Considering starting a contracting company? You do not have to be a business genius to recognize that this is a field that can be incredibly lucrative and always in demand. This means that you could make a lot of money from this business venture, you shouldn’t find it too hard to find ongoing work, and you can enjoy rewarding and varied work. As with any new business venture, success is not guaranteed, and a lot of hard work will be involved in getting the business off the ground. Keep reading to learn more about starting this business venture.
Business Planning
First, you need to establish your niche within contracting or whether you plan on offering a range of services. Once you know what services you will offer, you can start market research - this will help you understand your competitors and target market to find ways to stand out and attract customers.
Once you have conducted detailed market research, you can write a business plan - there are templates for this online. The business plan will help to guide you in the early stages and can be used to secure funding.
Initial Investments
Speaking of funding, you will need to calculate your startup costs and consider your funding options. Numerous startup costs can be involved in this field, including necessary tools within portable toolboxes so that you can begin work on your first contracts. You may also need a van as a form of transport, specialist equipment, business software, insurance, marketing, etc. You could use saved capital or look to external funding, including bank loans, investors, and crowdfunding.
Setting Up as a Business
To set up your business, you will need to decide on a legal structure (sole trader, limited company, or partnership). It is a good idea to read up on the differences so that you can make an informed decision. You will then need to register your business with HMRC. Additionally, be sure to take out insurance for financial protection. There are many hazards and threats in this industry, but you can get specialist insurance that protects against all risks in the trade for complete protection and simplicity.
Branding & Marketing
Finally, you need to develop a brand and promote your business. You should have a professionally designed website with a portfolio (be sure to keep this updated) and use social media to raise awareness and engage with potential clients. Old-school marketing strategies like word-of-mouth referrals and leaflets can be highly effective in contracting.
Starting a contracting company could prove to be a smart and lucrative move, plus it can be rewarding and interesting to work on different projects. It is also a tremendous amount of work and hard to get off the ground, so the advice in this post should prove to be useful.