The paving business is a fast-growing industry that provides expertise in paving hardscapes for both commercial or residential concerns. Pavers can work directly with customers or they can subcontract their work with major contractors in the area. Starting any business can be a daunting task. It requires a lot of time, attention and, especially, money. Before starting a business, do the necessary research, determine how much time and money you’re willing to commit to it and advertise and network in your area for the necessary contacts.
Before starting a paving business, first determine what the competition will be like for you in your locality. If there is a glut of paving businesses in your region, you might have to consider starting your business in another area that will provide you with better business opportunities.
Do your research. Talk to other paver business entrepreneurs to get advice and tips or to ask questions. Make sure you approach businesses outside your area of competition, as those within your area might not be as cooperative or helpful.
Consider franchise opportunities. Franchises within this field are growing. Depending on the investment rates, franchises can be far more lucrative and they will already provide you with a start-up that will meet your needs. Some franchise operations will also provide the latest technology to make your business more attractive to clients.
Research costs for industrial equipment. Industrial equipment can include everything from ball bearings and drills to cement mixers, back hoes and bulldozers. Look for the best deals on the market to keep overhead costs low. Also research rental rates for office and storage space and costs for overhead such as lighting, electricity, safety supplies, work clothes, payroll, etc. Calculate these costs into your budget. This will give you an indication of how much money you need to spend and how much profit you will need to make before you begin searching for investment capital.
Research requirements from your local government for information on business licenses, registrations or certifications. Once you have all the necessary information, follow all the requirements and provide the necessary documentation. Bear in mind that you might have to pay for certain business or registration fees.
Start looking for investors or venture capitalists to fund your business. Again, do your research. Look inside or outside your area for possible investment opportunities. Determine whether you might use credit or loans, or whether you might turn to members of your family for investment capital. Consider the pros and cons of the various ways you can raise capital, such as whether you will be able to make a profit in a given amount of time in order to capitalize on these investments. Also bear in mind that you might have to insure your business.
Rent office space and storage. Storage space can include warehouses or metal wall buildings, such as straight wall buildings, to store your industrial equipment in when it is not in use.
Begin hiring employees. This includes everyone from industrial workers to receptionists or clerks. Determine how many people you can hire onto your payroll. Realistically, you might have to start small before you can generate profit and business growth.
Start advertising. Place ads in your local newspaper, yellow pages or on craigslist. You might also want to set up a website to promote your business. Handing out fliers at the local mall or other public spaces in your area is an effective way to promote and advertise your business. Offer free quotes as a way to attract customers. As your business grows in size and profit, you might also consider radio and television advertisements.
Network with contractors. A great way to get a business off the ground is to become a subcontractor. Get contacts with contractors and learn whether or not they might have jobs lined up for you.