Starting And Operating A Small Construction Business On Limited Funds

Posted by Sharie DeHart on Fri, Jan 20, 2023

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

Reasons Why Contractor Startups Fail And How To Avoid Them

Posted by Sharie DeHart on Fri, Jul 08, 2022

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

Telltale Signs Of Bookkeeping Embezzlement And How To Prevent It

Posted by Sharie DeHart on Fri, Oct 30, 2020

Bookkeeping embezzlement stems from a feeling of entitlement and the need to get even. Your bookkeeper or accountant will steal if they feel confident they can get away with it and if circumstances allow for it due to weak integrity and a sense of "Redistributing The Wealth, But Not The Work Or The Responsibility."

It is estimated that the number of bookkeepers caught embezzling from contractors is less than one percent of the total. In most cases, the ones that are caught are rarely convicted because all too often, it is the contractor who has to spend thousands of dollars on forensic accountants and attorneys to prove the theft occurred.

In most cases, it is near impossible to persuade the authorities to prosecute when a contractor bookkeeper embezzles because it is often viewed as a "Victimless Crime."

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Topics: New Contractors, Bookkeeper Embezzlement, Embezzlement, Construction Accounting, Contractor Bookkeeper Embezzlement, Construction Bookkeeper Embezzlement, Contractor Challenges, Contractor

8 Common Challenges New Construction Business Owners Face

Posted by Sharie DeHart on Fri, Sep 04, 2020

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 of you worked as a manager for a construction company.

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Topics: New Contractors, Construction Accounting, Contractor Challenges, Contractor

Contractors Are Self Motivated To Be Successful

Posted by Sharie DeHart on Fri, Jan 13, 2017

A person makes the decision to become a contractor. It’s easy. Now you are the boss; no one to tell you what to do, how to do it when to do it. Yes – It’s easy. It’s Morning, Are you ready?

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Topics: New Contractors, Contractor Chat

Success Tips For New Contractor Startups

Posted by Randal DeHart on Fri, Oct 02, 2015

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!