By Lanee’ Blunt
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| Start your own construction business-- Hbrinkman |
Starting a constructioncompany can be a profitable business if you have experience and can fix orremodel residential or commercial properties. You must understand contractdocumentation and must know your area of expertise, for example utilities,heavy grading, and site development. You can go to school for constructionmanagement or you can learn from experience, or you can start with another firmas an intern with 3 or more years experience before starting your own company.
You must set up yourbusiness as a legal entity. Decide which form of ownership is best for yourparticular business: sole proprietorship, partnership, Limited LiabilityCompany (LLC), corporation, or S corporation.
Apply for an employee identification number (EIN) with the federal government. Fill-out the necessaryforms and send them back to the federal government and they will return it toyou with your EIN number.
Get the licenses and permitsthat you need to run your business. Most small businesses will need a generalbusiness license or specific operating permits from your state and localgovernment. Get insurance for your business to insure you and your companyagainst claims of personal injury and property damage.
Draw up a contract for yourcompany to use for clients. Define the scope of work, payment, and workschedule. Do not rely on a verbal contract and make sure that you geteverything in writing before you begin.
Reference:
Small Business BC:Considerations for Starting Your Construction Company; Candice Macalino; 2010
Entrepreneur; Starting aBusiness as a Remodeling Contractor; Paul and Sarah Edwards; 2004