklist that from A to Z, and into the construction industry.Depending on your location you will need to comply with local codes, The International Building Code or other alternatives.In general, there are four types of labor in the construction industry: full-time employees, labor brokers, subcontractors, and independent contractors.That way the core of your business stays the same while you take the time to find the best talent.Once you have everything you need it’s time to enter the market and find the first contract.The best thing to do when starting off is to create a mix of all four labor types until you grow to scale and the bottom line allows you to take on full-time staff.So, you might initially only want to hire in-house office workers, and source on-site construction workers from labor brokers or among subcontractors and independents.