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.
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.
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.
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.
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.
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.
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.
Interview with Omar Choudhury: The 22-Year-Old Million Dollar Business Growth Expert
Many people dream to build a million-dollar company, but only a few achieve it. Omar Choudhury aka “Omar Connects,” built his first million-dollar agency seven months from starting. Now a business growth and marketing pro, Choudhury has gone on to build multiple million-dollar companies and has been a go-to advisor for many well-known entrepreneurs, businesses, and investors.
How Did You Do It?
Having generated millions of dollars for his first agency, Omar began to consult other 7-9+ figure entrepreneurs on their social media branding and growth strategies. From talking with these high-net-worth individuals, Omar realized that their mindset was completely different from the clients who were scared to even invest $1K into his service.
So he sought after the highest ticket service he could sell and formed Connects Clout – The top media and PR consulting agency for the world’s elite entrepreneurs, businesses, and influencers. With their inside information and connections, Connects is able to help these individuals create the top 1% of social media pages.
What Keeps are You Going?
Despite being known for his work ethic, Omar’s internal values and morals are what often made him stand out in the marketplace. A man of God, and with his main goal in life to ensure his Mother is taken care of in his early twenties, Omar has inspired many others to look outside of just making money for themselves and start to do things for their soul.
Omar plans to build a charity in the future, and plans to speak on more live stages inspiring others to live their life to the fullest.
- Interview with Omar Choudhury: The 22-Year-Old Million Dollar Business Growth Expert August 16, 2022
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