industrial diesel generator<\/a>, or other heavy equipment, you’ll soon find they’re very expensive.<\/p>\n\n\n\nThere are companies who sell and lease the equipment you need, and both options have pros and cons.<\/p>\n\n\n\n
Pros of purchasing: you own your own equipment. Con: it’s prohibitively expensive and you’ll need deep pockets.<\/p>\n\n\n\n
Pros of leasing: more affordable in the short term. Con: more expensive in the long run if you never end up owning them.<\/p>\n\n\n\n
Decide which option is best for you. Of course, you can always change your mind.<\/p>\n\n\n\n
5. Getting SBA Loans<\/h2>\n\n\n\n
Speaking of cash, SBA loans can help a small business get off the ground. SBA loans provide startups with a variety of loan amounts and low-interest rates.<\/p>\n\n\n\n
Plus, there’s a guarantee of 85% on the SBA’s behalf. If your company ends up being unable to pay for any reason, the SBA will cover your costs up to 85%.<\/p>\n\n\n\n
Here’s your guide to the three SBA loans you’ll want to look into:<\/p>\n\n\n\n
SBA CDC\/504 Loan<\/h3>\n\n\n\n
Best for companies with large, upfront expenses (like equipment). You can borrow up to $5.5 million and take up to 20 years to pay it back.<\/p>\n\n\n\n
SBA 7(a) Program<\/h3>\n\n\n\n
With this loan, you can borrow up to $5 million but you have more flexibility in what you use it for.<\/p>\n\n\n\n
SBA Microloan Program<\/h3>\n\n\n\n
Need just a little bit of money to start your new company? The microloan program is perfect for those who need less than $50,000.<\/p>\n\n\n\n
These loan programs might be the difference between success or failure. Keep them in mind when looking for capital for your company.<\/p>\n\n\n\n
6. Hiring the Best People<\/h2>\n\n\n\n
The construction industry offers several options when you’re looking for competent employees. You can hire full-time staff or contractors to staff your construction company.<\/p>\n\n\n\n
As with everything, there are pros and cons to both options.<\/p>\n\n\n\n
Pros of contractors: less expense up front. Cons: they might not be available when you need them.<\/p>\n\n\n\n
Pros of full-time staff: familiarity with work practices and reliable. Cons: paying a full-time salary can take up your budget at the beginning.<\/p>\n\n\n\n
At the end of the day, look for the employees that meet your budget and your staffing needs.<\/p>\n\n\n\n
7. Marketing and Advertising<\/h2>\n\n\n\n
Budgeting for marketing might not be in your plan for starting a construction company, but this bit of advice is going to give you an edge over your competitors.<\/p>\n\n\n\n
Put money aside for marketing and advertising to generate awareness and leads for your companies. Things like social media can be a way to get free exposure and purchasing ads there doesn’t have to cost a lot.<\/p>\n\n\n\n
Focus on doing good work, make sure all the word of mouth you generate is great, but also market your company. A little effort goes a long way!<\/p>\n\n\n\n
Tips and Tricks for Your Construction Business<\/h2>\n\n\n\n
Getting your construction business up and running doesn’t have to be difficult. With these tips and tricks, you’ve got a great guideline to get you started.<\/p>\n\n\n\n
If you need more templates and forms to stay organized or just want to stay on top of business news, we’ve got you covered. We’ve got a great database of all the forms you’ll need to set up your successful business venture.<\/p>\n\n\n\n
Plus, we’ve got the latest on business news for construction companies. Read to stay on top of what’s going on in your industry!<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Whether you’re handy around the house, have had an apprenticeship or on the job experience, or are just looking to start a lucrative business, construction is a safe bet. As one of the biggest construction markets in the world, the US is poised for profit in this sector. Previously stalled projects are firing up again, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"_links":{"self":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts\/1289"}],"collection":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/comments?post=1289"}],"version-history":[{"count":1,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts\/1289\/revisions"}],"predecessor-version":[{"id":1291,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts\/1289\/revisions\/1291"}],"wp:attachment":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/media?parent=1289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/categories?post=1289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/tags?post=1289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}