There will always be people looking for new homes or a company looking for prime retail space, so starting a construction company in Melbourne is a smart career option. Be part of the right development projects and you’ll have a regular income stream, even in challenging economic times.
But how do you go from finding your first excavator for sale Melbourne vendors can offer you to earning the big bucks? Good career choices still require meticulous planning, so use our guideline to help you build your dream job.
Do Some Research
Even a popular industry won’t help you make money if you enter a saturated niche. It will pay off taking the time to research different construction projects in the area. Understand what clients’ needs are. For example, there may be more need of commercial spaces than residential buildings, which will show you with which real estate developers to connect with.
Also research your future competition to understand their strength and weaknesses. Find areas you can deliver a unique or improved service, so you become a preferred vendor.
Get Qualified and Get Experience
You need to know something about the industry in order to run your company successfully. If you learn the ropes, you’ll make fewer mistakes once you have your own company, giving yourself a better chance of quickly getting a good reputation. Get the necessary qualifications and also be prepared to gain some experience by working for another company before you establish your startup.
Formulate a Business Plan
When you want to launch you own business, a business plan is crucial. Perhaps consult a business coach to guide you in certain business matters, once again avoiding unnecessary mistakes. He or she can help give you perspective on matters like a marketing campaign, what your objective should be in terms of revenue and the management structure.
Many new business owners find aspects like accounting challenging to handle themselves. Asking for help in the areas you’re not sure of will help you avoid mistakes. It also frees up your time so you can focus on other aspects of your new company.
Registering a Business
Make sure your company registration is in place. This you can do via the Business Registration Service. The platform helps with many important aspects, even deciding which business structure most suits your plans.
Paperwork, Licences and Insurance
Someone who enjoys construction probably prefers working with his or her hands, not sitting at a desk filling in paperwork. Unfortunately, to enjoy the benefit of being your own boss, you’ll have to sacrifice some time to get documentation done:
- Licences and permits: Construction work carries many risks, so you’ll need a high-risk work licence, especially if you’ll operate equipment like excavators and cranes. Basic licences are also required before starting any work on a construction site, including a contractor’s licence. The Australian Business Licence and Information Service has a handy tool to guide you through much of the process.
- Insurance: The high-risk work also requires you to get insurance in place. Apart from covering your assets like heavy machinery you’ll need insurance relating to customers’ property and even your team’s safety. Make sure you have all the liability cover in place so a simple mistake on site won’t ruin your business.
Few entrepreneurs have the capital to start a business without help and that’s especially true for this industry. The equipment you need to deliver your service is expensive. Other expenses include:
- Marketing to get your brand noticed
- Finances to secure bids
- Employee salaries and general expenses while you wait for payments
You can apply for financing, in which case a good business plan will serve you well. You can see how all our tips complement each other and why you can’t skip any step in the plan.
Get Your Gear and Assemble Your Team
Now you can finally get the equipment you need to perform the work. At the start you can decide which items—such as excavators, safety gear, cranes and more—you should purchase and which to hire.
For your team you can gauge whether it makes more financial sense to hire employees full time or use contractors. With the latter you will have fewer salary expenses while you still build your company. Once you gain momentum you can create the winning team that will work for you in the long-term.
Final Thoughts—Be Realistic
You’re entering and exciting industry that will help Melbourne communities for years to come. Construction is also stimulating because each project is unique and there’s always a challenge to find a solution for. However, to be successful in this market, understand the difficulties you’ll face, so you don’t enter the business with naïve expectations. And since you’ll work with people every day of your life, analyse your personality strengths so you can use them to further your career.
What is your biggest challenge in this industry at the moment?