There are many considerations when setting up a contracting firm, from the welfare of your employees to how you will market your brand. To achieve success, there are a few simple steps that you can follow to reduce the risk of problems and ensure that your business runs into its second year and beyond.
Step 1: Develop contacts
Before any successful contracting firm can become established, it is essential to build up a list of contacts which can help to support your firm. You should consider looking into mentorship schemes to help to build your business under the guidance of an experienced professional. You can also aim to network with other contractors in your area who may able to share advice about starting up and what to expect. You should also try to network with other businesses that may be able to provide referrals to your own business. You should even look at internet guides and resources which may help you to overcome problems and find contacts near you.
Step 2: Take out insurance
It is incredibly crucial that contracting businesses take out the relevant insurance as you are liable for your client’s safety at all times. It is crucial that you check you understand and meet contractor insurance requirements before you open for business. Contractors can get sued for negligence, injury and damage. Therefore, as stated by UK business insurer Hiscox, it is vital that you take out the right level of professional indemnity insurance to protect your businesses’ profits and your financial investment.
Step 3: Get licensing
To start up a contracting firm, you need to hold the right license before opening your business. You will need more specialised licenses than other companies depending on your trade. For instance, tradesmen licenses for electrical work and construction. Getting a license in advance of your business opening is vital; it will ensure that your business does not get shut down and that you do not run into any other problems. You can check on the UK Government websitefor the type of license you will need.
Step 4: Create a marketing campaign
You should also consider how to create an efficient construction marketing campaign to spread knowledge about your business. For instance, you should think about creating a professional and concise website. It can help your potential customers to find your company and get information relating to your whereabouts and services. The best sites create a great first impression to your customers and present you as a reliable and trustworthy company for the services that they need.
Step 5: Think about health and safety
When you are a contractor, it is also important to consider health and safety regulations related to contracting businesses, as the nature of the work that you are performing can be dangerous. You should check the Construction Skills Council for full health and safety information. You must make sure that you and your employees have full knowledge of these before you begin.