Some people know they want to operate their own business and self-manage. However, they have yet to decide what type of business. If your passion lies in home repairs or home building, launching a construction business might work for you. Let’s consider the many other reasons why a construction business is a top choice for a fledgling business owner.
1. Work Opportunities Abound
More than half of homeowners – 55% – renovated part of their home last year, according to Today’s Homeowner. To put that in context, the U.S. has 84.6 million homeowners, so last year offered 46.53 million construction projects. Although some homeowners handled the renovations themselves, that still left a multitude of work for construction firms.
2. Construction Offers Many Specialties
When you enter the construction industry, it offers many specializations. You don’t have to become a general contractor. Plumbers, electricians, roofers, carpenters, flooring installers, excavators, foundation experts, and masons work in construction and many establish their own company. You choose the specialty that interests you and complete the schooling, licensing process, and apprenticeship needed to work professionally in the industry.
3. Consider Related Industries
Many U.S. homeowners focus on home improvements that help them save money in the long term. Companies in related industries, such as heating, ventilation, air conditioning (HVAC) and home security, also fall within the broader definition of the construction industry. For example, insulation installation offers lots of work because high-quality insulation helps homeowners save an average of 15% on their home comfort costs, according to Energy Star.
4. Construction Offers a Huge Target Audience
Some firms in the industry focus on a specific audience, such as residential, commercial, or industrial. Other companies work on projects for all three building types. In construction, you can choose to work in renovation, building construction, additions, or all three. Perhaps you enter the construction equipment industry, which offers a $150 billion market, according to Global Market Insights.
5. Expected Industry Growth
Bureau of Labor Statistics forecasts project a 5% growth rate in the construction field by 2029. Many new businesses will answer the call of the 55% of homeowners in the nation making home improvements. Depending on your business’ specialty or niche, you could land a lot of work in your first year in business.
6. Leverage the Support of Many Industry Support Organizations
Even though you may open your first construction firm with little experience running a business, the construction industry provides plenty of support organizations and so does the U.S. government. Explore the U.S. Small Business Administration (SBA) and U.S. Bureau of Labor Statistics (BLS) websites, and publications by Fails Management Institute, Data USA, the Construction Marketing Association (CMA), and the local construction industry. Trade unions offer valuable information and continuing education.
7. Make a Positive Community Impact
Construction firms help their community maintain safe, secure buildings. They contribute to curb appeal throughout an area. Many firms work with charities that provide safe housing to those who cannot afford it, such as Christmas in April, also known as Rebuilding America, and Habitat for Humanity.
8. An Easily Expanded Business
Some construction firms begin as a sole proprietor company, hiring freelance contractors when needed to undertake large jobs. Others start with a full crew after taking out a business loan. You can also start a construction firm with a staff that falls between those two extremes. Construction offers scaling of services, too, so you can start with a specialty in flooring and then add drywall or painting as you grow.
In Conclusion
Find your niche and decide which type of construction business could offer you the most work by studying what existing local home builders offer. The construction industry offers many more careers than just those related to building or renovating. If you can’t hammer a nail, consider entering the area of construction equipment or building design. Construction lets an individual start with on-the-job training and build a career that can include business ownership.
