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How to Budget with Your New Contractor Business

How to Budget with Your New Contractor Business

If you just started your own contracting business, you have a lot to think about – finances and budgets are one of the things that is on your mind. Without a financial plan or budget in place, you will not be able to keep your company afloat. From overhead expenses to payroll, there’s a lot of expenses to running your own business.

As a Florida contractor licensing company, we wanted to share with you some tips on how to budget at the start of your new business.

  • Estimate your projected spending for the year. From office space to materials, come up with a number. Being a new business, you may want to start off conservatively – there’s no need for fancy, expensive (unnecessary) items yet.
  • You can determine the amount of revenue you will need for the year to pay for the spending and make a profit.
  • Figure out your direct costs – these are costs related to projects such as labor, subcontractors, materials, rental fees, etc. Understand what it costs to pay for labor. With each employee, you must think about pay, taxes, workers’ compensation, liability insurance, holidays, vacation time, insurance premiums and overtime.
  • Figure out your fixed costs such as rent, salaries, marketing, technology. These amounts are constant year to year but can go up, but not like your variable costs. Variable costs change as your business changes. Variable costs include travel expenses, supplies, repairs, uniforms, and tools.
  • Determine your overhead costs from your fixed costs and variable costs. These are expenses that are general/admin expenses that are ongoing that do not have to do with your services.
  • Determine how much you need to take in to break even. As a new business, it might take you a few years before you make a profit.
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    Green Building Trends to Incorporate in Your Business

    Green Building Trends to Incorporate in Your Business

    Green isn’t just a fleeting trend – it’s here to stay. More and more contractors are incorporating green construction into their work. Younger generations appreciate eco-friendly design and materials. With climate change and pollution being ever-growing problems, people are looking for ways to make the world a more natural place.

    If you start to go green, you will attract a new clientele – this is a great way to get new customers. You will be keeping up with modern advancements while also reducing your carbon footprint.

    For this article, we wanted to share with you some ways to go green.

    • Use cross-laminated timber. These structures reduce emissions. Wood does not emit carbon like steel or concrete does.
    • Use bamboo. Bamboo absorbs 35 percent more carbon dioxide than trees. It is stronger than steel and it can be recycled many times.
    • Insulating attics help with reduce energy costs and expenditures.
    • Use solar energy.
    • Build with water-resistant materials and wind resistant materials to help keep buildings from being destroyed.
    • Recycle leftover materials.
    • Figure out how to collect the rainwater off the building.
    • Building walls covered in plants.

    These are just a few ideas to help you get started going green. You not only are helping the environment, but you are helping your clients save on energy bills.

    Looking to get your contractor’s license? Need to get one of your subcontractors licensed? We can help. We are a Florida contractor licensing company and can help contractors in all 50 states get their licenses. We will talk to you over the phone and by email to get your application approved by the Board. You just simply answer questions and we do the paperwork for you. We will tell you what you need in order to be approved. We know what the Board needs to get you approved and we get it done fast!  To get your contractor license, click Florida contractor’s license page to learn more or call 239-777-1028. read more

    How to Become an Authority in Your Contracting Business

    How to Become an Authority in Your Contracting Business

     

    If you’re a contractor that just started your own business, you have a lot of competition – you need to do or find something that will make you stand out from the crowd. You have to make yourself known and build your brand in such a way that people will turn to you and trust you for specific reasons.

     

    As a contractor licensing company, we wanted to share with you some things you can do to stand out as a new contractor business.

     

    • Get licensed and certified in as many things as possible. Your licenses/certifications show that you are educated, determined, motivated, hard working, legal, and have an authority on certain specialities or topics.
    • Figure out what makes you different. Is it your great comunication skills? Ability to always use new technology? The fact that you use new buildings design ideas before anyone else? That you’re a “green” contractor.” Think about what makes you different and special and talk about this often. Put this on your marketing materials and social media.
    • Get your name out there. Boost posts on Facebook. Reach out to the local paper and news stations. Reach out to contractor blogs. Connect with local hardware and supply stores.
    • Join a contractor association or several.
    • Connect with other contractors in your speciality to work with them and learn from them. You both might be able to help each other out.
    • Ask your clients for referrals, or start a client refferal program to build your brand and increase your business and reputation.

     

    If you are a new business, it will take time to build your buisness, brand, and authority – it won’t happen over night. It will be work to become an authority in your field, but it will be worth it when the clients don’t stop coming in.

     

    Need help establishing a contractor business?  Or, need a contractor’s license? We are a Florida contractor licensing company and have helped contractors in all 50 states get their contractor licenses and business licensed.

    We know what the Board needs to get your license or business approved quickly. To get your contractor license or business license,  click our Florida contractor’s license page or Forming Your Contractor Business page to learn more or call 239-777-1028. read more

    Is a Carpenter a Contractor?

    Is a Carpenter a Contractor?

    A carpenter can be a contractor, but not all carpenters are contractors. If you’re interested in carpentry work, you should become licensed as a contractor, as well, so you can work legally and make more money.

    Working in carpentry is a rewarding career. From furniture to homes, there’s so much you can construct. As long as people need homes and belongings, carpentry will exist.

    Carpenters build and repair building structures including stairways, partitions, bridge supports, door frames made from wood and other materials. Carpenters also can install kitchen cabinets, siding, and drywall.

    In 2015, the median pay for a carpenter $42,090 per year In 2014, there were 945,400 carpentry jobs in the United States. It is projected that from 2014 to 2024 to be a 6 percent increase in carpentry jobs available which is average.

    Carpenters are not just needed in residential homes. Carpenters’ skills are needed for highways, bridges, and more.

    Full disclosure, carpentry is hard manual labor, and carpenters have a higher rate of getting sick and injured than the national average. read more

    How to Become an Underground Utility and Excavation Contractor

    How to Become an Underground Utility and Excavation Contractor

    A career in contracting is rewarding. In recent years, the demand for contractors is growing. You will get paid well. You get to work with your hands and use problem-solving skills daily. You get to be part of a team. You get to learn a lot of skills.

    For this article, we wanted to talk about the career of an underground utility and excavation contractor. Ever heard of it? This contractor’s work involves the construction, installation and repair of main sanitary sewer collection systems, main water distribution systems, and storm sewer collection systems. If the sewer doesn’t bother you, then why not try this gig out?

    An underground utility contractor and excavation contractor works with the continuation of utility lines from main systems to the point of termination and including the meter location for individual occupancy facilities, sewer collection systems at property lines on residential or single occupancy properties, or on multiple occupancy properties. This contractor installs empty underground conduits in easements, platted rights-of-wat in new site developments, sleeves for parking lots crossings, and rights-of-way. However, this contractor is not allowed to install any piping part of a fire protection system. read more