Is There Money To Be Made In Construction?

The simple answer is yes, and there’s a hell of a lot of it to be made if you go about things the right way. Do it wrong, and you’ll come crashing down just like so many others have. Just keep in mind the great fall of Carillion, one of the biggest construction companies in the world. So whilst it is easy to think you’ll always be on the up, construction does also have a few risks that we’re going to talk about today. But first, let us discuss why one of the biggest industries in the world, construction, is one of the best fields to go into if you’re looking to make a ton of money. 

The Work 

To set up a construction business, you will have most likely of worked in the construction industry for awhile yourself. You might have been a site manager, a bricky, or even just someone who worked in the office for another big construction company. Once you’ve had your eyes open to the world, and the possibilities of construction, then you’ll no doubt have gone on a conquest to go it alone. But going it alone in construction is really hard. Most of the people you’ll be fighting against will be self employed, and looking to push for growth when it comes to their own business ventures. Yes, there are millions of jobs worldwide that are being delayed because of the demand on construction workers, but it doesn’t make it easy to get the job. Just like with any business, you need to build a reputable company and work from the ground up. You’ll most likely be begging for jobs to begin with, but if you market yourself right and build your business, you should find companies coming to you. 

The People You Employ 

The people that you employ are one of the main reasons why your business will be so successful and easy to manage. Most of them will be self employed coming from the construction background. Being self employed gives them the drive to work and earn as much money as possible. To begin with, you should always look to sub contract people rather than signing them up to anything. The last thing you need is the complications of people on your payroll. Going about hiring subcontractors is so easy as well, there’s just so many of them about! It might also be worth hiring construction security to protect the job you’re working on. So many companies fall victim to theft on a construction site, you don’t want to be taking any risks if your business has tools that cost thousands being left on the site. All you then need to do is make sure you’re following the correct procedures to cover your back when it comes to hiring actual subcontractors. You must always make sure they’re health and safety trained, have the correct construction card to be able to get on site, and at least have had some experience doing the job you need them to do. Part of the reason why subcontractors are so easy to manage is because they do manage themselves. As you get more established you could look into hiring trainees and apprentices, but in the beginning you’ll do fine with just experienced subcontractors. 

The Troubles Of A Construction Site 

If you haven’t worked on a construction site before, then you won’t realize truly how many setbacks their can be. You won’t be running the site, and your company will most likely only play one part in a big role. For example, you could be the bricklayers, or window fitters etc. Everyone has to work in unison to make sure that everyone can start their jobs when they need to. But do you think this always happens? No it doesn’t. There are constant delays due to so many different factors. The people doing the job before you might not be as efficient as you, they might not do the job properly causing it to have to be redone, and the weather can actually affect whether some jobs can be done. The site managers play a big part in how efficient things are done, but it’s often the site managers who cause so many problems. 

The Risks 

There are always risks involved with setting up any company. With construction, there’s always the risk of not being able to make enough money to keep the business afloat. As we’ve said, you’ll be competing with many different companies all over the world. If they beat you, you’re left without work. The best thing you can try and do is to build a reputable brand and market yourself well. Yes, a construction company does have to market themselves, and the better you do at it the more money you’re going to make. There’s also the risk of coming under scrutiny if you’re not following the correct safety procedures. It can actually get a lot of companies removed from a job if the staff they’ve hired to do the job are causing danger to themselves.

Follow these steps and suggestions to maximize the chance of success for your construction business

I hope you enjoyed this article about how to make money with a construction business.

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