
Top Ten Tips for Contractors
How to Build a Strong Business
- Hire an accountant for your first full time employee.
- Establish and maintain a good banking relationship. Get a bank line and use it to demonstrate your ability to repay a loan.
- Concentrate on one trade and master it.
- Start small and gradually increase your business.
- Build a good surety relationship with an agent.
- When you start making a profit, don’t jump into areas that you have no knowledge of.
- Don’t enter into a joint venture with a company. Use your relationship to train key personnel on your
staff. Don’t just be satisfied by putting on a hard hat and walking the job site. - Know your competition and the job cycle for contracts that your firm is interested in.
- Know how the government operates before becoming an 8(a) contractor. Concentrate on the local market. Out-of-town jobs may be more trouble than you think.
- Diversify your portfolio to include private and government contracts.
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