If you’re planning on building hotels, strip malls and hundreds of homes, right off the bat, you might need a lot more capital to start a construction business. If you’re planning on starting a construction business and working your way up, by working on smaller jobs and then advancing to the larger ones, you might not need a lot of money to get your construction company off the ground.

I started my construction company with less than $500 worth of tools. All the tools that I owned had already been purchased and I was using them daily. I had a saw, drill, hammer, tape measure, wheelbarrow, ladder, trowels, shovels and a stapler. I had a few more tools, but these tools were enough to build my first 16′ x 16′ room addition with a wood shake roof.

The money that I made from my first job, allowed me to buy more tools and do more advertising. After my first job, I did other jobs like it, home repairs, bathroom remodeling, installed doors and windows, roofing, siding, decks, patios, concrete, and skylight installations.

The construction business doesn’t require a lot of capital and most of us have already bought the tools that we need. If you think about it, all you need is a contractor’s license, a place of business, a vehicle and your tools. You’ve already got the education and know how to do the work, so what are you waiting for.

Read the rest of this entry »

To start a construction business, first you have to learn the basics. There may be times when you feel like giving up, but given the construction project management business requirements’ know-how, you will surely make it as a successful entrepreneur and manager.

What’s in a name?

First of all, you will need to have a name that concisely describes your company’s services. You may strongly take into consideration a company that goes as a Subchapter S Corp. (Sub S) or a Limited Liability Company (LLC). As you craft a legally recognized company name, you will then be able to shield your personal assets shall there be claims or lawsuits versus the company.

Aside from this, you also have an advantage when it comes to taxes as you give your company a name which uses LLC or Sub S. Since the loss or profit out of the business can be passed to you as well as to the other owners (if there are), you can file it as a normal income. And now, because a Sub S or LLC does not pay any federal or state income tax, you do not receive double taxation.

Read the rest of this entry »