Construction is a rewarding line of work.
There is great satisfaction and success to be had in the construction trades. There will always be a need for the service and building industry. Those business owners who have stood the test of time know that there are fundamental keys to success that will provide them with years of work and prosperity.
Instructions
Instructions
1. Choose a business name that represents not only your trade but you as a business owner. Your business name should be memorable and professional. Avoid cliche or cheesy names that will diminish the professional image you need. Think of this as your personal brand with which you want your business trade to be associated.
2. Keep your required state contractor's license current. If you are setting up a new construction company, contact your local contractor's licensing office for the study materials that contain all the required building codes you must learn. They will also provide you with information regarding fees and times to take the test.
3. Always shop for the best and most affordable worker's compensation policies. Some states will have state funded worker's compensation plans and you have the option of seeking a private agency for competitive pricing. Remember that your liability insurance is separate from worker's comp.
4. Build a solid reputation based on word-of-mouth advertising. When you complete any project, have the satisfied client write you a letter of recommendation and sign a few referral cards for you. Potential customers are reassured when they see the name of a valued associate stating in writing his confidence in you.
5. Create a employee referral system where a bonus is given when someone they referred stays 6 months or longer. An internal referral system helps reduce company turn-over rates and the costs associated with it.
6. Know your human resource practices and laws to help you establish company policies and develop your employee handbooks and literature. The contracting company handbook must also include all OSHA related materials so employees understand potential the hazards of their job.
7. Develop a safety program and hold monthly employee meetings to update them on OSHA safety regulations. Give incentives for your employees as accidents decline.
8. Pay your bills on time to avoid interest and penalties, and send your billing invoices out on a daily basis. The management of company cash flow is vital to the success of your business. Also, take advantage of supplier discounts for paying your account early.
9. Be thorough and know your costs when bidding on a project. A collaborative effort between departments will help you create a competitive bid.
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