Business
The Pros and Cons of Starting a Construction Company in 2020
It’s almost impossible to go anywhere these days without seeing some kind of construction taking place. It might be the road outside your neighborhood being repaired, the house across the street adding on an extra bedroom, or your favorite shopping mall getting an entirely new wing.
With so many projects taking place at all times, would it be worth your while to get a piece of the pie and jump into the construction world? Is now a good time to start a construction company?
Let’s run through the pros and cons of starting a construction company in 2020.
The Pros
Why not start off positive with our list of pros.
Plenty of Work
When it comes to construction, there are plenty of projects to go around, especially in large, metropolitan areas. States like New York, California, Texas, and Florida all enjoy strong economies, low unemployment rates, and plenty of money available to be invested in construction projects.
It doesn’t matter if you’re in residential or non-residential construction, there is plenty of work to go around.
Future Growth
According to the U.S. Bureau of Labor Statistics, construction jobs are on the rebound and by 2026, the industry is set to be employing nearly eight million people.
That means that construction is not just a solid job to enter into now, but it’s going to be a job that doesn’t go away over the next decade. You can expect continuous work for many years to come.
Job Control
No matter how small you start out or how big you grow, you’re going to have more control over your job and the work you do.
As the head honcho, you can decide which projects to take on and which projects to stray away from. Some projects are going to attract multiple construction companies and you’ll have to improve your bidding skills, but you still have control over what you do and where you do it.
You’ll also have control over the types of construction tools you want to use, such as an Aurand deck crawler, and other details like whether or not you want to buy the vehicles you use for each job or simply rent the vehicles you’ll need per job type… Plus, it’s way more cost-effective to rent a flatbed truck than to buy one… and you have full control over that.
High-Earning Potential
OK, let’s talk about money.
Even if you love your job, you may not be able to do it forever if you’re not earning enough cash, right?
When it comes to the construction industry, there is great potential for current and future earnings. Even if your company specializes in a certain trade, you can expect to earn at least $50,000 a year, if not more.
Construction bosses can expect to earn well into six figures over time.
Providing Value and Filling a Need
While having high-speed internet and a great TV are important, humans really only need a few things to survive: food, water, access to medical care, and a roof over your head.
In construction, you can take solace in knowing that you’re filling a dire need in the community and helping people live better lives. Even if your company specializes in electrical repair, you might not be building a house but you’re making sure the lights stay on.
The Cons
We can’t have a pros list without a cons list, unfortunately. What are the biggest cons in the construction world?
Work is Concentrated in a Few Places
Even though there is plenty of work to go around in the country itself, the majority of that work is found in only 10 states.
Other states like Alabama, Mississippi, and Minnesota are actually experiencing negative growth in the construction world. So it’s vital to choose a great location for starting your business.
Lack of Skilled Workers
While you may start off small and do most of the work yourself at the beginning, eventually you might want to grow and hire more and more people.
However, it can be quite hard to find skilled workers in the construction world. Skilled workers to fill trade jobs are becoming scarce and some estimates say that for every four people that retire from a specific trade, only one enters to fill their spot.
Legal Hoops
One of the most annoying parts about starting a construction business is making sure you follow all the legal guidelines.
You have to get the right insurance, obtain a business license, and make sure you have all the correct permits. The challenging thing is every state is going to have its own set of guidelines, so what may work for a friend in Tennessee might not work for you in Kentucky.
Business
Turning Tragedy into Triumph Through Walking With Anthony
On the morning of February 6, 2010, Anthony Purcell took a moment to admire the churning surf before plunging into the waves off Miami Beach. Though he had made the dive numerous times before, that morning was destined to be different when he crashed into a hidden sandbar, sustaining bruises to his C5 and C6 vertebrae and breaking his neck.
“I was completely submerged and unable to rise to the surface,” Purcell recalls. “Fortunately, my cousin Bernie saw what was happening and came to my rescue. He saved my life, but things would never be the same after that dive.”
Like thousands of others who are confronted with a spinal cord injury (SCI), Purcell plunged headlong into long months of hopelessness and despair. Eventually, however, he learned to turn personal tragedy into triumph as he reached out to fellow SCI victims by launching Walking With Anthony.
Living with SCI: the first dark days
Initial rehabilitation for those with SCIs takes an average of three to six months, during which time they must relearn hundreds of fundamental skills and adjust to what feels like an entirely new body. Unfortunately, after 21 days, Purcell’s insurance stopped paying for this essential treatment, even though he had made only minimal improvement in such a short time.
“Insurance companies cover rehab costs for people with back injuries, but not for people with spinal cord injuries,” explains Purcell. “We were practically thrown to the curb. At that time, I was so immobile that I couldn’t even raise my arms to feed myself.”
Instead of giving up, Purcell’s mother chose to battle his SCI with long-term rehab. She enrolled Purcell in Project Walk, a rehabilitation facility located in Carlsbad, California, but one that came with an annual cost of over $100,000.
“My parents paid for rehabilitation treatment for over three years,” says Purcell. “Throughout that time, they taught me the importance of patience, compassion, and unconditional love.”
Yet despite his family’s support, Purcell still struggled. “Those were dark days when I couldn’t bring myself to accept the bleak prognosis ahead of me,” he says. “I faced life in a wheelchair and the never-ending struggle for healthcare access, coverage, and advocacy. I hit my share of low points, and there were times when I seriously contemplated giving up on life altogether.”
Purcell finds a new purpose in helping others with SCIs
After long months of depression and self-doubt, Purcell’s mother determined it was time for her son to find purpose beyond rehabilitation.
“My mom suggested I start Walking With Anthony to show people with spinal cord injuries that they were not alone,” Purcell remarks. “When I began to focus on other people besides myself, I realized that people all around the world with spinal cord injuries were suffering because of restrictions on coverage and healthcare access. The question that plagued me most was, ‘What about the people with spinal cord injuries who cannot afford the cost of rehabilitation?’ I had no idea how they were managing.”
Purcell and his mother knew they wanted to make a difference for other people with SCIs, starting with the creation of grants to help cover essentials like assistive technology and emergency finances. To date, they have helped over 100 SCI patients get back on their feet after suffering a similar life-altering accident.
Purcell demonstrates the power and necessity of rehab for people with SCIs
After targeted rehab, Purcell’s physical and mental health improved drastically. Today, he is able to care for himself, drive his own car, and has even returned to work.
“Thanks to my family’s financial and emotional support, I am making amazing physical improvement,” Purcell comments. “I mustered the strength to rebuild my life and even found the nerve to message Karen, a high school classmate I’d always had a thing for. We reconnected, our friendship evolved into love, and we tied the knot in 2017.”
After all that, Purcell found the drive to push toward one further personal triumph. He married but did not believe a family was in his future. Regardless of his remarkable progress, physicians told him biological children were not an option.
Despite being paralyzed from the chest down, Purcell continued to look for hope. Finally, Dr. Jesse Mills of UCLA Health’s Male Reproductive Medicine department assured Purcell and his wife that the right medical care and in vitro fertilization could make their dream of becoming parents a reality.
“Payton joined our family in the spring of 2023,” Purcell reports. “For so long, I believed my spinal cord injury had taken everything I cared about, but now I am grateful every day. I work to help other people with spinal cord injuries find the same joy and hope. We provide them with access to specialists, funding to pay for innovative treatments, and the desire to move forward with a focus on the future.”
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