However, even though it is a path that many have done before, it’s still easy to see why many construction workers get nervous about taking the leap towards working for themselves. After all, there is quite a bit that could go wrong! But if you follow all of these tips, you can be sure that your move from full-time to self-employed construction work will be a huge success.
Register As Self-Employed
Before you start trading as a self-employed individual, you need to register as one. This is so that you are registered for tax and that the tax man knows you will need to submit a tax return each year. Registering your business also means that you can legally trade and employ any employees that you may need.
Apply For Any Required Financing
As you will need to buy and hire a lot of equipment and machinery, setting up as a self-employed business or construction manager can be extremely expensive. The chances are that you won’t have all the money you need in your savings. So, the majority of people who start out in the construction industry tend to rely on loans and other forms of financing. If you do need an injection of cash, you need to start applying for loans before you start setting up your business. Some startups require financing for their first few years, so don’t expect this to be the only loan you rely on!
Build Up Your Supplier List
All construction businesses need a long list of suppliers who they can rely on to provide them with various materials, tools, and equipment. It’s a good idea to build up a list of suppliers with numerous firms and companies who you can call whenever you need anything. For instance, most builders have a vehicle rental company in their contact list for tipper hire those days when they need to rent a tipper truck today for urgent work. Other companies you need in your books include a raw material supplier and scaffolding firm.
Start Your Marketing Campaigns
All companies need to do some form of marketing these days, no matter what industry they are in. Even the construction industry needs to do a bit of marketing! This is so that as many people as possible find out about your company. One of the cheapest ways to market your new construction company is to create social media profiles where you can post your latest news and updates. As well as using modern marketing methods, it is also worth sticking to some traditional methods as well, such as taking out adverts in local newspapers.
Setting up a new construction company and going self-employed isn’t too difficult. It’s certainly worth your consideration as you will gain a lot more independence compared to sticking with your current employer!
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