Construction Marketing Plan – Deciding to start your own construction business can be exciting, but it’s a great experience. With so much research, reports and paperwork to complete, it’s easy to get lost in the administrative details and forget the passion that drove you to start your business.
In fact, 68% of small business owners regret not having enough time to learn the basics of running a business in the first year. Fortunately, the process of starting a construction business is very simple, if you know where to start. Construction companies take time to plan and build, so by starting early, you can set yourself up for success later.
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And even though COVID-19 has disrupted production in major cities, there are still 36 states that are considered to be building a major service at the time of this article’s publication.
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We’ve rounded up everything you need to know to get your business off the ground, from writing a solid business plan to the types of insurance you need and more. Here’s how to start a construction business, broken down into 5 steps. Click on the links below to go to each section:
Thanks to the Internet, there is a lot of free and publicly available data, if you know where to look. Here are some important sources of information you can use during market research:
Doing your research ahead of time is optional, but it will make the rest of the process of setting up your construction company easier. In particular, completing your research will make it easier to complete the next step: writing your business plan.
All startups need a business plan, not only to guide you through the process of starting your business, but also to raise investment funds, get approved for loans, etc. Here are the steps you should take to write a business plan for your construction company:
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The Executive Summary is the introduction to your business plan. It should be short (a page or two), comprehensive, and engaging.
The Small Business Administration recommends that you include your mission statement, basic biographical information about your company, the products and services you offer, financial indicators and financial goals, past successes, and your plans. future for the company. . The rest of your business plan includes the same things as your executive summary, but it’s more detailed.
After the executive summary, give an overview of your company: who the founders are, when it was founded, and why. You should also write a value proposition statement that identifies what your company offers to your specific market.
Be sure to understand here if your business is structured as an S-Corp, C-Corp, or LLC and how ownership is divided if you are not the founder.
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In this section, you should provide research that demonstrates the existence of a specific demand in your target market and why your business is uniquely positioned to meet that demand.
In this section you enter information about the products and services you offer. Discuss current or past projects as examples of your company’s offerings, if possible. Since construction is heavily dependent on purchasing materials, it shows existing relationships with construction suppliers, contractors, etc.
You may want to include the type of contract you want to use and the expectations. Flat rate, unit cost, and cost, and time and material contracts are handled differently than material purchases, so your supplier’s needs will vary depending on the type of contract you plan to use.
Provide an overview of your company’s current finances and where you plan to be financially in the future. If you don’t have historical financial data, include the expected results of similar articles, and attach the market research and analysis you used to generate those forecasts.
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You should also list all your debts, including other investments you have insured, mortgages on any business property, utility bills, etc.
Finally, you enter the financial information for the fund you want or hope to collect. Include the funding you’re applying for now, and any other funding rounds you think you might need in the future. Make sure that each money is allocated to a specific purpose, such as buying equipment, renting property, etc.
Any charts, notes, research, or other information that you think is relevant to your business plan but is too long or not in the text can be added to the appendix.
Once your business plan is complete, it’s time to validate it by legally registering your business with the relevant federal, state and local governments.
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1. Decide on a business entity: Choose your business name and decide whether to register as an LLC or a corporation.
2. Get an Employee Identification Number (EIN): Your EIN is your federal tax number that you need to pay taxes, hire employees, open a bank account and apply for business licenses. You can apply online through the IRS website.
3. If you are registering as an S-Corp, file Form 2553 with the IRS: While LLCs are regulated by the state, corporations must file with the federal government.
4. Register with government agencies: Some states require paper registration while others allow you to register online. You can use the SBA’s searchable database to find what your state needs. (Note that if your company operates in more than one state, you must register with each state’s government.)
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5. Register with local agencies: You should visit your local government websites to determine which registration is required, if any.
One of the biggest problems for new entrepreneurs is how to decide how to build the company. There are 4 main business structures to choose from, each with its own strengths and weaknesses.
Sole Proprietorship: You are the sole owner and have complete control over your business. You are fully responsible, which means that if your business defaults, the bank can seize your assets.
Limited Liability Company (LLC): A limited liability company created to reduce the risk associated with operating as a sole proprietor. As an LLC, you separate your assets and liabilities from your company’s finances, protecting you as an individual.
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The disadvantage of registering as an LLC is that raising capital is more difficult. If you want to rely heavily on investment capital to start your construction business, you should consider registering as a company.
C Corporation: the traditional corporation is the C Corporation. Like an LLC, a C Corp protects investors from self-disclosure, but helps increase profits by allowing the ownership of the company to be divided among shareholders.
Of course, shareholder involvement complicates the process, so the negative consequences of filing as a C corp are more paperwork and higher fees. C Corps are also tax exempt: the company is taxed as an entity and the shareholders are taxed on dividends.
S Corporation: Another type of corporation is an S Corp, which is similar to a C Corp with some important differences. S Corps cannot have more than 100 shareholders and all shareholders must be US citizens or residents.
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Registering your company as a legal entity is only half of the process. As a construction company, you also need to research and obtain the necessary permits, licenses and certificates to perform various tasks.
You should look for special licenses and permits required by your state and, in some cases, your city. To find out which licenses you need, check with your local council of contractors and your local labor department. A few considerations may vary from state to state, such as workers’ compensation and compensation laws.
Make sure your construction company is insured before starting any work to make sure you are covered in the event of an accident or emergency. You may also need separate insurance policies to cover different aspects of your business such as assets and employees.
Now that you’re all registered, licensed and insured, you’re ready to start thinking about the most important thing in business: money.
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Most construction companies need money to rent or buy the equipment and supplies needed to start construction. Our guide to renting or buying construction equipment can help eliminate the chore.
The SBA offers a variety of low-interest loans to help small businesses survive. Generally, SBA loans are available to entrepreneurs with a long credit history and a good credit score.
Some loans can be obtained for very specific purposes, such as operating loans, which are designed to cover day-to-day operating expenses, such as payroll or office equipment. Working capital loans are popular in highly seasonal industries, where most of the company’s revenue for the year is generated within a few months. During the rest of the year, companies can apply for working capital loans to cover expenses when business is slow.
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