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Construction: A Viable Startup Idea For 2020?

It’s no secret that the world has had to contend with many economic and health disasters in the 21st century. We are now in 2020, and the COVID-19 coronavirus pandemic is at the forefront of everyone’s minds.

Still, we humans are resilient and always have a firm resolve. When it comes to starting a new business venture, there’s mixed opinion about whether construction is a viable startup idea or not. In short: the answer is yes.

The case for setting up a construction company

People still need places to live and premises for workplaces. Sure, existing properties can be bought or leased for such purposes. But, there’s still plenty of demand for new residential and commercial properties.

It’s also worth noting that today’s construction firms are evolving with the needs of their clients. For example, they aren’t just specializing in a sole type of property. They expand their services to meet the demands of all prospective clients.

As a result, attracting a wider, more comprehensive audience means those construction firms are less likely to go bust just a few months or even weeks after starting their businesses!

How to set up a construction company

You’re likely reading this article because you already have some idea of the construction services your potential new business could offer. However, you’re wondering how best you can start your company and begin trading.

Here are some of the factors that you must consider before incorporating your business:

Employees

Whether you directly hire employees or use them on a project by project basis, you’ll need the right team members. It’s crucial that your new staff have the skills, qualifications, and experience needed to complete your projects to a high standard.

You may wish to train some of your team members in multiple disciplines, both to save costs and help further their career goals. For example, a bricklayer may wish to go on excavator courses and learn how to operate heavy plant machinery.

Target Audience

As mentioned earlier, some construction companies find they must evolve and offer their services for various markets. It can be a tough call to make, so you need to carefully research demand for each market in your target areas before making a decision.

Because you’re a new startup company, you may wish to “start small” and only provide your services to one or two markets for now.

Marketing

One problem that a surprising amount of construction firms have is marketing their businesses to prospective clients. As you can appreciate, a construction company has different marketing requirements to that of a retail store, for example.

It’s worth working with a marketing company that specializes in construction firms. They can help you create strategic marketing plans that may incorporate ideas like bidding for tenders and other contracts.

Final thoughts

Launching a new business is never an easy feat, and setting up a construction company is certainly an ambitious goal to reach. However, it’s not an impossible goal, and with the right tools, people, and marketing, you’ll significantly increase your chances of success.

Good luck!

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