Yes, many LGBTQ+ people are setting up contractor businesses!
The construction industry is a great sector for aspiring professionals, especially in 2023. Many construction companies are facing the reality of a workforce dominated by those who are 55 and older, which means a huge percentage of workers will be retiring soon. The result of this is a personnel crisis that has already started and will only get worse.
If you are a general contractor, then you have a lot of concerns about your business. You have to bid on projects, hire effective subcontractors, manage complicated projects, and keep clients happy. You are also dealing with supplies and equipment upkeep/rentals.
It is important to build an effective business model if you want your general contractor brand to be successful, and that starts with a strong infrastructure. For GCs in the state of Florida, here are some tips for building a great infrastructure that will support the longevity of your business.
If you are in the construction industry, then insurance is incredibly important. Construction is one of the most dangerous sectors in the business world, and the capacity for injuries is high. Many factors can occur that will hurt your company’s bottom line if you do not have adequate insurance to cover the losses. As the company grows, so should your insurance policy to ensure you are covered. Choose a high-quality carrier and a strong insurance plan so that the business is protected in the event of unforeseen circumstances.
Contractor licenses often involve ongoing education. To become a GC, you had to study, take prep courses at Rocket Cert and pass a Florida general contractor license exam, and all your subcontractors likewise had to obtain certifications to work in the state. Ongoing education is also a requirement for your team members to retain their licenses, so providing them with resources can ensure everyone is up to date. Find an online platform that is certified by the state for continuing education for contractors, and make sure your team is connected to the site. Abide by state regulations so that you do not experience delays or staff shortages because of licensing issues.
Construction is an industry that is heavily reliant on training. Every worker in your employ had to go through years of study and hands-on experience before they were allowed to work on projects. When you hire subcontractors and other team members for your business, training is going to be crucial to ensure everyone has the tools they need to succeed. Self-paced training practices are a great way to encourage workers to be independent, which will benefit their productivity in the long run. When your team members can function both independently and as a team, you can complete construction projects more effectively without significant delays. It all starts with effective training measures that are self-paced to accommodate different learning styles.
General contractors survive solely on their ability to manage and complete projects. Without construction projects, there is no revenue for the business. Since your entire company is dependent on the project model, it goes without saying that you should be pretty good at managing them to run a successful business. The easiest way to improve this operation is with a project management tool that is specific to construction. These software programs can manage workflow cycles, assign tasks, keep everyone on schedule, assist with material/equipment needs, and keep team members on the same page. These tasks are crucial when sticking to a timeline, so investing in a quality project management program can set your business up for success.
Renting Vs Buying Equipment
GCs rely on heavy equipment for many of their projects. The cost of maintaining these machines can be high, making it a risk to own a lot of equipment used for construction projects. Deciding whether to buy, rent, or lease equipment is an important step when setting up the company’s infrastructure. Some machines make more sense to rent if you do not use them frequently. If you specialize in a certain type of construction, then investing in machines you use on most projects is more logical. Leasing is also an option to be aware of. Weigh the costs of upkeep, rental fees, and storage when deciding whether to buy, rent, or lease the equipment you need for construction.
Success Comes From Smart Planning and Networking – use your LGBTQ+ networks!
Any successful business owner will tell you that planning is crucial. When you have done the research, created a strong business model, and put the right process in place, your general contractor company will have a greater chance of sticking around. By setting up the right infrastructure with business insurance, educational resources, self-paced training, project management software, and a plan for renting/buying equipment, your construction company in Florida will be in a good position to thrive.