America is considered the most entrepreneurial country in the world, and the construction industry in particular is filled with entrepreneurs. Thanks in part to the unique training path and independent personality type, construction workers across all skilled trades and specialties dream of creating and leading a business of their own. There’s a certain freedom that comes with being your own boss that is attractive to self-driven individuals in the industry. And with that freedom, comes great responsibility.
An entrepreneur takes on risks and manages uncertainty from his or her business’ inception through every day of its operation. It certainly isn’t for the faint of heart. Without entrepreneurs’ leaps of faith, our economy would fail. As a key contributor to progress, entrepreneurs deserve to be celebrated! Say “thank you” to the job creators in your life, including your own boss and your local businesses, on National Entrepreneur’s Day and every day.
Do you dream of starting your own construction business? Before setting out on your own, keep these three tips in mind:
- Go into business with open eyes and a clear goal in mind.
The most successful businesses begin with a well thought out plan, rather than a “figure it out on the way” attitude. Before you dive into starting your own business, get a clear understanding of the competition as well as potential market opportunities. Then, determine what specialty service you’ll provide with specific business objectives. Construction is a competitive field, so be clear on what you can provide that’s better than all the rest.
- Legitimize your concept with necessary licenses, business entity type, and more.
With a specific concept in mind, you can determine the best way to operate, from sole proprietorship (or a business run by one person) to a corporation (a separate legal entity owned by shareholders). Then, look into all regional licensing, surety bonds, and insurance requirements. You won’t want to skip this step: if you stay unlicensed or uninsured, you’ll run the risk of some major consequences.
- Build the best team with well-rounded skills.
Most construction professionals have a specialized background in a specific skilled trade after following a purposeful career path. It’s important to fill in any gaps of your skillset with intelligent partners. Ask yourself:
- Are you comfortable setting and working with an operating budget? If not, a trusted team member will help you stay afloat financially. This aspect of business isn’t the most glamorous, but it is one of the most important.
- Do you want to diversify your offering beyond your personal capabilities? If so, seek out skilled workers, whether part-time or full-time workers, subcontractors or independent contractors, to help you get the job done. While specializing has its perks, with more hands on deck, you’re sure to find greater success.
- How comfortable are you with marketing your skills? If you prefer to provide proof in your work, rather than get the word out, you’ll want to hire someone to seek out leads. As we mentioned before, the construction industry is incredibly competitive, so if you aren’t able to advertise what sets you apart beyond word of mouth and referrals, you’ll miss out on many opportunities.
We hope all entrepreneurs, both current and future, have a wonderful National Entrepreneur’s Day. With your great work and drive, Ohio will continue to move forward.