I am an 18-year-old female looking to start my own construction/reconstruction business that will focus on low-income families/areas, i want my business to focus on houses, yard work, schools, homeless shelters, food banks, rehabilitation centers, housing for children stuck in the foster system that have been victims of abuse or mistreatment, etc. what should i focus on to get my business up and running.
Hello,
First, get your LLC taken care of. Second, I really hope you have some experience in the field because good people are hard to find and that's going to be huge.
Third, find yourself an accountant/tax/bookkeeping person and keep track of payments by JOB. Otherwise you are going to find yourself cross subsidizing and paying money from one job to another job when that other job slow pays. Don't do it. Plus, unless you're already familiar with it, you need to get some education on billing and how that works with your accounting.
Fourth, you need to understand the differences in labor and materials required. I can actually see that you are making mistakes already. Houses are residential and have seperate building code requirements from commercial which are your rehab centers, homeless shelters, food banks, and the like. Schools should fall under the commercial building codes but those are government contracts and require substantial knowledge of competitive bidding for public works. Also, the lien process is different between residential, commercial, and public works. Yard work can fall under all of them but typically requires less highly skilled knowledge and experience.
Fifth, the purpose of the building should not matter to you but, since it does, you should be aware that some of the facilities that you listed typically have a large need of repair and a little budget. Far be it for me to tell grown folks how to run their business but you will have to put food on your table at some point. And if you're thinking about getting grants for it, I review grants regularly and the eligible entities are going to be the business/property owners themselves not the contractors fixing their locations. Government grants for what you want to do are scarce if not completely nonexistent. You will want to find someone else if you want to hunt private grants.
Sixth, find yourself a good lawyer. One who is willing to give you some basics or pointers at little to no cost with the understanding that they are paid when they write contracts, draft demands, file liens, and ready themselves for litigation, etc.
Seventh, get yourself a good insurance person. To advise you on everything from personal benefits to general liability.
There's actually more but good luck,
E. Aaron Cartwright III
214.789.1354
Aaron@EACLawyer.com
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