Starting a construction business is not for the faint-hearted. It will demand much of your time, money and dedication. However, if managed properly, having a construction business can be rewarding. It will give you freedom and satisfaction financially, professionally and personally.
BUILDERS BUSINESS ACADEMY
WHY SO MANY START-UPS FAIL
Put simply: businesses fail because most small business owners lack basic commercial management skills, whether it be financial know-how, sales and marketing techniques, dealing with subcontractor problems and awareness of regulatory and legal frameworks.
Moreover, estimates are that only 3 to 5 percent of Australian small businesses starting from scratch prepare a business plan – that is, assess in a methodological way whether or not their business idea is feasible and then put in place a formal plan to operate that business. The reality a lot of business owners spent more time planning their wedding or their 40th than they did planning their business… Don’t let this be you.
THE GOOD NEWS
You can avoid all those common pitfalls. In fact, you’re in the enviable position of being able to set up your business right, right from the start. All it requires is the following:
AWARENESS
Take stock of your current skill-set and knowledge. Be honest with yourself. Where are the gaps?
EDUCATE YOURSELF
Now that you know where your skills are lacking, do something about it! Be prepared to do lots of reading (start with our blog). If the gaps are large and you don’t really know where to begin, you may want to consider our small business training program.
TAKE ADVANTAGE OF AVAILABLE TOOLS
There are some great business tools out there, from financial management to project management tools to customer relationship management systems. Again by setting yourself up right from the start, you’ll be ahead of the curve and it will save you lots of sweat and blood down the road!
SEEK EXTERNAL HELP AND ADVICE IF NEEDED
You don’t have to go it alone. In fact, you probably can’t go it alone. Consider outsourcing certain specific tasks such as bookkeeping, build solid relationships with your banker, accountant and any other professionals involved in your business, exchange ideas with other business owners etc. And find a business mentor or coach.
