Top Ten Tips for Contractors

Top Ten Tips for Contractors
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Top Ten Tips for Contractors

How to Build a Strong Business

  1. Hire an accountant for your first full time employee. 
  2. Establish and maintain a good banking relationship. Get a bank line and use it to demonstrate your  ability to repay a loan. 
  3. Concentrate on one trade and master it.
  4. Start small and gradually increase your business.
  5. Build a good surety relationship with an agent. 
  6. When you start making a profit, don’t jump into  areas that you have no knowledge of. 
  7. 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.
  8. Know your competition and the job cycle for  contracts that your firm is interested in. 
  9. 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.
  10. Diversify your portfolio to include private and  government contracts. 

 

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