What every first time building contractor should know

 

The very first time that someone does anything that is linked to their skillset, they might feel that they are in control of what they are doing. Which is true in most cases, however, there is more to being a contractor than just building. When you start your own construction company you also need to have a head for business.

Put your vision on paper

List everything you need to get, the people you need to hire, your goals for the company and how you plan to reach them. When you start to put pen to paper you will get a better understanding of where you need to improve and where you need to cut back.  Maintain your level of understanding by doing this. You will possibly need to submit a copy of the proposal to the financial institution that may give you the loan to start your business. Include your equipment finance as well as maintenance finance in your plan.

The necessities that surround your business

Find out about the registration process and the mandatory certificates you need to acquire for starting your own construction company. Preplanning is essential so that there is no back and forth.  If you want to make an impact, then you need to set your business up officially and be acknowledged as a legitimate enterprise.

Stowage of equipment

If you don’t have a storage space as of yet, you are most likely storing all equipment at home, in your backyard. As soon the business grows, you will need to find a property where you can store all your tools and equipment, as well as places to park your construction vehicles.

Insure your assets

One of the necessary requirements is to get insurance for your company goods if you should face any liabilities. Locate an insurance agent and find out what kind of coverage you need and sought the different quotes you will be getting.  Those in the know can give a good amount of tips so get out and ask the other guys how they are doing. Just in case the unfortunate happens, you will be covers for work related accidents or the damage of client property.

Get contacts

Create good working relationships with other contractors, suppliers and business associates in the contractors industry. They are your contacts that could be a hand up in time of crises or when you have a basic question, and they will be sure to answer and give the best advice. You might need the backing of another supplier to complete jobs that you cannot do, don’t have time to do or need assistance in finalising. That’s where your contacts come in handy to bail you out. Or you might be the person that they call.