Steps To Consider When You Decide To Start Your Own Construction Company
The construction industry is very competitive. More and more professionals in the construction industry are moving up the corporate ladder. They are doing the time and building up the skills and construction management know-how. They have every bit of expertise as their bosses and many are contemplating starting their own firms.
With the market now growing at a normalized rate, now is the time to take the leap at start a new business. If organized right, your construction company can get to the next level, employ many people, add to the economy and bring home a very nice profit. So there are a few important things to consider when starting your own construction firm.
First, make sure you have the client base in place. That means networking with investors, lawyers, bankers and accountants that can point you in the right direction. Most of all, you need to have number of existing relationships with large and medium sized developers and governmental agencies that can hire you and your team.
Secondly, make sure that you have the capital in place to finance your team, tools and equipment. You will also have administrative costs to run an office including rent, staff and the day to day issues. The funds can come from a loan, an investment or your personal funds. The SBA may even provide a loan.
Third, make sure to get all of your licenses and bonds so that clients will take you seriously. You also need to pay for insurance which will come when you have enough financing. Working on risky projects requires a big expense for insurance costs.
Lastly, you will need a way to staff up your firm. You need to work with third party organizations that have the resources and network to quickly grow your team with high quality individuals.
WeBuild Staffing is the leader in helping construction and engineering firms to build up their teams quickly. In a pinch, the company can produce many high quality workers and team members to help establish your growing business.
Michael DeSafey is a leading executive recruiter for professionals in the construction, engineering and environmental industries. He is currently the President of Webuild Staffing www.webuildstaffing.com . To learn more about Michael or to follow his blog please visit www.michaeldesafey.com