The construction industry is one of Australia’s largest sectors, and is growing at a steady rate. If you’re thinking of starting up your own earthmoving business, then now could be a great time to do so.
However, there are many things to consider when starting up your own business, no matter what industry you’re in. But with some planning and hard work, you’ll be able to make sure your earthmoving business thrives.
To help you get started on the right foot, here are eight important steps you can choose to follow.
Step 1. Find your niche
Define your niche or specialty – something that sets you apart from your competitors. It may be your professionalism and expertise, your customer service, the wide range of services you offer, or your unmatched pricing. Think about what you can do that others can’t replicate.
Step 2. Decide what services or products to offer
What direction do you want to go in with your new business? Will you only offer excavation services? What about landscaping? Maybe it’s a combination of both? Selecting your services and products will help you determine the type of equipment you will need and the personnel you may need to hire.
Step 3. Create a business plan
A new business can sink or swim based on the strength of its business plan, so don’t skimp on the details. Your business plan should include your objectives, a marketing strategy, and a financial budget. It’s important that you make achievable short-term and long-term goals.
Step 4. Finance your business
All new businesses require an investment of capital. This is especially true for an earthmoving businesses when you factor in the likely need to purchase equipment and heavy machinery. Talk to your bank or financial advisor early about your borrowing capacity.
Step 5. Obtain the necessary permits
Before you can launch your earthmoving business, make sure that you have obtained all the necessary local licences and permits required to perform the jobs you plan on offering. For example, you may be required to hold a valid contractor’s licence.
Step 6. Promote your business
As a brand new business in a competitive industry, you will benefit from promoting your business at every opportunity. Use digital channels such as social media, a company website, and email marketing.
Step 7. Network with industry stakeholders
Putting time and effort into developing relationships with key stakeholders is an important part of running any successful business. Make sure to network with suppliers, contractors, industry regulators and industry veterans, because it can pay dividends over time.
Step 8. Manage your risk
As you prepare to start your new small business, it’s important to have a risk management strategy. BizCover offers business insurance for earthmoving businesses, including Public Liability insurance. Having the right kind of insurance can help you when you’re faced with the unexpected, giving you peace of mind.
