The construction industry offers many opportunities for an entrepreneur to start a lucrative business. Before taking the leap, however, an article in Construction UK magazine suggests that the would-be owner should carefully consider four factors that can lead to success or failure.
The first is a study of the market and the external factors that influence it. A current example is the impact of inflation and its knock-on effects.
Next is an analysis of starting costs and a plan to cover them. This includes finding ways to secure necessary funding which may include some form of business partnership to spread costs.
Securing necessary tools and equipment is a vital step and the way it’s done can have tax and financial impacts. Consideration also should be given to stockpiling commonly used materials to mitigate the impact of shortages and inflation.
Finally, marketing the business is essential and ‘word-of-mouth’ recommendations by satisfied customers are the most effective way to market a new business.
A recent article in Compact Equipment magazine explored the difference and offered some guidelines for selecting the best balance for various applications.
Read moreThe Construction Index reports that April marked the third consecutive month of construction output growth in Great Britain according to the Office for National Statistics.
Read moreAccording to a recent Construction Briefing article, the Hamburg Commercial Bank Purchasing Managers’ Index declined to 45.6 in May from April’s 46.0, with any score under 50 representing a decline in activity.
Read moreA recent article in Compact Equipment magazine explored the difference and offered some guidelines for selecting the best balance for various applications.
Read moreIn an article in Construction Briefing magazine, Ace Construction Equipment (ACE) executive director, Sorab Agarwal, cited India’s 6.5 percent annual GDP growth rate and expanding domestic and international markets for the company’s success.
Read moreRental attachments are an often-overlooked profit builder, and smart management is the key to a better return on your investment. A recent article in Pro Contractor Rentals magazine offered four suggestions for running a smarter rental yard.
Read moreExecutives at major North American lift manufacturers anticipate product demand to soften moderately in 2025.
Read moreThe event will allow industry experts to share insights on a range of issues, OEM trends and current and emerging technologies.
Read more
