Overview
While brimming with startup potential, the construction industry is notorious for a high rate of new business failures within the initial five years. However, with adept management, you can avoid these pitfalls and set your construction company on a path to enduring success.
Even amid industry fluctuations caused by external factors like weather changes, the demand for construction remains constant—whether it’s erecting buildings, bridges, or manufacturing facilities.
Crafting success in construction
To thrive in the construction business, consistency in researching, planning, financing, and delivering satisfactory projects to clients is imperative. Here, we delve into these essentials from the outset to cultivate the growth of your construction enterprise.
Choosing your construction focus
Diversification can dilute efforts. Specialisation is key to excellence. Select a niche based on your expertise or a recognised gap in your local construction landscape. Areas of focus typically encompass residential, commercial, infrastructure, and industrial builds.
Residential buildings
In the residential sector, your clients may range from individual home buyers to large-scale developers. Specialisation can define your success, whether you are constructing houses, apartments, or duplexes or engaging in remodels and home extensions.
Infrastructure
This sector focuses on critical elements like roads, bridges, and water systems to enhance community liveability. Typically government-funded, such projects often span several years, requiring a solid foundation in construction management.
Industrial
This broad sector caters to diverse clients like investors, developers, and business owners, from retail spaces to industrial plants. Specialised expertise becomes invaluable when engaging in medium to large projects.
Identifying your niche
Often, standing out involves specialising further. Whether it’s expertise in old home restoration, eco-friendly buildings, or catering specifically to high-rise apartments, finding your niche sets you apart in the market.
Researching your local market
Understanding your local market’s demographics, needs, and gaps is crucial. Analyse existing businesses and assess competition, pricing, and reputation. Anticipate future growth or slowdown in construction demand.
Conducting construction market research
Leverage free resources, industry reports, and customer feedback to understand local needs better. Engaging potential clients through surveys, interviews, or focus groups to grasp their requirements and preferences.
Drafting a comprehensive business plan
Incorporate your research findings into a detailed business plan outlining your structure, services, target market, financial projections, and marketing strategies. Templates can aid in covering essential aspects.
Registering and complying
Register your business, obtain necessary licenses, and adhere to local regulations. Secure appropriate insurance coverage and understand taxation requirements to operate legally.
Securing funding
Beyond initial startup costs, assess ongoing financial needs. Explore various funding avenues, such as loans, grants, or private investors, to sustain your business during the initial stages.
Equipment, subcontracting, and tools
Plan your equipment needs—purchase versus rental. Delegate tasks efficiently through subcontracting and invest in construction management software for improved efficiency.
Managing finances and growth
Delegate bookkeeping and financial management while building a capable team, investing in business growth, and relentlessly focusing on delivering quality work.
Building for success
Nurturing a skilled team, investing wisely, prioritising quality workmanship, and continuous improvement lay the foundation for a thriving construction business. Stay dedicated to growth and customer satisfaction to ensure a successful and enduring venture.
How we support
Join us on this empowering journey as we celebrate diversity and empower women to thrive in the exciting construction world!
Boosting the careers of women in building & construction
Providing women in the building and construction industry access to support, encouragement and advice from experienced individuals through a virtual or face-to-face mentoring relationship.
Meet the Women Building Australia Ambassadors
Industry leaders are passionate about changing the industry for the better by getting more women into careers in building and construction. Their personal stories and experiences show that they lead by example.
Meet the Women Building Australia Influencers
Our Women Building Australia Influencers are trades-people who understand and experience the realities of working in the industry, are immensely successful and have a great passion for building and construction.
Mentoring support for female business owners
Business coaching offers experienced mentors providing tactical support for female business operators to help them navigate key issues confronting their business.
Useful links
NSW Small Business Commissioner The basics of starting a business
Business.gov.au Guides to help your business
Master Builders Business Start-Up Booklet
Mentoring support for female business owners
Business coaching offers experienced mentors providing tactical support for female business operators to help them navigate key issues confronting their business.