If you are business-minded with an entrepreneurial spirit, you might be considering starting your own business after graduating from a construction program. Business owners can enjoy a flexible schedule, ample learning opportunities, and competitive remuneration.
However, starting a business is far from simple. Even the best construction worker in the world will need to conduct market research, have a basic understanding of finance and accounting, and learn about law and marketing.
Read on to find out more about what it takes to start your own business after construction training.
Step 1: Do Your Research
Before even thinking about launching your own business, you will need to conduct in-depth market research to establish demand and rates. Is there demand for another construction business in your area? How much are people paying on average for typical projects?
If you have any friends or acquaintances working in the industry, make sure to ask them for any insights. You could also do some research online and use social media to identify your main competitors, or even conduct surveys and organize small focus groups.
Use this research to form your business plan and identify your unique selling point (USP). What can you offer customers that no one else can? Is it a better price point? Or expertise in one particular area? Whatever it is, use it to your advantage in a career in construction.
Step 2: Prepare an In-Depth Business Plan for Your Career in Construction
Once you’ve done your research, you’re ready to write your business plan. Make it as detailed as possible,marking out your goals for each month and including estimated annual turnover and gross profits. This will be particularly useful if you need to apply for funding from a financial institution.
This should also give you an idea of how much money you’ll need to get started. After studying at construction school, you should have a good idea of all the tools and equipment you’ll need to work as an independent construction worker.
Calculate how much you’ll need to invest in these, as well as in vehicles, marketing, and software. It can take a while for any new business to start making money, so make sure you have a cushion for the first few months.
You’ll also need to decide who you want to work for. Do you want to work for residential property owners or businesses? Are you looking for small jobs or bigger, long-term projects? As well as this, how many staff will you need to hire? Or will you choose to work with contractors? Thinking about these things early on will help you form a clearer picture in your mind of what your business will look like, and what you need to do to get it off the ground.
Step 3: Check the Paperwork
As with any new business, you will need to make sure that you’ve completed all of the necessary paperwork correctly. You will need to register your business for an EIN, and have all the right licenses and permits. You will also need to get insurance to protect yourself and your business.
If you’re concerned about legalities or taxes, it might be a good idea to hire a lawyer or an accountant. You could be the best construction worker in the world, but if you can’t take care of the administration of your business, it won’t go far!
Do you want to learn more about construction trades?
Contact North American Trade Schools for more information!