11-STEP CHECKLIST TO SET UP YOUR CONTRACTING BUSINESS!

Ever wonder what it takes to set up a contracting business? Or wonder what you may have missed when you started way back when? 

Designing your business systems may be hard, but it will pay you back going forward because you'll have a system that will stay! Here are the first few things on the list:

1. Design Your Contracting Business

If you “go with the flow” you’re going to end up with a business that you don’t recognize and probably aren’t going to like.

Start from the bottom… have you designed your client intake process, your sales process, and your construction process. Make sure you have systemized everything in your business!

2. Form Your Contracting Company Into A Legal Entity!

Set up an LLC or Incorporated company, don’t take our word for it though, everyone’s situation is different. Make sure to find good legal advice!

Overall, seeking legal advice can help you navigate the legal complexities of running a business and protect your interests as you grow and succeed.

3. Register Your Business For Taxes

Whenever you charge clients, charge GST! By setting up your business for taxes, you can ensure that you are complying with the law, maximizing your deductions and credits, and planning for the future.

4. Open A Business Bank Account And Credit Card

This is an important one… Separate your personal and professional accounts!

Having a separate business account makes it easier to track and organize your business finances, as all of your business-related transactions will be in one place. This can be helpful when it comes to preparing financial statements, tax returns, and other documents.

5. Setup Cloud-Based Accounting Software

Nowadays, everything and everyone is using the internet! Your accountant could be based 4 cities away from you but with cloud-based software, they can do your books in real time.

The trick is, to fully utilize cloud-based accounting software for you the General Contractor, to upload receipts and invoices regularly in an organized fashion.

6. Setup Estimating Software

Spend the money on a proper service that syncs with your accounting software.

Research different estimating software options and select the one that best meets your business needs. Consider factors such as the types of projects you will be estimating, the level of detail you need, and your budget.

7. Get The Necessary Permits And Licenses For Your Construction Business!

If you want to be treated as a legit business, make sure by the book, you are a legit business

8. Get Your General Contractor Business Insurance

General liability insurance is an important type of insurance for a contracting business to have for several reasons; it gives you protection against liability claims, coverage for legal costs, meets contract requirements, and protects your assets.

9. Define Your Brand

Defining your brand is an important step in building a successful business. Here are some ways to define your brand:

Identify the specific customers you want to reach with your products or services. This will help you tailor your branding efforts to appeal to your target audience.

Consider the values and mission of your business, and how you want to be perceived by your customers. These values should be reflected in your branding efforts.

Develop a clear and concise message that encapsulates the essence of your brand. This message should be reflected in all of your branding efforts.

By following these steps, you can define your brand and establish a strong and consistent brand identity for your business.

10. Build And Invest In A Proper Website!

Having a professional-looking website can help build credibility for your business and make it more trustworthy in the eyes of potential customers.

A website that is put together by someone who has no idea how to build one will create a terrible customer experience, whereas, a well-designed website can provide an enjoyable and informative experience for customers, which can lead to increased customer satisfaction and loyalty.

11. Setup Your Business Phone System

A phone system and voicemail can give your business a more professional appearance and make it easier for customers to reach you.

Use these 11 steps to kick-start the beginning of your future General Contracting business!

-Business for Builders Team