The construction industry is a cornerstone of the UK’s economy, and a lucrative industry in which to build a skilled career. Properties and constructions will always be in high demand, and investment in construction projects is a guaranteed return for many enterprises. Construction businesses, as a result, enjoy a strong foundation and assured longevity.
Knowing this, starting a business within the construction industry can seem a shrewd decision. But starting a business of any kind is a path strewn with difficulties – and there are some things specific to the industry you should consider before you continue with your plan. Here is a step-by-step on starting your own enterprise in an evergreen industry.
Garnering Knowledge
Firstly, construction is skilled work from the bottom to the top. Workers on the ‘ground floor’ have hands-on experience and knowledge of their craft, while foremen and managers have unparalleled knowledge and experience in relation to logistics and large-scale project management. As the leader of a new construction business, you would need to have, or have access to, knowledge and understanding of every aspect.
If you are a tradesman looking to formalise your experience with a new business, you may benefit from a business partner with a business growth background. Likewise, if you are an entrepreneur looking to fill a gap in the market, you may want to seek advice and partnership from someone with hands-on industry experience.
Drafting A Business Plan
The next step would be to formulate a robust plan of action for your business. This plan should be comprehensive and multi-faceted, looking at your pre-launch period and first 12 months in detail while also charting your next five years of growth.
Your business plan should also cover some fundamental decisions regarding your business. Versatility is a virtue, but specialisms can help you stand out in a large industry. Are there specific demographics you wish to speak to as a business, or is there a niche you can fill?
Logistics
Logistics are a large part of growing a new business successfully, and your supply chain instrumental to the health of your projects. You should endeavour to build positive relationships with suppliers, whether sourcing plywood from builder’s merchants or creating a long-term partnership with an equipment supplier.
You will also need to devote time to defining project structures in terms of staff. Logistics extends to the management of worker hours, project steps and completion dates; these are untenable to manage without a team of supervisors to closely engage with individual elements of a project.
Sourcing Employees
Which brings us to the sourcing of staff. A successful construction company can be built alone, but cannot grow without investment in workers. You may have contacts from a prior career, which can help you build a skilled workforce with ease. Alternatively, you can headhunt for leadership roles through networking and word-of-mouth.
