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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
Starting Your Own Building Company: What You Need To Know
Whether you are looking to become a general contractor, or you want to be an owner-builder in your own sole trader company, there are plenty of options that you can consider when it comes to starting your own building firm. While having your own business is exceptionally rewarding, it is important to remember that the process can be challenging if you don’t start off in the right place. Ensuring you don’t cut corners is imperative when planning your own business, and here, we’ve put together a guide to what you need to know when starting your own building company.
Appropriate Insurance
One of the first steps to protecting your start-up is to ensure you have the most appropriate type of builder insurance for your business. A construction company can encompass a broad range of services, so you should ensure that each area of your business is covered against any possible legal action in the future. You can also protect yourself against loss of income, in the event that you become injured and cannot work, or if your business has to close in unexpected circumstances. Ensuring you have the most appropriate type of insurance can offer a number of financial benefits for your business as you begin to grow and take on contracts.
Understand What Type Of Building Company You Want To Be
The industry is full of ‘full-service’ building companies, and while this may open up a number of new opportunities, as a start-up you’re going to want to ensure that each service you provide is the highest quality. As a start-up, you should look into offering a niche in order to provide excellent services at all times, and then look into venturing into new areas as you begin to grow and bring on different professionals. There are a number of options that you can choose from when deciding what type of company you want to be, such as small renovation contractors on which you can require small amounts of capital, general contractors which can provide you with the chance to become experts in building or alteration work, or an owner-builder where you will only build properties which are for your own ownership (in a similar manner to a property developer).
Once you have decided on your niche, you must then look into the difference between sole traders, limited companies and partnerships, and the impact each one can have on your start-up. This will allow you to make the most appropriate decision for you. Consider all of your options carefully in order to ensure that your business plan reflects the outcome you desire.
Rules and Regulations
This is key when working in the construction industry, as there are a broad number of industry specific rules and regulations, alongside other factors such as tax requirements, which you will need to consider. One of the main ones is the Construction Industry Scheme, which was set up to develop a payment handling system. No matter which type of business set-up you decide on, you must ensure you register under this particular scheme. There are also a broad range of health and safety regulations that you will need to have a clear understanding of prior to beginning any form of work.
As you can see, there are numerous things that you will need to know prior to starting your business. Once you have found your niche, become well-versed in the industry regulations which may or may not impact your operations, and have obtained the most appropriate insurance, you will be well on your way to becoming a success in your industry.
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