So, the market has started to stabilize a bit and you’ve decided that you love working in the construction industry. It is your dream to begin a business of your own and you need to find out what to do to accomplish this. You’ve listened to your co-workers and your employer for years and you know that this is the one thing you could do to make a living.
Now you need to figure out the steps to be in business and get some financing to get going.
Financing is not going to be easy
After the crash of the mortgage industry, it took a big chunk out of the construction and painting business. All levels of success have suffered and in the process, people that love what they do, have taken on many more levels of experience just to make ends meet. So, walking into this industry will bring many things to your business.
First, you better be diversified in your values and experienced to get by.
Second, you had better love what you are about to do. It’s going to take a big amount of time to break into the industry.
Third, if you have already started with small things, make sure you have all your licenses in place and be prepared to get continuing education to step into more specialized fields and stay competitive in this market.
Fourth, financing will be a process.
Fifth, you will need a merchant account to process payments for debit and credit transactions. Construction falls into the High Risk Merchant account area.
Joining the SBA or small business administration is good thing. Having them behind you makes your business appear secure, steady and prepared for the future. Every little bit helps. Just know that working with them does not insure that you will get financial assistance, but they will direct you into the areas that can help. http://1.usa.gov/13AvzlL
They have banks and loaning institutions that will assist with loans and applications for the construction industry. Follow their pathways and they can and will get you the help you need. You will assign a counselor, or mentor, to get you on your path and he/she will answer questions when you have them arise.
They will also send you down the roads you need for licensing and permits and classes that you may need to keep going in your industry.
If this isn’t what you were after
Like most of us, you need an income now. This dream of a construction business may take everything you have. So make sure you have back up for an income while you build your dream company.
If anything is worth having, then it is worth your time. If you want this bad enough, you will work for it. So, take the other steps you need to do.
Since the SBA is not what you were looking for, the next step is research. Finding the money to finance this venture.
Start online and compile your list of places that you want to go to. Do yourself a favor, when you go to their place of business….. look nice. Wear your going to church clothes. This will insure a nice reception from them and you can accomplish something.
DO not fill out application after application. That counts against your credit score. Have a list of questions ready to ask the person that works with you. Be ready to do business, but know that you could be turned down again and again. Don’t whip out the social security number until you know that you have potential to get the finances you are after.
Keep thinking…… Walt Disney did 101 banks before he found the one that created his giant of an industry. You may not be Walt, but in your mind this is a giant leap for your future. Guard it, work it, and be prepared.
Look at things in a non-traditional manner
Online research will also find ways to get financing that the banking industry does not normally deal with. So, do your research and see what is out there. Make sure you don’t give anyone your personal information until you know they are on the up and up. The state has registrations of businesses that are not frauds and the Better Business Bureau has lists of businesses that really exist.
Take your time. Your business is your dream. Don’t kill it before it even gets off the ground. Nothing worth having is worth wasting before it gets started. Do your research and take your time. Keep an income going before you blast onto a scene that you aren’t prepared for yet. Be diligent and be prepared. Make lists and scratch off each step as you get there. Be smart and prepared. This is your dream and you want to get it off the ground without drowning. Good hunting to you.
Blair Thomas is an electronic payment expert, who loves all things finance and planning. He is also the co-founder of eMerchantBroker.com, the #1 high risk processing company in the country. But when he’s not running his business he’s more than likely exploring his other passions; music, mountain biking and camping. If you would like to see what he’s up to, check him out on Facebook.