6:24 PM
Lanee' Blunt
By Lanee’ Blunt
 |
| Start your own construction business-- Hbrinkman |
Starting a construction
company can be a profitable business if you have experience and can fix or
remodel residential or commercial properties. You must understand contract
documentation and must know your area of expertise, for example utilities,
heavy grading, and site development. You can go to school for construction
management or you can learn from experience, or you can start with another firm
as an intern with 3 or more years experience before starting your own company.
You must set up your
business as a legal entity. Decide which form of ownership is best for your
particular business: sole proprietorship, partnership, Limited Liability
Company (LLC), corporation, or S corporation.
Apply for an employee identification number (EIN) with the federal government. Fill-out the necessary
forms and send them back to the federal government and they will return it to
you with your EIN number.
Get the licenses and permits
that you need to run your business. Most small businesses will need a general
business license or specific operating permits from your state and local
government. Get insurance for your business to insure you and your company
against claims of personal injury and property damage.
Draw up a contract for your
company to use for clients. Define the scope of work, payment, and work
schedule. Do not rely on a verbal contract and make sure that you get
everything in writing before you begin.
Reference:
Small Business BC:
Considerations for Starting Your Construction Company; Candice Macalino; 2010
Entrepreneur; Starting a
Business as a Remodeling Contractor; Paul and Sarah Edwards; 2004
Posted in: Start Up
