When starting a construction and contracting business, it's crucial to understand what's required. If you’re ready to launch it, here are some key things to help actualize your plans.
Have a Solid Business Plan
A business plan helps you keep your business on track, increasing its chances of success. This ZenBusiness guide on starting a company notes that a standard business plan should include your business structure and how you’ll manage it, the services, target market, the number of employees, a solid marketing plan, and the initial cost of starting and running the business. Ensure your business plan is detailed because you can use it to seek funding from financial institutions.
Choose a Business Structure
When creating your business plan, you must understand how to select the proper business structure. For instance, an S corporation in North Carolina offers pass-through taxation, self-employment tax savings, and the option for business owners to claim losses as tax deductions on their taxes. Additionally, filing for your chosen business entity yourself or using a formation service helps you avoid hefty lawyer fees.
Network With the Right People
It's advisable to network with suppliers, other contractors, and business associates in the industry to gain insights and partner with them on some projects. For instance, you need a good relationship with other contractors who can help you finish tasks when you don't have enough time or can't finish them by yourself. A good relationship with suppliers also gives you access to credit as you can obtain the building materials you need on credit and pay later.
Hire the Right Staff
Hiring the right staff plays a considerable role in the success of your business. Decide whether you'll hire full-time employees or contractors on an as-needed basis. Hiring contractors is beneficial because of flexibility and the low costs, since you don't pay them benefits or salaries, especially when business is down. Alternatively, hiring a full-time assistant and teaching them all your business aspects could help ensure the company runs smoothly.
Have a Marketing Budget
Once your business is up and running, you'll be required to put your services out there and grow your brand. You can design your logo through free online logo maker tools to help establish your brand. Alternatively, you may opt to advertise through simple signage on your job sites or online marketing through social media.
You may also decide to set up a website for your business to attract new customers online and showcase your products and services to the world. When marketing through a website, you can use an online banner maker to design a customized and eye-catching banner for your website. Once you find a perfect banner for your brand, personalize it by adding text, color, or animated videos.
Register Your Business
You'll be required to register your business to make it a legal entity that comes with personal liability protection, tax benefits, and legal benefits. The process involves registering your business with local and state governments. Afterward, get business licenses and permits to avoid hefty tax fines, penalties, and possible closure.
Bottom Line
When starting a company, choose a business structure, network with the right people, hire professionals, set a marketing budget, and finally register the business.
Join the New Bern Area Chamber of Commerce for valuable resources and connections that will help you find success in our community.
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