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In your contracting business, you learn quickly that your margins will make or break your ability to pay your bills (and yourself). Setting fair prices for the work you do and improving your overall business efficiency is key to keeping your business afloat. This guide identifies ways that you can increase your profit margins wherever you can. Market Value Over …
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Once you get a little more established in your contracting business, you might decide to rebrand it. Perhaps you don’t like the name you originally made, or you want to change it to incorporate a new partner. Maybe you have new services you would like to feature. These tips help you transition from old ways to new opportunities. Develop Your …
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You’ve done all the preliminary work. You have taken the exam and passed. You just cleared one of the biggest hurdles toward your own contracting business. Now what? This guide shows you the next steps. Applying for a License Although getting your application accepted for the licensing exam and then taking it means that you are almost done with the …
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You’ve hit the books every night for many weeks. You’ve become confident in your skills. You have reviewed all the requirements and you can easily prove your work toward them. But how do you know that you’re ready for the exam? If you can answer yes to the items on this checklist, you may be good to take the next …
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Ever since the housing crisis, the construction industry has faced a significant shortage of skilled workers in a variety of fields. With this information, you will understand the extent of construction’s labor shortage, and what that might mean for your future in the industry. Why Is There a Labor Shortage in Construction? The housing crisis dealt a terrible blow to …
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As you start to develop more experience in your chosen field, you might decide to apply for another classification on your contractor’s license. For a small business, adding a new classification might noticeably expand your ability to provide services to various customers. If you think you might be ready, here’s what you need to know. Why Might I Add Another …
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If you have a friend who wants to pursue the same career as you, it’s easy to wonder if you might be able to do even better working together. Although many partnerships lead to a satisfying business relationship for decades, there are a few things you should know before you get started. Take a Trial The best way to learn …
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You have a stack of satisfied clients, but your reviews pages are practically bare. Is there some secret to getting happy customers to rave about it on social media? You bet there is. Here’s how to do it. Create Profiles on Multiple Platforms There are many places that customers might choose to leave a review. You are probably familiar with …
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Taking advantage of the market for new construction requires a working knowledge of the latest trends in homes. From efficient construction practices to outdoor kitchens, there is a huge variety of styles that the modern builders and buyers are eager to employ. Be sure to brush up on these concepts now, because you just might be building them later. Construction …
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When you first enter a jobsite, one of the first things you have to confirm is its security. The construction jobsite can be a major target for theft, vandalism or even terrorism, if it is not properly secured. Your equipment and materials could be at risk, if the site does not have adequate security features and regular monitoring. These technological …
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You’ve got a monthly outgo of money for equipment, supplies, rentals and pay for you and your employees. However, your income might not be nearly as regular. Here are a few tips to maintain your cash flow, so you can keep paying the bills while you work on paying projects. 1. Maximize Income Regularity When you work as a contractor, …
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Did you know that what you don’t do at a jobsite may be as important as what you do? Clean-up before, during and after a project isn’t just a good business practice. This guide identifies some of the regulations you have to follow for proper site preparation and clean-up. Soil and Environmental Testing Before you start to dig at a …
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When the days are short, the nights are long and the weather is inconsistent, it can be more difficult to make progress with your education. If you want to make 2018 the year you become a licensed contractor, you can use these tips to increase your studying success, no matter what the temperature is like outside. Keep a Comfortable Temperature …
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You’ve been building your business credibility and finally landed a contract on your first really big construction job. This is a win, but also a huge responsibility that you want to get right on the first try. These tips show you how to keep the project’s size and scope from running away with your time and money.     1. …
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If you prepared to start your business under tax rules that ended in 2017, you should know that a lot of factors are about to change, especially for businesses. From tax rates on businesses to the kinds of deductions homeowners are allowed to claim, tax reform has the potential to influence the way you run your business, as well as …
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Sole proprietorship, S corp, or LLC. What does it all mean for you? Choosing how you structure your business may be one of the most important decisions you make when starting out as a contractor. Here’s what you need to know. Sole Proprietorship When people start to work for themselves, a sole proprietorship is basically the default. Contractors who operate under …
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You’ve heard the old adage that you can’t teach an old dog new tricks. The trick, as it turns out, is never to become an old dog. When you take opportunities to keep your construction education fresh, you will maintain your relevance in the industry and expand your influence. Maintain Existing Licenses and Skills Working as a contractor is not …
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Some parts of the country, like Southern California, can keep running outdoor construction all year long. Others have to take a break due to snow and cold weather. With these tips, you can keep your revenue stream flowing during the slow season. 1. Move Indoors If the weather outside is absolutely miserable, one of the easiest transitions you may be …
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Starting a business is both timeless and very, very current. You might walk into a bank for a loan, or you could rely on more innovative sources of funding to back your new career as a contractor. Although you will need to consult a financial expert for advice on the best ways to fund your business, it helps to have …
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For many, social media is simply a way to interact with the world. For the budding entrepreneur, it is a gateway to big business opportunities. With these seven social media tips, you can extend your online reach and get people talking about what your company has to offer. Know Your Target Demographic Almost seven in 10 people spend at least …
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