By Our Reporter,
Nigeria is a gold mine for business opportunities, almost anything has a market in Nigeria. Young entrepreneurs are springing up every day in search of the latest most profitable business ideas. One of such businesses includes the construction business. In both developed and developing countries, the demand for construction is ever on the high, roads need to be built and maintained, houses need to be built and renovated all the time.
If you are good with tools or you are handy with gears, you can do more than just repair your roofs and renovate your backyard, you could monetize your skills, experience and build a large construction company. This is a great opportunity to create your own business especially for people who are seeking self-employment, be your own boss and set your own working hours.
However, even if you are planning on starting a small construction company, you must have it in mind that starting a building company requires commitment, careful planning and good groundwork. You do not expect to start doing federal road projects in 3 months or buying caterpillars and tractors immediately. Nonetheless, with good management it could be possible. The following are the steps to start a construction company;
CREATE A BUSINESS PLAN
It is mandatory to create a business plan, it helps you organize yourself properly, it will give you a highlight on what you want to achieve. Creating a business plan can also help you stay focused towards achieving your dream. If you are planning on seeking out an investor, your chances of getting an investment depends to a large extent on how much prospect your business plan shows. Therefore, your business plan must contain relevant information like; Financial target, time frame, employment plans e.t.c.
This is an obvious step towards starting any meaningful business. You must seek for adequate funds to start up a construction business, you need capital to acquire a space to store your equipment. There are various ways to get funds in Nigeria, you could either take a loan from the bank, seek for a partner who has got cash or you can also find investors.
FIND A GOOD LOCATION
Finding a good location for your office space and warehouse. You will need a good location to store your equipment, parking space for your vehicles and also office space for your key staff. It is always advisable that you start your business from your home at the early stages, this will save money and costs for a later time.
REGISTER YOUR BUSINESS AND LEARN THE RULES
Registering your business not only gives you reassurance, but it also gives your clients a guarantee of your company’s authenticity. You must register your business with Corporate Affairs Commission or any other commission around your state or city because, not everyone will give out a contract to a company that is not registered. Hire a Lawyer to take you through this process or preferably you could always do it yourself, walk into any CAC office arounfd your area and follow the steps they will lay out for you.
PURCHASE NECESSARY EQUIPMENTS
The next step is to purchase necessary equipment for simple building or construction projects. There is a lot of competition in the Construction line if business, you must make your presentations stand out with creative architecture and plans. Buy the necessary equipment that will enable your own construction company stand out.
EMPLOY CREATIVE STAFF
I will advise that you employ a civil engineer and an architect, or preferably you could partner with them. You will also need to employ the services of a lawyer, to take you through the laws behind contracts and the legalities in the business. An accountant will also be needed to do tax reviews and payments but still keep your financial standing balanced, he/she will do audits at the end of each successive business year, eliciting out vital documentations for such audits.
ADVERTISE YOUR BUSINESS
Social networks and the internet has made this part of the Job which used to be a whole lot more difficult, now a whole lot more simpler. However, the traditional method of advertising on radio stations and newspaper still reach a lot of people, they hardly get to the right audience. Websites are more in trend now, a website generally represents your company in the public and it has now been looked at as a way to distinguish serious businesses. Social networks also serve a great deal, create accounts for your company on different social network platforms such as; facebook, Instagram, Vconnect, Twitter e.t.c. A simple post boost on facebook for as little as #360 can get a lot of views from the right audience and it will only be a couple of time before Jobs begin to come in.
KEEP UP TO DATE ON THE LATEST ARCHITECTURAL TRENDS
You will agree with me when I say that it is not the same type of structuredesign built in the 80’s, which people want built in this recent times. Times are changing and things are changing with them, you must also change your style if you are going to keep up with competition. People want their buildings to stand out amongst the rest around, be it a bank, a fashion house, a shopping mall or a museum, people want the best and you must be able to offer the best in both quality and creativity.
This is a very important aspect of the business, you must know what equipment you have, when they are deployed, how many were deployed and how many were returned. Constant misplacement of equipment could cripple your company’s finances if it becomes to frequent, ensure that every tool and equipment that is taken out of the inventory, is returned back to the inventory immediately a job is completed.Do not buy anything that you do not need, no matter how insignificant the price is, it sometimes becomes a habit of business owners to buy equipment that they have no immediate use for.
The construction business is a gold mine for people who are well committed and ready to give a 100 percent towards promoting the businesses. So now you know the details on starting the business, I wish you luck in your business endeavor.