Start Your Own Construction and Contracting Business: Your Step-by-Step Guide to Success

Start Your Own Construction and Contracting Business: Your Step-by-Step Guide to Success

by The Staff of Entrepreneur Media, Rich Mintzer

Paperback(Third Edition)

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Product Details

ISBN-13: 9781599185910
Publisher: Entrepreneur Press
Publication date: 07/12/2016
Series: StartUp Series
Edition description: Third Edition
Pages: 136
Sales rank: 294,033
Product dimensions: 7.00(w) x 8.90(h) x 0.40(d)

About the Author

For more than 30 years, Entrepreneur Media has been setting the course for small business success. From startup to retirement, millions of entrepreneurs and small business owners trust the Entrepreneur Media family — Entrepreneur magazine, Entrepreneur.com, Entrepreneur Press, and EntrepreneurEnEspanol.com — to point them in the right direction. The Entrepreneur Media family is regarded as a beacon within the small to midsized business community, providing outstanding content, fresh opportunities, and innovative ways to push publishing, small business, and entrepreneurship forward.

Rich Mintzer is an expert in making complicated topics reader-friendly, including business, technology and environmental concerns. He has written more than 45 nonfiction books on a wide range of topics. He has also spent 20 years as a magazine journalist and the past several years writing and producing web content. Mintzer lives in Mount Kisco, NY.

Table of Contents

Preface xi

Chapter 1 The Contracting Industry 1

The Players 3

Economic Importance 5

Wrap-Up 6

Chapter 2 Why Become a Contractor? 7

Contractors Are Important to Their Communities 8

Do You Have What It Takes?-Part I 9

Do You Have the Proper Background? 10

Formal Education 11

On-the-job Training (OJT) 11

Lloyd Price 12

Discipline and Determination 12

Self-Confidence 13

Good Health 13

Excellent Time Management Skills 13

Do You Have What It Takes?-Part II 14

Continuing Education 15

Tools 16

Learn the Lingo 17

Money Issues 17

Management Expertise 19

Wrap-Up 22

Chapter 3 The Business Plan 25

Business Plan Software 29

Mission Statement 30

Financing Your Business 30

Venture Capitalists 30

Angel Investors 31

Debt Financing 31

Credit Unions 32

Small Business Association 32

Wrap-Up 33

Chapter 4 Law and the G-Man 35

Business Structure 36

Accounting Methods 38

Bankers, Lawyers, Accountants, and Insurance Agents 39

Coping with the Government 40

Employees or Subcontractors 42

Employee Benefits 42

Health Plans Can Offer Tremendous Benefits 43

Documentation and Receipts 43

Wrap-Up 45

Chapter 5 It's Moving Day 47

Open Your Office and Shop 48

Space: The Next Frontier 49

Office Specifications and Details 50

Communications I 50

Communications II 51

Communications III 52

Computers 52

Office Supplies 53

Tools and Equipment 55

The Bureaucracy 55

Credit Cards 56

Supplier Credit 56

Banking 57

Start Me Up 57

'Tis the Season 60

Wrap-Up 60

Chapter 6 Financial Techniques for Profitability 63

The Tools to Make a Budget 64

Accounting Tools 65

Why Set a Budget? 66

Costs First 66

Direct Costs 67

Fixed Costs 72

Variable Costs 75

Overhead 77

Break-Even Point 80

Budget Overview 80

Preparing the Estimate 80

Profits: The Bottom Line 83

Wrap-Up 86

Chapter 7 Contribution Margin and the Impact on Profits 87

How to Calculate Contribution Margin 88

The Doctor Is In 91

Wrap-Up 95

Chapter 8 Promoting Your Services 97

Get Your Website up Immediately 98

Web Layout and Design 100

Establishing an Online Presence 101

Self-Promotion 102

Demographics 103

Print It! 103

Word of Mouth 105

Too Much of a Good Thing? 106

Wrap-Up 107

Chapter 9 Get a Job 109

The Employee Handbook 110

Applications and Hiring Forms 111

Job Descriptions 111

Minors Are Major 112

Wages and Benefits 112

Turnover 115

Organizational Chart 116

Wrap-Up 118

Chapter 10 Errors and Omissions 119

Failure Is Not an Option 120

Client Complaints 121

The Nightmare Client 123

How to Handle Client Complaints 124

Reliable Suppliers 125

Know the Enemy 126

Hiring Subcontractors 127

Wrap-Up 128

Chapter 11 PANIC is Proper 129

When to PANIC 130

Lets PANIC Now 130

P Is for Perseverance 130

A Is for Accounting 131

N Is for Natural Ability 131

I Is for Instinct 133

C Is for Communication 133

But, What If…? 134

Put Me in, Coach 134

The Beginning 135

Appendix Construction Contracting Resources 137

Books 138

Construction, Remodeling, and General Contractor Magazine Websites 138

LinkedIn (linkedin.com) Group 139

Government Resources 139

General Business Websites 139

Cellphone Information 139

Contractor Resources 140

Listings and Places to Post Your Services 140

Accounting Software 140

Find Your Credit Rating 140

Credit Rating Bureaus 140

Education/Industry Links 141

Architecture 141

Engineering 141

Construction Industry Associations 141

Information and Tools 142

Social Media 142

Social Media Management 142

Glossary 143

Index 147

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