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3 Things To Do Before Launching Your Construction Venture

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If you have a wealth of experience as a full time employee in the construction sector, the chances are you have contacts across the industry. This could enable you to break free from your employer to set up on your own. Launching a business within the construction sector can be lucrative. The industry is booming even during these surreal global pandemic days and you could be the master of your own professional destiny. However, there are pitfalls that you need to avoid to make a success of your construction startup. Take a look at these three things that you should do to ensure business success.

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Legal Stuff

In the construction industry, you need to adhere to a whole host of legislation and regulations. As the industry is a little more dangerous than the usual office-based working, you have to look after your staff and protect them from accidents. This is why it is vital that you find professional indemnity insurance with the right business coverage for your industry. It’s crucial that you can find the right representation should you discover a negligence claim being made against you. Seek out professional advice to ensure that all of your documentation is above board. File it away and keep it safe so should any audit take place, you have the information to hand and can demonstrate your compliance.

Funding

To ensure that your cash flow remains buoyant at all times, you need to have funding avenues available to you. Think about seeking advice and money from an angel investor. You could choose to use a well-designed business plan to pitch to a business angel. These individuals have a lifetime of experience and are at the top of their game within the construction sector. You might want to start a bricklaying business, an office interiors outfit, or an insulation company. Find the business angel with the relevant experience. They will have money to invest in what they see as profitable ventures. Get suited and booted, know your gross from your net, and have your financial figures to hand. Your business plan needs to show off just how appealing your venture is. With any luck, they will invest time and money, and experience in your startup.

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Staffing

Working out the sort of staff you need for your startup is necessary to ensure its success. Hire too many people and you waste money. Think about how you will recruit. You could choose to go down the recruitment agency route. These companies have an excellent caliber of candidates on their books and are industry-specific. Alternatively, you could recruit on your own. Advertise in relevant publications and online before longlisting, shortlisting, and interviewing. Start slowly and only recruit the members of staff that you need. Anything else can be outsourced as and when you need a business function fulfilling. This can save you money, secure your cash flow, and keep your business financially efficient.

If you are eager to start a business within the construction industry, follow this guide to ensure success.

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Latest Issue

BDC 317 : Jun 2024