If you’re thinking of building your own business in the construction industry (pun intended), then here are five reasons why you should.
Starting up any business is a challenge – but here are five reasons construction is such a promising industry for entrepreneurs:
1. The Innovation Game
The construction industry is famous for shying away from innovation, but this only means that there are more opportunities to offer a unique proposition as a startup.
Harnessing relevant technologies and software solutions (or even better, coming up with them) can give you a competitive edge – generating profits through efficiency.
As a lean and forward-thinking startup willing to embrace technologies and other opportunities that come from smart collaborations, there’s a space for you in the industry to offer something different – which is always a good thing.
2. Industry Growth
There has been plenty of evidence published recently to suggest that the construction industry has been enjoying a period of fast growth.
Improving order books and a general rebound in business conditions helped lift construction output to the highest level since March 2016.
The construction purchasing managers’ index also rose to 54.2 in December 2016 from 52.8 in November, seeing 2017 start on a strong footing. Much of this growth stemmed from housebuilding, with work on civil engineering projects also gathering pace.
Overall, some nice, positive growth signs for the industry. Referring back to point one, if you have something unique to offer then there is plenty of both opportunity and growth potential to tap into!
3. Access to Finance
Starting up a business in construction is not cheap. Whether you need to hire contractors, staff or machinery, or develop software, you need upfront cash to get your idea off the ground.
When it comes to accessing finance, there has never been a better time to start your own business. There are more options available than ever before and the government’s Start-Up Loan programme has proven to be extremely successful, helping 40,000 businesses (many of them in construction) establish themselves through the provision of more than £250m worth of loans.
As a delivery partner of the government’s scheme, here at Transmit Start Ups, our start-up loans service helps those starting up in industries that require an upfront cash injection. Our unsecured fixed-rate fixed-term loans of up to £25,000 can be used on those big-ticket items – ultimately making starting up possible.
4. Build Your Own Success
“If you don’t build your own dream, someone else will hire you to help build theirs” – Tony Gaskins Jr.
In the case of working in construction, this is quite literally true. Starting your own business gives you the chance to apply your own methods and way of thinking to each project. You get to choose who you work with and the jobs you want to take on, and your job security is in your own hands – you run the show and control your own destiny.
5. Straight from the horse’s mouth
If you’re still unsure whether going it alone is for you, it’s always useful to hear from someone else who has been through the journey.
Dr Tanya Ewing, entrepreneur and owner of bespoke magnetic secondary glazing company Glaze and Save said: “I’m from a family of entrepreneurs and innovators and this is undoubtedly where my own passion for bringing new ideas to life came from.
“Before starting Glaze and Save I had worked on a number of projects looking to improve energy efficiency measures in the built environment. This included embarking on my first journey as an entrepreneur to successfully bring my own invention, energy management system Ewgeco (now NetThings), to market.
“It’s safe to say I had caught the entrepreneurial bug and when I came across Glaze & Save and its innovative technology I knew it had huge potential as my next new venture. It was a case of right place, right time for me, as the inventors didn’t want to take the technology to market as it wasn’t a good fit for them – so I bought the idea and developed into the company I have today.
“Our products can help people and businesses reduce their energy usage by almost a third – all while keeping original windows. Our polycarbonate glazing system, InvisiTherm, is virtually invisible from both the inside and outside of a property and is a completely reversible and de-mountable product. There’s no damage whatsoever during installation or removal. This means there’s no planning permission needed either – a significant USP for us.
“Our loan from Transmit Start-Ups gave us the ability to scale up. We could move into our warehouse, take on new staff and the support generally made a massive difference to the way the business could be operated. The huge amount of business support offered is invaluable to those starting up.
“Today, we’re in our third year of trading and the business really has gone from strength-to-strength. Innovation in the construction industry is so important and our products are just one example of how improvements in the industry can be made.”
Construction output in the UK is more than £110bn per annum and the industry accounts for approximately three million jobs. If you’re interested in becoming your own boss and starting your own construction business, find out more about Transmit Start-Ups and the work they do at www.transmitstartups.co.uk, call 0845 094 3670 or email firstname.lastname@example.org.