So you have a great business idea and are convinced you can make it work, but you don't have much capital to get your business off the ground. Juggling existing financial commitments such as a mortgage or bank loan could put a squeeze on your business plans. Many entrepreneurs use creative thinking and shrewd planning to get businesses off the ground with the smallest budgets.

Freelancers in all industries deal with the same problems due to the nature of their work. Most of you came from the skilled craftsman trades; some worked as construction company managers and have now started or thought of starting your business.
 
If you just did, congratulations, you have decided to own and operate a construction company. Practically, solo contractors manage every aspect of their business, but we are here to help you navigate it. Here are the things you need to consider (especially when you are on a limited budget) to keep it running.

 

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Topics: New Contractors, Construction Cash Flow, New Business Startup, Construction Bookkeeping And Accounting, Construction Company Startup Tips, Contractor Tips

Many surveys and reports show that nearly half of all new construction companies close their doors within the first five years of opening them. When we speak with contractors who failed, most say it was due to a lack of cash flow. It was pretty obvious, yet when questioned, all of them said they were "Blind-Sided" and were not aware they were running out of cash until it was too late.

 

There is a point when a contracting company starts to fail, and nothing short of a massive cash infusion can stop it, and a domino effect begins, which is when a series of similar or related events occur as a direct and inevitable result of one initial event.

 

Planning is essential to give your business the best chances for success. Planning means anticipating challenges and developing ways to successfully address them, so they don't upset your startup. 

 

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Topics: New Contractors, Start Construction Company, Profit and Growth Strategies For Contractors, New Business Startup, New Business, Contractor Guidance, Construction Business Goals

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So You Are Starting A Construction Company. Perhaps yours will be building houses, a handyman business or a specialty contracting company like a plumber, electrician, HVAC, concrete or Landscape Company. Whatever it is congratulations you have or will be taking a big step toward being the Master of Your Own Destiny!

Two Paths Are Open In Front Of You

One Leads To Pain And Misery (P.A.M.)

The Other One Leads To Success And Happiness (M.A.P.)

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Topics: New Contractors, The 80-20 Rule For Construction Company Owners, New Business Startup