If you’ve got years of experience in the construction industry under your belt, you might be thinking it’s time to go it alone. Starting your own business is an exciting time, but to make sure you get it right from the get-go, we’ve put together a few things to consider before you begin your new venture.

1. Do your research

Before you get into it, do a bit of market research to find out who your competitors are. How many are operating in your area? What do they specialise in? How much do they charge? This kind of intel will help you figure out where you’ll sit in the local landscape and who your customer base might be.

2. Get a plan together

If you haven’t already, put together a business plan to help keep you on track. Not only is this an important document to have for your own planning, it’s also something you can show to lenders if you need to source funding for your business. Your business plan needs to include things like:

• The kinds of services you’ll offer
• Who your target market is
• How you will market your business
• The estimated costs of starting and maintaining your business
• How much money you expect to make in your first year

3. Seek the right expertise

Owning any business is a huge undertaking, especially when you consider that most business owners are taking care of the HR, accounting, marketing, and operations all on their own. To avoid burnout and getting something wrong, it’s best to outsource to the experts where you can. That way, you can put all your energy into growing your business.

4. Make sure you’re covered

As you’ll know, the job site is full of hazards and risks that can cause serious injury to your people or your assets. As a construction business owner, it’s important that you have the right cover for yourself, your business, and your employees. Make sure you fully understand all the liabilities involved, and what it would cost your business in money, time, and personnel if something were to happen. It’s best to get the professionals involved here because they can help you get cover for everything that’s vital to your business.

If you need help with getting your new business started, we can help! We’ll make sure you get the right cover in place, plus we’ve got great partner businesses who can help you with things like marketing and accounting. Get in touch today and let’s chat.