Thinking about starting a contracting business? You’re in luck. Because according to many market watchers, now’s the time given the steady rise in the construction industry’s value over the next three years.
Before you start, however, first be aware that the process of starting a contracting business is not that much different from starting any other business, you’re still going to need to think about all the associated costs, business strategies, hiring, and incorporating and registering.
But to get you started, here are some essential steps to starting a successful contracting business.
Licensed, Bonded, and Insured
To begin, you need protect yourself, your assets, and your clients by procuring and maintaining the appropriate government permits, business insurance, and surety bonds (click here to check out the SBA.gov’s website about which ones you’ll need).
Additionally, obtaining the proper paperwork to perform contracting jobs is a necessity if you plan to advertise your business on jobsites. Otherwise, they will not do business with you.
Become Familiar with Construction Regulations
If you are planning to start a contracting business, then you are probably already aware of how heavily the construction industry is regulated. From energy efficiency to safety regulations, it’s important that you are compliant and knowledgable. To read more, here’s a link that covers all the details of how each regulation may apply to your business and employees.
Start a Occupational Health and Safety Plan
Under OSHA’s rules and regulations, all construction workers need to be provided with a safe work environment that is free of hazard. So it is vital to your business that you follow these occupationally set regulations, and develop a occupational health and safety plan. To learn more about the process, you can read more on OSHA.gov.
If you are familiar with the construction industry, then you know that there are four main sources in which to procure labor: hired employees, subcontractors, labor brokers, and independent contractors.
So because of this, the law dictates how you deal with each as employed labor. For each group you pull from, you will need to be up-to-date as to how you pay out wages, provide benefits (if any), comply with laws pertaining to the specific employment, setup contractual agreements, pay brokers and so on. Knowing the difference can make a huge difference in how you run your business, and the success it garners.
For some additional information on hiring, you can read here how different classes of employee are paid, classified, and any taxes that may be involved.
For more information on how we can help you, please feel free to contact us any time.
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