You have the skills to build things, now you just need the skills to build a business. Starting your own contracting business is an exciting journey to go on. From talking to your network to getting the necessary licenses to building a brand on social media, a lot goes into creating a business.
Use these tips to get started on turning your construction expertise into a thriving business.
CREATE A BUSINESS PLAN
All strong businesses begin with a business plan. To start, learn about your competition and what the local market looks like. Creating a business plan entails figuring out the basics of your business, like the name, location, and how many employees you’ll have, but it’s also the time to dive into the logistics of finances and operations.
As you create your plan, hone in on what makes your contracting business unique, like if there’s a specific need you’ll meet or niche you’ll fall into and determine what services you’ll offer.
USE YOUR NETWORK
When starting your contracting business, leaning on your network can help things take off. Spread the word via word of mouth among friends and family and get references so you can show that your business is legitimate from day one. As you invest in marketing and establish a presence on social media, sharing positive reviews can be a way to showcase your business's credibility.
INVEST IN MARKETING
Investing in marketing in the early stages of your business is critical. You can create a top-of-the-line contracting business, but if no one knows about it, it won’t matter. Marketing allows you to reach potential customers and establish a brand. Hire marketing professionals who can help you reach your target market and be realistic about your marketing goals.
BUILD AN ONLINE PRESENCE ON SOCIAL MEDIA
When you build a social media presence, you’ll be able to meet your audience where they are. Your marketing and social media team can provide you with valuable expertise on what platforms your demographic is on online and what kind of content they like.
Plus, contracting lends itself well to visuals, and visuals are key to social media. Sharing before and after pictures or videos of your projects lets your work speak for itself while also being entertaining.
Traditional advertising could be worth considering as well — just consider your demographic and where they spend their time, whether that's watching streaming video or flipping through the newspaper.
REGISTER YOUR BUSINESS
A lot of logistics go into owning a business. Figure out what kind of business you’ll be operating, like if you’re starting a corporation or will be registering an LLC. Depending on what kind of business you decide on, you need to register with the Indiana Secretary of State.
You’ll also need an employer identification number from the IRS. Check if you need any local business permits, register for a sales tax permit with the Indiana Department of Revenue, and cover your bases with necessary insurance. Insurance is key for construction companies!
Then, make sure you and your employees keep up with renewing your professional licenses when applicable, like for plumbing and engineering.
JOIN GROUPS AND ASSOCIATIONS
While it’s important to use your preexisting network to spread the word, as a business owner, it’s also beneficial to extend your reach and learn from other pros. You can join industry associations, trade groups, or more general groups for small business owners in your community. Lean on longtime business owners and veteran contractors to help you find business and gain wisdom.
As you build up your contracting business, make sure you’re using the highest quality building materials and tools. Support a fellow local business and shop or order from us at Miller’s Building Supply, located at 1819 E Monroe St in Goshen.