Within the world of construction, there are a great variety of roles, industries, and businesses that are thriving. For anybody that’s looking into the most profitable ventures within the construction industry, either as an entrepreneur or as a worker, it’s important to look at the industry as a whole and how many “sub-industries” there could be. Let’s show you some of these.
Site Clearing
Site clearing is, in many ways, the antithesis of the construction industry. The construction industry as a whole has received a lot of criticism because of the lack of effective recycling practices. It’s an easy one to overlook because, in the real estate industry, where many buyers are looking for new house and land package deals to create their dream property, the process can take a lot longer than necessary.
The construction of any new home involves many different moving parts, with a variety of contractors and constructors. Site clearing is one of the most profitable areas because this will not just ensure the materials are removed from the construction site swiftly, but they can be recycled and sold in recycling markets. A contractor could offer services in clearing a site before or after a job and create a second source of income by selling these items.
Paving Companies
Paving is vital, especially in the real estate industry. Everybody needs some type of paving, whether it’s in commercial industries or in residential areas. One of the benefits of this type of business is the low upfront costs.
It’s also a very far-reaching business because of the sheer diversity on offer; it can be combined with other exterior services. Landscaping and exterior remodelling can work in tandem with this type of business venture.
Manufacturing Materials
From cement to bricks, blocks, and other paving services, retail is an incredibly profitable venture within the construction industry. The great benefit of this type of business is that you can cater for interior and exterior services. For example, you could sell tiles made of ceramics for countertops or flooring. Naturally, starting a business in this type of industry means you can sell supplementary materials or other types of products.
You can manufacture materials which you can sell, like cement or cement blocks. This is also another way to benefit construction businesses. Working to sell exclusively to construction companies is a very lucrative endeavour.
Solar Panel Construction and Insulation
The world is looking for more environmentally friendly practices. Alternative energy sources are becoming more popular with people looking to bypass the excessive costs of their utility bills.
Solar panels can provide a useful addition to anybody’s property, and there is a demand for experts in this field. As renewable energy becomes more common, there will be a greater need for construction companies with renewable energy sources, specifically solar panels.
Skilled Contractors
We are at a crossroads in the construction industry. There is now a greater demand for skilled contractors because the Baby Boomer generations are now retiring in their droves, but younger skilled contractors are not replacing them. While there has been a drive for younger contractors with specific skills like carpentry, the numbers are not adding up because younger members of society are becoming increasingly reliant on the internet to solve their problems. This means there is a massive gap in the markets to provide carpentry services, not just for construction companies, but for the average consumer.
Carpentry covers a number of specialities, for example, making cabinets for the interiors of properties, but also bridge carpenters, who produce wood for bridges. The most beneficial thing about being a carpenter is, because it is a skill that is greatly in demand, you can charge a premium for your services.
Remodelling
Remodelling services, whether it’s interior or exterior remodelling, can prove beneficial when working in tandem with construction companies. Many individual contractors can work with construction companies on a freelance basis to provide those finishing touches to exterior parts of properties.
Exterior remodelling covers several disciplines, for example, remodelling building facades or just replacing windows and doors in residential properties.
The most important thing for anybody to recognise when they are trying to expand their business or start within the construction industry is to be competitive and recognise the gaps in the market, as well as the gaps in skills. The construction industry is always going to be a lucrative one because of the demand for infrastructure, but when we drill down into the smaller industries, we can start to pick apart the more lucrative aspects.
