Many people need to realize this, but despite construction being one of the top industries for having the most startups, it has some of the highest rates of failure we have ever seen.
According to the statistics by Foundation Soft, it was stated that more than 64% of construction companies close down within the first five years of their startups. The common reasons behind this are the lack of knowledge, resources, business experience, and planning – all of which are crucial to the success of any business venture.
Consequently, to grow a strong foundation that can help grow your business, you will need to spend a lot of your time researching your market, creating a concrete plan for your business, and getting the help you need to enhance your future successes further. Additionally, another ideal way to improve your business knowledge is to take away lessons from existing professionals in your industry.
Consider Portable Venues (Group) Ltd, considered one of the best private British construction groups, operating under the name of ‘Smart-Space’ at the moment. The group was founded by Antony Hunt and has come a long way to reach its success.
It evolved from unincorporated trading and now focuses on building solutions for various applications within different sectors, providing solutions for industrial and commercial applications.
The company focuses on building temporary buildings, interim buildings, steel buildings, temporary warehouses, industrial tents, and so much more. Its quick-building solutions are used in several sectors, such as healthcare, education, disaster relief, and manufacturing.
Additionally, Portable Venue structures consist of factory-made modular components designed for easy on-site installations. Plus, they are customizable in different ways and have provisions for increasing and decreasing the size of the facility. Moreover, the company is a supply partner to many other companies in the UK and is a member of Safe Contractor, a health and safety pre-qualification assessment scheme.
You can learn many things from their work that can help you figure out how to start your own construction business.
Researching Target Market
You need to know whether your local area is even a viable option for you to start your business.
Should the construction market be significantly saturated and consumers are happy with their current companies in your local area. Getting a foothold in the industry and promoting your business will take a lot of work.
Hence, why there is a dire need to research your market takes priority, including knowing how many construction companies are already a part of your local area, how much they charge, and their reputation among the people.
Understanding Legal Processes
A solid business structure requires one to be organized, compliant, and efficient with the relevant rules, regulations, and standards.
Consequently, you must ensure a better understanding of all the certifications, permits, licenses, and registrations that are mandatory for a business. All this information varies according to city and state, so you might need to hire a lawyer to ensure your factual information is correct.