I’ve interviewed Tomas last week. He owns a tree service and also used to operate a construction company in the area. I’ve asked him several questions and one of them was about his struggles as an young entrepreneur.
He told me about 5 things he did when starting his first company.
Read below and get to work!
Both residential and commercial construction is one of the few industries, that is in constant demand. With so much competition however, it is important for entrepreneurs to understand the resources that are not only available to them, but that will also help them reduce startup costs. Below are a few ideas that every entrepreneur should keep in mind when thinking about starting a new business.
- Know your facts! While the demands in the construction trade are high rising, it is imperative to know who you are competing with. For instance, a simple google search will allow you to identify competition in your area. It might not be a good idea to to start a window installation company, when there are five of these companies located within your immediate five to ten-mile perimeter! Understanding your threats, is essential to building new clientele while maintain reasonable profit.
- Research resources: Did you know that there are thousands and thousands of dollars sitting in your local city and state’s treasury just waiting to be used? That’s right! There is free money available to entrepreneurs, small businesses, woman, and minority owned companies. Investing adequate time in research can be tedious, but may allow you to save tons of the money in the long run. Don’t miss out on claiming what is yours!
- Utilize free tools: Most of us are aware, that technology is expanding on a daily basis. Part of this technology includes social media. Creating free company pages or portfolios is a simple and effective way of reaching hundreds or even thousands of people in your surrounding areas. Facebook, Twitter, LinkedIn, and Instagram, are just a few of the many tools that are available at your fingertips!
- Networking provides a very effective tool for gathering promising job leads. While there are companies that charge an arm and a leg for exposure, there are other sites that provide the same benefits at no cost to you. Many states offer free listing and bid invitations for government, education, and federal construction projects. Simply sign-up, insert your company details, and check your inbox for exciting opportunities! In addition, search for groups of people that have similar interests as you. Most times, other business owners, feel more comfortable providing leads, to people they have met face-to-face with. Don’t be shy, give it a try!
- Work from home! Most new companies, do not have enough business coming in, in an effort to afford renting office space. There are many requirements needed in order to start a new business. Working from home until you have a well established clientele, have completed all the local and legal requirements, and have a solid marketing campaign; is the way to go! The average company, takes one to three years to start seeing the results of their hard work, and to start earning the profit they were looking for. Don’t be discouraged, as many others have been able to gain success by following these simple tips! Consistency and determination are the key to success in this industry!