When you strike out on your own as a contractor, it can be difficult to stamp your authority on your particular market. No one knows you, you are up against established and larger competitors, and the chances are you have little to no budget to use for marketing purposes.
It’s challenging, to say the least, but there are some simple guidelines you can follow to ensure you start making more profit with less effort. We’re going to take a look at some of those guidelines with you today, so let’s take a closer look.
Always be learning
First of all, it’s vital that you continue educating yourself on new techniques, to ensure you are always improving your abilities. And not just for your chosen field, either – it’s also important to get some coaching for your general business skills. You will need to master a lot if you want your new company to establish itself and go on to become a success. Don’t forget, this is not a hobby – it’s your living, and finding out ways of doing things that are more profitable and more efficient is the only way you will thrive.
Your materials and tools are the most important thing in your business, so keep them clean, well-oiled, and well maintained. That goes for everything from the basic hammer in your tool box to the radial stacker you use to conveyor materials into difficult to reach places. Be wary about investing in new vehicles, too – many new construction businesses struggle for many years because of large monthly payments on new trucks and diggers.
Stop using tools
As a construction worker, there are only so many hours in the day that you can work. And given that there is only so much you will be paid every hour to use your tools, there is a maximum amount of money you can earn. The simple truth is that if you want to be a successful business, you need to put down the tools and start running a business. That will, eventually, mean hiring other people, growing your firm, and taking more of an office-based role at some point.
Focus on math
It is good to have employees and feel like you have an established business on your hands. But if you have more staff than the volume of work, it’s vital that you can make tough decisions and let people go. Sure, it’s never nice to lose workers, and the process can be tough on everyone. But math does not lie – and if you are paying employees full-time wages when there isn’t enough work to go around, you will end up in severe financial difficulty. Counter this by hiring contractors at first, and only ever take people on full-time when you have guaranteed work coming in for an extended period of time.
Finally, an accident occurring on your watch could sink your business in a second. It is vital that you understand the role of security in your business, both on site and on your premises. A serious injury to one of your workers or customers will result in a legal action if you don’t have the right cover, both regarding safety and health planning and insurance.
text me: +385/9193-55474