Starting a Construction Business: What to Know

Planning to start a construction business is a viable option. As market forecasts predict a steady rise in the value of the construction agency, now is the perfect time to start a construction company.

Get Licensed, Bonded, and Insured

As with other businesses, the first step in starting a contracting business is getting the necessary licenses, permits, business insurance, and safety bonds from your state. Most construction or contracting business need specific licenses to operate legally, like a tradesman license. This is required in performing electrical, plumbing, HVAC, gas fitting, and other construction trades. To protect you against claims for personal injury and property damage, you also need to get liability, vehicle, and property insurances. Business insurance varies by state, so make sure you check your state’s regulations. You also have to get a surety bond from a third party company to operate legally.

Prepare Your Equipment

To run your business, you need to have the right construction equipment and materials. Some of the most common construction equipment are trucks with ASV rubber tracks, wheel loader, hydraulic excavator, rollers, tippers, drills, and cranes. It is important you buy your equipment from trustworthy dealers to make sure they are durable. Remember that your equipment may affect your laborers, so you need to have a high standard in buying your rubber tracks, and other equipment for your business.

Follow Industry Regulations

The construction industry is heavily regulated, so make sure you familiarize yourself with its regulations. The industry has different standards that you need to follow as a business owner. These include energy efficiency standards, workplace safety regulations, and health and safety plans. Agencies like the Occupational Safety and Health Act (OSHA) require that construction workers are provided a safe workplace free from recognized hazards. They conduct random visits to construction sites to see if they abide by the rules and regulations.

Starting a construction company can be a tedious process. You need to get business licenses, follow the industry’s regulation, and prepare your equipment such as trucks and bulldozers with skid steer rubber tracks to get your business rolling. Once you’ve put up your business, though, you’ll fill the joy and fulfillment as you see it grow over the years.