Guide to Becoming a Contractor If you are a contractor or considering to be one, you should be aware of the great opportunities you have to become self-employed and start your own construction company. Having experience and obtaining a license are the necessary things to do first to become a contractor. Experience is important in any industry, and this is also true for the construction industry. If you are just starting out, do not easily get discouraged. Once you are able to have some experience under your belt, you will be better prepared on your own company and you will have had the opportunity to make valuable connections and mentors. If you keep at it for four years, then you will be eligible to take the state contractor exam so that you can obtain your contractor’s license. The key to passing your contractor exam is to be prepared for it. One way of preparing yourself is by taking a pre course for contractors because this will help keep the material fresh in your mind. You are given options for study including studying online or through a correspondence course which you can do in your spare time.
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You should select a reputable source like your boss or co-worker to support your experience since this will be required on your application to take the state exam. There will also be minor fees associated with your application process so you should plan to include this in your budget ahead of time.
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If you want to work and conduct your construction business legally, it is very important to obtain a license. With a license, your contractor business will be easier to develop and grow because majority of consumers will trust your company. If you have already gained the experience and have obtained your license, if you feel that you have the contacts and will to start your own business, with a little planning, you can work towards establishing your own construction company. Create a business plan first. Service offerings, service location, advertising and marketing, fee structure, needed materials, and cost estimates, are the most important things that you should include in your business plan. This plan will serve as your guide and may require changes from time to time and your progress. You should also consider the type of business you want to form. A limited liability partnership, for example, will protect your assets. This decision is very important and will require careful consideration so that you and your family will be protected if anything happens, so it is best to seek the counsel of an attorney or an accountant. You will also be needing funds to get your business started especially if you are going to purchase equipment. You need to secure a loan if you don’t have enough money to spend on this.