Below are some of the keys to success in the construction business:
Vision & Focus: determine the type of construction business you want to operate and stick to that vision.
Create your business plan: Your plan will help you set goals and outline how to achieve them.
Get licensed, bonded, and insured: before you can bid on your first job, you need to investigate and meet the requirements for local and state licenses and do what you need to do to secure them, get your worker’s compensation and liability insurance, and find out how much you need to be bonded for.
Build a winning team: Hire and train a team of employees with the right skills. Remember that since construction is seasonal and cyclical, you must also be willing to downsize if/when the workload decreases.
Purchase wisely: be careful not to overspend on salaries and equipment. Consider renting equipment when possible.
Properly price jobs: Keep factors such as overhead and actual production costs (materials, labor, inspections, etc.) in mind when pricing jobs to ensure a healthy profit on all projects.