Running a business is not easy by any means. It’s not different for local concrete contractors. It is not enough to be able to pour concrete; you need other skills and strategies in order to make your business work. As a new concrete contractor, it is important to know what you need for success.
Knowing what key elements make up a successful business and the common pitfalls that many contractors fall into when they are just starting out will put you ahead of so many struggling business-owners.
Creating a business plan
A business plan is basically a blueprint for your business. It is a document which tells you the steps that you need to take in order to make it successful.
It includes analysis of the local market- including competitors and demand, costs and projections, staffing considerations, and a marketing plan.
It is imperative that when starting out, concrete contractors create an outline of what they want their company to become and how much money they are going to need in order for it to work out.
This will help you see if there is room in the market that isn’t being filled by anyone else, and it will also give you an idea of how much money you can realistically spend on starting your company.
Even simply writing a description of your business and the core values can help bring clarity during this process.
As the old saying goes, “if you don’t plan, you plan to fail”.
Create a marketing plan
It is recommended that you create a marketing plan so that people know who you are and what services your company provides. Having a clear business plan helps with creating your marketing plan.
You’ll be sure about what your unique value is in the marketplace, you will have defined your niche as well as the core values that drive your company. We spoke to a concrete company in Oahu and they explained that after understanding their market, they decided their niche would be as a concrete driveway contractor Oahu.
The clearer your message, the easier it will be for customers to pick up on it.
You’ll need to create an online presence so you can reach more potential clients and build your brand. A brand helps you be more memorable in the community. It also establishes trust.
Creating social media pages and profiles for the company works as well. . These are great tools for doing outreach in an authentic way because they allow you to post content about the work you are doing for your clients.
Getting clear about your numbers
This is one of the biggest reasons new businesses fail. Many concrete contractors jump from job to job only vaguely aware of what their expenses are or if they are even operating at a profit.
This includes calculations for the cost of all raw materials and how much money each job will bring in.
You should be clear about your monthly expenses, and how many jobs at which profit margin you will have to complete in order to meet your financial obligations.
Build an Infrastructure for Rapid Growth
So often when a new business starts to get momentum, they end up overwhelmed. This is because they failed to put in place systems for each part of their business, from scheduling appointments, sending out quotes, to billing and more.
What they fail to realize is that those systems should be in place before they start growing so that they are ready to take on more and more clients without sacrificing quality.
Successful business owners know they cannot do it all. Along with building systems early on, it’s important to bring in people to take over some administrative tasks. This ensures you aren’t letting things slip through the cracks. It also frees you up to keep your eye on the big picture and provide quality work.
If you are thinking about starting your own concrete business, it is important to think ahead and understand what needs to happen before the first project starts.
It can be helpful for small contractors to read books about entrepreneurship. You can ask an expert consultant/accountant how they would set up their company’s books if they were just getting started.
You can also reach out to your local small business resource center for help. They can answer any questions you have and provide you with resources and mentors too.