Anyone in the construction industry knows that competition is stiff. In the U.S. alone, roughly 680,000 employers vie for clients. Anyone who hopes to build a construction business from the ground up needs to prepare for a long road ahead and set their company apart from all the others in their market. To do so, consider the following strategies:
1. Focus on Finances
Did your work in construction begin as a hobby, turn into a job, and later inspire you to start a business venture? If so, you may have more expertise in the craft of construction than in financial management.
In no way will this limit your success as a business owner, so long as you hire the right team members or use the right tools. Right at the start, you should take the time to evaluate your strengths and weaknesses as a businessperson, and hire the right administrative staff to help fill in the gaps. Whether you need a financial officer or an accountant, you won’t regret bringing in professionals with a strictly business background.
2. Start Small
Everyone who starts a business has dreams of expanding or scaling up, but it’s important to set off with realistic expectations for gradual growth. Start with smallscale projects for which you know you can meet all deadlines and exceed the client’s expectations. With a few “easier” projects under your belt (and glowing reviews from your first clients), you can begin to take on bigger projects with higher stakes.
3. Invest in the Right Software
A construction company is only as good as it’s tools, both at worksites and the office. Once you start taking on larger commercial projects, you’ll want cost estimation software that provides you with accurate projections for all associated costs. Calculating commercial construction costs per square foot, which big data and powerful software make simple, will ensure you don’t go over budget, even on largescale projects with numerous moving pieces.
4. Don’t Overlook Your Marketing Strategy
No matter how excellent your work, your construction company cannot thrive without paid ads, social media marketing, and a well-designed website optimized for search engines. Overlooking marketing strategy will limit the growth of your business and needs to be a top priority. When it comes to building a successful construction company, your marketing team is just as important as your work crew.
In the construction industry, one of the most effective ways to draw in clients is to focus your efforts on developing a portfolio with high definition photos and videos of completed projects. To present your business in the best light, you’ll want to consider hiring a professional photographer or videographer to capture your work. In today’s market, prospective clients expect to see not only internal walkthroughs of completed buildings but aerial drone images as well.
5. Prioritize Customer Service
In almost every industry, providing excellent customer service comes before everything else. For every project, everyone on board should understand the client’s specific objectives. Every interaction between the work crew and the client is an opportunity to show that your business cares and will do whatever it takes to get the project done to their specifications. As a business owner, make time to train your crew in customer service the same way you train them on safety protocols.
6. Grow Your Team with Specialized Professionals
As your business continues to grow, you’ll have the opportunity to build out your team with seasoned professionals. When hiring new crew members, be intentional about filling the gaps in expertise. Look at your team as a whole, and identify which areas need more specialized attention.
Conquering the Competition
With a business mindset and a skilled crew, your young construction company has endless potential. Despite the tough competition, you can create a niche for yourself within your local market, and slowly expand those boundaries. With the right team members, tools, and an unwavering commitment to customer service, your construction company will reach new heights year after year.