Starting up a business is an exciting time, but it can be stressful too. New business owners have to undertake many new activities that are outside the essential building and construction skills they possess. In this article, we will be exploring 7 key steps to consider when starting up a building or construction business, to ensure long-term success.
First things first, you will have to ensure your company is correctly registered, based on what sort of projects you will be working on, the equipment you will be using and the state or territory in which you will be working. This process will include registering for an ABN and for GST. Once this is complete, you will need to obtain your licences, which may involve individual or company licences, or high-risk work licences.
If you fail to plan, you plan to fail. It pays to go into any new business venture with a clear head about what you intend to achieve. What sort of clients are you hoping to attract? Is there an opening in your area for the sort of business you are intending to go into? How are you going to ensure that new clients are aware of your business venture? Generating a business plan that includes your marketing plan and your financial approach is key for starting out.
Early on, it pays to map out how you are going to carry out the work for your clients. Are you going to depend on internal staff or on external contractors? Both approaches have benefits, and many new businesses go for a mixed approach. There is certainly an argument for sticking to your core strengths and specialties. Many new businesses will look for outside specialists for any work involving engineering, plumbing, electrical work, screw piling, bored piling, foundation setting, or underpinning.
Consider where you will be sourcing your capital from and realistically assess your ability to manage your debt going forward to ensure optimal cash flow. Ensure that you comply with your tax obligations, but also that you are being fair to yourself by deducting the expenses to which you are entitled too. Insure your business for a worst-case scenario so that your risk is covered.
Sound financial management relates to your business structure, too. Though contractors may cost more than employees, they may often save you the expense of buying new screw piling equipment or a screw piling rig, reducing your debts and freeing up capital for business growth.
If you have large-scale plans and are hoping to manage significant projects, then you will inevitably have to assemble a skilled team around you. It pays to network within your industry to find professionals that you can rely on to assist with all aspects of a construction project, such as screw piling and underpinning. You may want to use contractors who have good reviews, who give a good impression, or who you have heard about through word of mouth. Even better if you can find an example of their work and gauge its quality.
Delivery on time is everything. Making realistic promises is important, so it pays to talk to your trusted contractors to assess how long they will need when establishing your building schedule and finalising your contracts. If a particular aspect of a project can be completed in multiple ways, look to the quickest if the quality is of the same or superior standard. For example, favour screw piling over concrete foundations, because of the efficiency of screw piling and because screw piling can work in any soil type and in tight spaces, meaning you can rely on a Sydney screw piling contractor like Piling Experts every time.
No doubt the inspiration for starting your business is that you have a strong skillset in a particular aspect of building or construction. Perhaps your strength is as an electrician, a bricklayer, a painter, a plumber, or in any given trade; or perhaps you’re best at rallying together a team of contractors or employees under a unified goal.
Wherever you fit into the construction puzzle, the most successful companies and individual traders will always find that if they can establish a circle of trusted professionals around them and develop a loyal customer base, they will succeed in the long term.
At Piling Experts, our Wolli Creek, Broadmeadow, Charmhaven and Lake Heights specialist piling contractors can underpin your building and construction projects with solid screw piling and bored piling foundations for residential, commercial, industrial and mining projects throughout Australia. Contact us on 0411 693 100 or email@example.com if you are looking for a dependable, high-quality screw piling contractor.