A Foundation for Success: Running Your Own Contractor Business in 2022

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You’ll be pleased to hear that for once, you can brush the dust off this old axiom and put it into practice: there’s no time like the present.

The labor shortage has opened a massive door of opportunity for those who are looking to leave their current professions and start anew somewhere else. Workers are taking that opportunity to start their dream careers at entry-level positions, even going into business for themselves and entering entirely new career fields.

If you’re reading this, then there’s a good chance that you’re interested in starting your own construction/contractor business. There’s certainly no shortage of opportunity in the field, as even amidst the pandemic, construction projects have been popping up left and right across the nation. But starting a construction business isn’t necessarily like running a startup in Silicon valley or turning a hobby like landscaping into something lucrative: there’s a lot involved in running a construction company, from keeping your employees safe on-site to making sure you’re kept abreast of current state regulations for your profession.

If you’re looking to start your own construction company but have no idea where to start, you’re in the right place. Read on to discover a few simple steps you’ll have to take to build the foundation for your company to grow off of and what is necessary to ensure that your fledgling company will be in good standing with the proper authorities.

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Get Started By Obtaining Your License

Before you begin drawing up a business plan, you’ll need to obtain the right to ply your trade in your state, as well as become familiar with the specific regulations that may affect that business plan in your state. In the service of that, choosing to take online courses to obtain your license might be a good way for you to learn everything you need to know to get started, teaching you everything you need to know about current safety standards and best practices and giving you the green light to practice at the end.

The added benefit of taking online classes is that the schedule associated with online classes is typically pretty flexible, meaning that you can work on getting your contractor’s license while still working your typical 9 to 5. When you’ve completed your schooling, and you’ve drawn up your business plans, you can then leave your current job and get started on making your dreams a reality.

Come Up With a Business Plan, Then Register It

After obtaining the proper licensure, you’ll want to sit down and map out a solid, thorough business plan for your fledgling company, outlining what kinds of projects you want to take on, future marketing efforts, projected staffing costs, and how much you expect to make your first year at a minimum. The more thorough your plans are, the better, as you’ll need a rock-solid plan to convince others to fund your business.

After your plan is written, you’ll need to register your business with the proper authorities. Registering your business with both state and federal authorities gives you a variety of advantages and protections, ones you won’t want to miss out on, and is required in a number of states. On the state level, this is usually to make sure that contractors operating in the state remain up-to-date on regulations and are easily held accountable for failures to do so; for you, getting registered can provide legal protections and tax benefits that you would miss out on otherwise.

That should be what you need to lay the foundation for your fledgling company: although don’t forget, you’ll actually need to obtain the capital necessary to obtain the equipment needed for jobs you’ve taken on, as well as hiring a certain number of people to help you take on these jobs. Once you’ve done all of that, you’ll be well on your way to making your dream a reality, taking on your first job, and letting competition in your area know there’s a new player in town.