The building business in Wirral is growing once again. In fact, residential building construction was considered one of the fastest growing industries for small businesses in the United Kingdom in 2017 based on an increase in housing demand. According to statistics, six of the ten fastest-growing industries among small companies were tied to construction in some way including architects, real estate agencies and contractors.
The corporate construction market is also experiencing growth once again. Statistics have estimated that there will be a period of growth in commercial construction in the UK for the next five years. The demand for office space and the increase in disposable income has increased the need for retail buildings; therefore, now is the best time to enter the building industry if you are interested in construction. This article will provide information on considerations to make if you are interested in running a builders business in Wirral.
We’ve been handling all forms of building on the Wirral for many years including House Extensions & Home Extensions. In the course of our many projects, we’ve encountered virtually every sort of building requirement and learned exactly what’s required to meet it. We’ve built up a dependable team of experienced professionals who possess all of the skills necessary to satisfy our client’s demands. Builders Wirral
1. Gain Help And Mentoring
It is important to note that you do not need to enter the construction world alone. In fact, many small business assistance programmes are set up to help start-up construction companies learn about the planning process and during the first ‘getting started’ phase. SCORE Mentors is beneficial as they pair workers with mentors from the construction industry at no cost to either individual. Moreover, business outreach centres tend to run mentorship sessions, workshops and classes on financing to help the new entrepreneur.
2. Accessing Financing
If you do not have any access to a traditional bank loan or savings, then you may be interested in an SBA loan programme. More financial alternatives for contractors include community banks, credit unions or a line of commercial credit.
3. Being Licensed, Insured And Bonded
It is important to protect yourself, your Wirral company and potential clients by ensuring you have the correct licenses and permits for a building company. Business insurance and surety bonds are also recommended to increase the level of customer or worker protection.
Business licenses and permits typically need to be obtained in addition to a general business license for contractors to operate. For instance, a tradesman license is necessary for electrical gas fitting, HVAC, plumbing and other types of construction trades. It is recommended that you review the licensing requirements with the local business license office or headquarters.
Surety bonds are typically required by construction companies to operate legitimately. The surety bond can be obtained from a third party who agrees to pay the client if you do not fulfil all of your work obligations according to a contract. Bond regulations will differ according to the location; therefore, it is recommended you research your area’s requirements or speak to a surety bond agent. If you are unable to obtain a surety bond via a commercial channel, there are various programmes that can help one gain a surety bond guarantee.
Dependent on the type of construction work in Wirral and whether workers are employed directly, you may require different types of business insurance including property insurance, general liability insurance and vehicle insurance. All areas require businesses to hold one type of insurance including the workers’ compensation insurance or unemployment and state disability insurance policies. For more information, it is recommended that you contact an insurance agent to discuss these policies.
4. Learn About Construction Industry Regulations
Ranging from workplace safety standards to energy efficiency, the construction industry has numerous regulations. To ensure you stay within the realm of industry regulations, it is recommended that you research and learn about the relevant standards.
5. Develop An Occupational Health And Safety Plan
The Occupational Safety and Health Act states that all construction workers are offered a safe and secure work environment free from identifiable hazards. To ensure your construction site meets these requirements, it is important that you have the correct occupational health and safety plan available and are meeting it.
6. Hiring Labour
Labour in the construction industry comes from four separate sources – hired workers, subcontractors, labour brokers and independent contractors. To begin as an employer in the construction industry, it is important that you review all of the relevant legislation and tax ramifications associated with hiring contractors.
As can be seen, there are various factors that need to be taken into account when running a builders business in Wirral. By using the information above, you can be sure to run a successful construction company.