Small Business Tax Center
Small Business Ideas, Grants &
Plans to Start & Run a Business:

Small Business Grants
CyberSchmooz
Network in Cyberschmooz Community Ask Questions Questions and Answers Share Tips Small Business Ideas List Your Business Business Advice from Idea Cafe Experts Coffee Talk with Experts Starting A Business Business Plan Biz Planning | Sample Plans Small Business Ideas Idea Name Your Biz Name Plan Your Biz Plan Financing $ Starting a Business Do It! Running your Business Marketing Tips Promotional Merchandise Marketing Tips Marketing | Sales | Customers Human Resources HR | Employees | Contractors Legal Forms & Tax Information Legal | Biz Forms Managing a Business Managing | Operations
Financing Resources Financing Your Business E Commerce & Webhosting eCommerce Take Out Info Trade Publications FREE Trade Publications Business Books Biz Books Your Own Business Small Business News Small Biz News Gen X Biz Gen X Biz Work at Home Work @ Home Business Information The Fridge - Biz Info on Ice Destress Send Awards Send Awards & Greetings Yoga At Your Desk Yoga @ Your Desk Fun Guide Guide to Find FUN Online About Idea Cafe Press Idea Cafe has received Idea Cafe in the News Idea Cafe's Kudos Kudos for Idea Cafe Advertise on Idea Cafe Advertise on Idea Cafe Privacy Policy Privacy Policy Contact Idea Cafe Contact Idea Cafe Link to Idea Cafe Link to/from Idea Cafe Join Idea Cafe
Search Idea Cafe Site Directory Site Map Online directory to business resources Biz Web Guide



Expert Answers to Biz Questions

Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

color business bar

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.

Google      

Small Business Tax CenterIdea Cafe HomeSign UpBiz Grant CenterCyberSchmoozCoffee Talk with ExpertsPeople in Biz ProfilesStarting Your BizBiz PlanningRunning Your BizFREE Trade PublicationsMarketingFinancing Your BizHuman ResourcesLegal & Biz FormsManaging Your BizeCommerceYou and Your BizGen XWork@HomeThe FridgeDe-StressSend an AwardSend an eGreetingYoga @ Your DeskWeb GuideIdea Cafe in the NewsAbout Idea CafeAdvertise on Idea CafeContact UsPrivacy PolicySite MapSmall Biz News

Copyright 1995-2018, Idea Cafe Inc. Downloads are for personal use only, not for resale to others, and may not be reprinted in any form without written permission from Idea Cafe Inc.

DISCLAIMER: We hope whatever you find on this site is helpful, but be cautioned that it may not apply to your own situation, or be totally current at any given time. Idea Cafe Inc. and all of its current and past experts, sponsors, advertisers, agents, contractors and advisors disclaim all warranties with regard to anything found anywhere on this family of websites, quoted from, or sent from Idea Cafe. and its related sites, publications and companies. We also take no responsibility for comments published by others on these pages.

TRADEMARKS: The following are Registered Trademarks or Servicemarks of DevStart, Inc.: Idea Cafe®, Online Coffee Break®, The Small Business Gathering Place®, Take out Info®, Biz Bar & Grill®, Complaint-O-Meter®, A Fun Approach to Serious Business™, CyberSchmooz™, and BizCafe™.