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 At least 5 years experience as a worker  Must pass the state exam.

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Presentation on theme: " At least 5 years experience as a worker  Must pass the state exam."— Presentation transcript:

1  At least 5 years experience as a worker  Must pass the state exam

2 Create a written business plan. Your business plan should be detailed with specific information on what services your construction business will offer. How you will market your company and what tools and equipment you need to purchase. A well written, workable business plan will highlight any gaps in your plans as well as provide you with the information you need if you apply for loans or financing.

3 Consider setting up your construction company as a limited liability company (LLC), corporation, or limited liability partnership (LLP) in order to protect your personal assets. Each type of company has its pros and cons All three types of businesses can be formed at your Secretary of State’s office for a fee.

4 Determine your financing needs. You will need to have funds available to purchase tools, labor and materials. Many small construction company owners get started using their own credit cards or personal savings. You can apply for a small business loan through the U.S. Small Business Administration (SBA) or your local bank.

5 obtain any necessary licenses and permits. Make sure you have an up-to-date contractor’s license. Check with your city, county, and state to determine their requirements for running a construction company. You might need some special permits for specific construction jobs depending on the regulations of your region.

6 Get insured Construction companies typically need bonding insurance, general liability insurance, auto insurance and worker’s compensation. Contact a commercial insurance agent for advice on selecting insurance policies for your construction business.

7 Purchase or lease construction equipment and tools. The tools and machinery you need will depend on the services you plan to offer your clients. General contractors should also lease a small office space where they can meet with clients.

8 Make sure you understand cost estimation. You must have a solid understanding of cost estimation before you can effectively bid on projects. Underbidding to win jobs will only make you lose your profits. Bidding too high, however, will usually cost you the job. Hire someone with experience in construction estimation if you don’t feel you can bid competitively.

9  Hire experienced construction workers.  You will need to get together a crew of carpenters, masons, roofers, electricians, plumbers, and other tradesmen who turn out quality work.  You will also need someone to manage your construction crew.  You can oversee your own workforce if you plan to be on site all the time.  Hire someone with experience leading work crews and sticking to a schedule if you plan to spend most of your time off site.

10 Hire subcontractors. You will need to subcontract any work that your own employees can’t do. Hire out only the subcontractors who are licensed.


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