We have no doubts that construction companies have been on the rise in recent years, generating a thriving space of opportunities for entrepreneurs and SMEs.
But how to keep up with such a competitive market? How to strengthen a company in the face of economic fluctuations? In this note we explain:
1-Market / context study
This is the first step that every entrepreneur must carry out, a market study to identify the demand, the competitors, the socioeconomic context. To later establish the positioning of the company.
2-Business opportunities in construction
Construction companies can offer a number of services, both for the private sector such as the construction of houses or companies (expanding to spare parts or remodeling) as well as for new horizons and offer services to the public sector, for the construction of bridges, streets, calculation of buildings, design and planning, in short, with a good team of professionals, great things can be achieved.
3-The work team in construction companies Construction
Professionals must be qualified people, to be able to deal with the various projects that are presented. Besides having engineers, architects, calculators, construction managers, you must have a team of workers, such as bricklayers, foremen.
4-Selection of the target audience
Here it is a question of focusing services on a market segment that is profitable and can be properly served. In general, they are the people we are going to focus on, who want to build their houses, buildings, commercial works, reforms and other types of services.
And never rule out the public sector, since you can think big and be able to constitute the company as a supplier to the State, and establish all the legal documents so that it can participate in the different tenders launched by the Government and thus have more opportunity to market.
5-Prices of a construction business
Perhaps one of the key points is to establish the value of each job: the price. To do this, many factors must be taken into account, and thus establish an appropriate, fair price and a profit margin. Investigate, consult rates for the sector, join the Argentine Chamber of Construction -COMARCO- and take into account what the prices of the competitors are, such as the prices that are currently charged for the services to be offered.
When setting prices, you should make sure to consider the cost of labor and its overhead.
6- Communicate your company
Thanks to the many means of communication that exist today, we can spread the value of our company and its services in any way possible.
One of the most used tools that does not involve a large investment to attract new clients is the creation of an institutional website, as well as on different social networks, displaying a portfolio of the various work they have done.
7-Insure your company
There are insurance designed for the construction market, on the one hand to comply with current regulations, for example taking coverage for civil liability is mandatory to undertake certain types of tasks. In the City of Buenos Aires it is mandatory to present insurance for demolitions and excavations.
We advise you to go to your insurance producer to find out everything about insurance for each work, types of coverage and costs. And insurance for construction professionals.