Construction is a thriving industry. The number of projects done and money made in this sector goes up every year. With that in mind, it’s not surprising that more people are getting into the business.
Building a construction business can take time, but that time can equal big rewards. If you aren’t sure that this is the right field for you, consider these seven top-rated reasons why you should start a construction company and see if you change your mind.
1. Job Security
The construction sector has experienced steady growth for the last few years, and people always need new buildings and houses. There’s also a backlog of construction work to be done at present because of the pandemic. That’s a good indicator that work will be available for your construction company.
If you stay on top of seeking out jobs, you can maintain a steady workflow. That kind of job security isn’t available in every field, and it’s a major reason to start a construction company.
2. High Earning Potential
It’s not uncommon for the owner of a construction company to make well over $100,000 a year. Depending on where you live and how good your company is, you could make over $200,000.
That’s a lot of earning potential when you consider that you don’t need a degree, or even a huge amount of experience, to open a construction company. The potential to earn a lot of money is one of the main reasons people choose to open construction companies, so you won’t be alone if that’s your deciding factor.
3. Making Life Easier
It might not be something you think about, but construction companies make life easier for people.
Building an office creates more potential jobs. Building a house increases the odds that someone can find their dream home. Building a hospital increases access to medical care.
Every person and business needs a building to exist in, and you can create that building. Your work will have a sense of purpose, and that’s not something every industry provides.
4. A Degree Isn’t Necessary
People march off to college to get a degree every year while high-paying trade jobs sit empty. Construction is one of those jobs, despite being a field that can be more profitable than a college degree.
Both you and your employees can benefit from a construction company without needing a degree. Because none of you will need to take on student debt, and you all have the chance to start beneficial careers without clouds hanging over your heads.
5. Starting Is Easy
Getting started is fairly simple. You need a business plan, a funding plan, and the necessary licenses and permits.
Your business plan explains your goals, your services, how much money is needed to achieve your goals, and how soon a profit can be expected. This document is what will help investors decide to fund you.
Your funding plan, or financial plan, explains how much money you need and where it’s going to come from. This stage is where you decide if you want to seek investors, loans, or grants.
What licenses and permits you need will depend on where you are. In Virginia for example, you need a Class B Contractor’s License to do work totaling more than $10,000. That’s a stark contrast to Tennessee, where you don’t need a license at all until you hit $25,000.
Determine what is legally required in your state, and keep in mind that it never hurts to become a contractor at the beginning to avoid problems later on.
6. Staying Active
This is a short reason, but an excellent one. It’s easy to stay fit and active in the constriction industry. Who doesn’t want to get paid to stay fit instead of paying for a gym membership?
7. New Challenges
The construction industry is filled with new challenges. New approaches, equipment, and techniques are always being developed. That means there will always be new and exciting projects you can undertake.
New and exciting projects keep boredom at bay, so you can be content in this field for years to come.
Now You Know
Now that you know why you should do it, you can take the first step to start a construction company. Become a contractor. This gives you the skills you need to run your business and stay on the right side of the law.
You become a contractor by taking and passing the contractor’s exam. In several states, including Virginia, you need to take a prep course to be eligible for the exam. Take the pre-licensing course now to start your journey.
As a general contractor you know that there are risks inherent to your job. Even a well-managed and tidy construction site is full of hazards. From unfinished and uneven surfaces to simple human errors, things can and do go awry. And while you protect yourself with the right gear (hardhats, harnesses, etc),Contractor Insurance helps protect you and your business.
The course covers all the necessary material to receive your Class A, B, or C license and comes with a no pass-no pay guarantee. In just eight hours you can learn what you need to know to ace the exam.
The seven top-rated reasons you read about in this article are just some of the many pros to starting a construction company. With a little effort, it’s an endeavor that’s sure to bring you success.