- March 7, 2017
- Posted by: Surety Bond Experts
- Category: Construction Bonds, Contract Bonds, Surety Bond, Surety Bond Rates, Surety Bonds
Are you someone who has always enjoyed creating and building? Has this given you confidence to start your own construction company? If you’ve answered yes to both of these, then congratulations on becoming your own boss and doing what you love! As a gift to you, we want to share some advice that we’ve heard from established contractors. We present to you the top ten pieces of advice, in David Letterman style:
- Always hire reliable workers: your work is only as good as the people who you rely on. In addition, having workers who show up one day and decide to quit the next, doesn’t make your business look reliable.
- Find the best subcontractors and suppliers in your area. You don’t want to skimp on your work, otherwise word of mouth won’t be very kind to your business. Having knowledgeable and skilled workers reflects on your business philosophy.
- One of the best ways to find the best of the best is to have a great and professional relationship with them. Even if you can’t hire them as readily as you would want to, making sure you treat them by paying on time, treating them with respect and thanking them for their time is always good business practice.
- Hire the best surety bond producer! Surety bonds will make your business grown. They guarantee that you are financially sound to finish a job. In addition, a surety bond will put you in the running for state and federal jobs.
- Be respectful to all you work with. There is no substitution for good manners. As your Mama told you, say your “please” and “thank you”.
- Always over prepare: We’ll take the field of business. You may be a perfectionist and well versed in the construction aspect of your business. But what about the business part of your business? Do you have a plan for payroll, overhead, buying materials, etc.? Basically, the nitty gritty of what a business entails. It may help to brush up or educate yourself on these aspects. Head to your local library or bookstore and get reading!
- Have a plan! After you have educated yourself, sit down and write an overly detailed plan. Think of everything that can go wrong and have a solution for it. When will you need a surety bond? What kind of equipment will you need? Is it better to rent or buy individual equipment? What will be your employee philosophy? Medical benefits?
- Don’t bite off more than you can chew. Research all aspects of your business and know which jobs you can complete. The only things worse than not getting a job is not completing one. It will become a red mark on your surety bond history. In addition, it will open you to having a claim filed against you.
- Just as in any relationship, communication is key! Make sure you respond in a timely manner and communicate directions and intentions. On the flip side, make sure to be open to receiving communications, especially critiques. Using critiques as a second set of eyes on your business can be a vital tool.
- Make sure to pay yourself. In the beginning, it might be tempting to invest your pay in something else and forego your own needs. But also, make sure not to pay yourself extravagantly. Find the middle road that will keep you and your business happy.
- Don’t let flattery replace payment: The construction business runs on referrals and word of mouth. But make sure that you don’t do a job at a cheaper price just to keep the client happy. By taking a pay cut, this can devalue your work. When it comes to the bid process, communicate directly. And if there are any changes, make sure to have it in writing.
- Finally, pamper yourself every once in a while. Business owners are always working in the beginning. But this can also lead to burning out. Take time for yourself, but within means. A weekend away at the local beach can do wonders to maintaining your health and sanity level. After all, you are the heart of your business. And a happy heart is a successful heart.
Ok, so we peppered in a few extras at the end. But that’s because we are dedicated in your business being the best it can be. At GotSuretyBonds.com, one of the things we pride ourselves on the most is our loyalty to our customers and our hard work ethic to make sure that our clients are fully protected and have the best chance at completing a job. We would be glad to offer you the same quality of service that have kept our customers coming back time and time again. Contact us today for any questions you may have, and let’s get started on assessing your surety bond needs.