When it comes to growing your construction company, you have two choices: keep on doing what you’re doing and hope that you can expand, or craft a plan for growing your business through strategic objectives.
Considering launching a startup construction business? Right now, many construction markets are hot, so it’s a good time to strike. However, breaking into the construction business, as with many other industries, can be difficult.
Why do businesses fail? According to the Bureau of Labor Statistics, only about half of all businesses that started in 2010 survived to see their 6th year. Clearly, many businesses are successful. However, many businesses fail as well. Every experienced small business coach and manager knows that there are many risks for small businesses, but new owners may frequently overlook them.
As with any year, you can expect to see the construction industry go through a few changes in 2018. Trends are always shifting, especially when new technology is introduced. If you’re in the construction industry, you know you have to watch these shifting trends and adapt to them as soon as you can to stay competitive. If you’re ready to get a head start on understanding these trends, here are some experts predict will be popular in construction this year.
With the ever-changing dynamics of the construction industry, keeping up with new trends is essential, and can help your business save money, improve operational efficiency, and ultimately expand in a competitive market. 2018 promises a multitude of new trends, specific to technological developments in the construction sector.
During the cold winter months, construction jobs are often few and far between. This can be especially true if you live in the northern part of the country where the snow and ice storms can make it impossible to even get to the job site. The holiday season also often slows down the number of jobs and the availability of your crew. Add to this that your clients whose fiscal year follows the calendar year and you have the makings of a very slow season for your business.
Starting a small business is exciting, liberating, and unfortunately, expensive. Depending on the industry type and market economy, you may need thousands of dollars in startup money and loans. Starting a construction company, for example, requires one to purchase incredibly expensive tools and machinery before opening their doors. Following equipment, a small business owner must have the funding to hire employees, cover office space, and more. Where can you raise all of this money from?
The old way of reaching out to prospects and promoting your business is no longer effective. Customers have gotten better at tuning out sales messages. They use TiVo to skip through commercials and ad blockers to block brand messages.
You may be a small business, but your ambitions are anything but that. You want to help people solve a problem they’re facing and improve their lives. You want to accelerate your growth but not by being overly aggressive but through adding value. Still, how can you compete with the big wolves in the industry and grow your customer base?