Has the thought ever crossed your mind to own your own construction company or be a successful General Contractor? Be the boss? The construction business is booming as we approach 2020. The residential building construction industry was the number one fastest-growth industries for small businesses in recent years (source: Sageworks) thanks to an increase in housing demand, lending activity and fluctuating (in the right direction) real estate values. Six of the 10 fastest-growing industries among small businesses are tied to construction – including contractors, real estate agents, and architects.
The commercial construction market is also experiencing a rebound. IBISWorld predicts that the next five years will see a period of vigorous growth for commercial construction companies across the USA. Demand for more business office space and the resurgence of personal disposable incomes should also raise the demand for retail buildings. Let’s get started! Familiarize yourself with the basic steps involved in planning and forming any kind of business, including a business strategy and incorporating and registering with the right government agencies. Don’t forget to create a complete business plan too! If you don’t have savings or access to a traditional bank loan, you might want to consider an SBA loan program. Other financing options for small businesses include credit unions, community banks or a business line of credit. If you can find a partner who will also be the investor, then you will create your own agreement, but make sure to get a qualified contract attorney familiar with the construction business involved. Get licensed, bonded and insured too. Protect yourself, your business and your clients by ensuring you have the right licenses and permits, business insurance and surety bonds going forward.
Thinking about becoming a General Contractor? You do not have to be a GC to own your own construction company, but if you were both owner and GC, chances are you could be even more successful! General Contractors usually start out as regular construction workers. They gain valuable on the job experience while learning about different aspects of construction, including masonry, carpentry, framing, and plumbing. Aspiring General Contractors will network with subcontractors and may even be able to learn some of the management skills they will need to run their own company in the future. There is a lot to learn to become a GC and /or to own your own construction firm, but anything is possible if you can dream it. There are institutions dedicated to General Contractor training, and eventually, you will have to pass a difficult test to acquire your license no matter what state you are in. Once you have your license certificate, the sky is the limit! The sky may very well be where you will spend a lot of your time building tall structures in a city like New York City!
As company owner and/or GC, you will decide to acquire important business essentials. We are certain an NYC Shanty will be one of your job sites needs every time, as we offer the only 100% Metal Shanty© Inside and Out!! There is no downside to our shanty; we are environmentally correct, safe, light weight and tested. The original, heavy duty, all metal shanty!