Starting a company, no matter the industry can be stressful, intimidating, and time-consuming. In fact, it almost always is. Taking an entrepreneurial spirit and going out on your own, creating something you believe in takes a lot of heart, motivation, and determination. But success in the construction industry, in particular, takes a lot more than simply recognizing you have talent and drive. Marketing and business acumen, of course, are necessary in order to succeed, as is resilience. If you are thinking about starting a St George construction company, you may already be aware that less than 50% of startups exist after 5 years. You may also be generating strength and a positive outlook with the information that the majority of employment in the United States is made up of people working for small businesses. If all of those business owners can succeed, why not you? Our advice for success is to not focus on what others are doing to succeed, but rather to understand what others are doing to fail.
The 5 most common reasons small businesses, including St George construction company startups, fail are the following: unexpected growth, personal use of business funds, over-investment in fixed assets, insufficient capital, and insufficient business experience. How do you avoid making these mistakes? Here are some proven things you can do to help your small St George construction company grow and thrive over time.
Don’t Do It Alone
Get experienced people to share and teach their knowledge with/to you. Things like bookkeeping, tax and labor laws, payroll, finances, projections, and complex business plans need to be understood in order for your St George construction company to succeed. Consider forming a partnership if you feel that your knowledge in these areas is insufficient. Join together someone else’s business acumen with your talent and combine forces. We’re not saying that finding the perfect business partner is easy because it isn’t, but we are saying that you should certainly consider how teaming up with someone or a group of people would help your business succeed. There are also a lot of resources online that you can take advantage of to help you learn the ins and outs of starting a St George construction company, or any business in any industry for that matter.
This may be obvious to you if you’ve already been thinking about growing a small St George construction company, but it still needs to be mentioned here. In order to secure financing, develop your brand, and grow customer confidence, you absolutely must be licensed, bonded, and insured. It’s also important to keep your contractors and business licenses current.
Name Selection and Brand Development
The feel of your company needs to be established in addition to, of course, a name. The culture and tone that you set for your St George construction company from the very beginning is very important. You must maintain a positive environment with positive, uplifting, and motivational feelings. To do this, you need know the services and products you offer are unique to the marketplace, what market you’re targeting, and who you are in general. Selecting the right name for your St George construction company and how you’re going to brand yourself is extremely important to long-term success for small and large companies.
Get the Assistance of a CPA
Don’t try and do everything all by yourself. Let people who specialize in certain areas help you, particularly a CPA. Consult with a few local ones and feel them out. Having a CPA help you with payroll, taxes, and general accounting is a must in order for a small St George construction company to succeed. If you feel you can handle the accounting on your own, that is up to you. But it is recommended to have a professional do it so it gets done right and you can focus on other things.