Construction Startup

1. Table of Contents

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   Learning is a Constant Process

This doesn’t matter whether you are smart when it comes to matters to do construction. The world is always changing, and you have to change too. Think of how construction marketing has changed since smartphones and the internet came into play. 

1. Always Rep Your Business

From the first day, your focus should be on getting the word out. Call up every customer you think you could land and even contacts. Try to think about everyone who might be interested in the services you are offering. This can mean almost everyone because it is construction.

You need planning with construction planning because it is tricky. You have to put in a lot of resources including a budget.

1. Being Thrifty and Making Your Dollars Stretch

The business is going to require a lot of resources. During the startup phase, you most likely have to deal with the fact that you are strapped for cash. When dedicating resources to marketing and other processes, you need to make sure you spend the money wisely. Your focus needs to be on growing the business, but you should also be patient.

1. Under Promising and Over Delivering

When pitching to your first clients, you might be tempted to promise the world. While you should put a competitive bid, it is important to deliver on what you promise. This is something to consider when preparing your residential cost estimate or your commercial one. If possible, underpromise then overdeliver. When you do this, the customer is going to be happy and impressed with your work

1. Sticking to Your Rates

It is important to have rates in line with the market. When starting out, construction businesses usually set their pricing a little lower than established ones, but you also have to respect yourself. Set the rates, then list them out. Make sure you know how much you are going to charge, and stick to them.

1. Building Up Your Data, Which Includes Estimates and Costs

With time, you are going to build up a database of estimates from the previous project costs and the takeaways from the projects. This information is then used in making data-driven decisions. When you look at the past costs and estimates, you will have an easier time putting together bids. You will have a better understanding of the costs, which will lead to better quotes.

1. Your Truck Is Your Castle

For many construction company owners, a work truck and equipment is very valuable. Your truck should be your workshop or office on wheels. Take a look at industrial surplus for industrial equipment. Important documentation and tools should be close because you don’t know when you might need them. Vehicle wraps are a good way of turning your truck into a construction marketing asset. This is going to help your startup.

1. Setting Up Your Accounting System Early

You are going to deal with taxes as a business owner. Poor accounting should not overwhelm your business. Track everything then make sure you prepare your taxes on time. You have to make use of document costs, deductions, and losses. Everything should be handled professionally.

It makes a lot of sense to work with someone experienced with such matters, such as a professional accountant. You are going to spend some money on hiring one, but they are going to play an important role in your business. Oftentimes, they pay themselves because you can cut down on your tax bill. The cash saved can be used for other important parts of the business.