Construction as an Excellent Business Opportunity for Veterans

In 2019, the National Center for Construction Education & Research estimated that the construction industry would have a deficit of 2 million professionals by 2025. The pandemic has likely boosted this number exponentially, and that means there is a lot of opportunity for veterans, who already have excellent skills, an unrivaled work ethic, and the discipline needed to succeed in this type of fast-paced environment.

Here is some valuable advice for former active-duty servicemen and women looking to start a business in home renovations and repairs.

Research Is Key

Before you launch any type of business, you have to begin with research. Two areas to pay close attention to are business structure formation and understanding how to create accurate estimates.

For your business structure, consider filing as an LLC or S corp. An LLC in Florida removes personal liability from any professional issues that may arise, such as a serious conflict with the client that results in legal action. Starting an S corp in Florida offers the benefit of self-employment tax savings, and you’ll be able to file tax deductions on any losses your business suffers over the year.

An LLC and S corp are both easy to form online, but you will need to determine specific rules for your state. For this reason, it’s best to work with an online formation agency to make sure your paperwork is filed correctly and your business is legally compliant. Once your registration is complete, you can apply for any other pertinent licenses.

When it’s time to start pricing jobs, use construction estimating software that helps you keep up with material and labor costs, accounting info, and payment schedules. You’ll also want to ensure that you talk with and specifically note the potential for a higher final cost than estimated, as material prices continue to soar in the wake of the pandemic.

Competition Is Fierce 

“America’s entrepreneurial spirit remained strong during the pandemic,” says NPR’s Andrea Hsu. The network's workplace correspondent explains that more and more businesses are being started since the dawn of the pandemic than ever before. This means lots of competition, even if there is a shortage of workers to complete the jobs being bid. Pay attention to how many new handyman services are launching in your area, and then read reviews of them online. You may notice a trend, such as jobs not being completed on time or done with very little experience. This gives you an opportunity to fill any local gaps, which can help you gain favor in your market.

Marketing 

How do you target potential homeowners? The answer is marketing, and the way you go about it may not be the same as the competition. Social media is an obvious first place to start your marketing efforts, and Facebook’s comprehensive suite of analytic tools can help you find customers, see how many people have viewed your page, and reach out to potential clients. Aside from social media, there are many tried-and-true marketing methods that can help you get your business out into your community. These include canvassing neighborhoods (you will need a permit for this, and you should avoid neighborhoods/homes with visible “no solicitation” signs) and old-fashioned snail mail. Something to keep in mind here is that you cannot simply walk up to somebody’s mailbox and attach a flyer.

As a veteran, you already know that you’re going to face challenges in starting a new business. Fortunately, most of these are easy to overcome if you take the time to prepare in advance. Small steps completed early on, like forming your LLC or S corp and understanding how to estimate accurately, are a big help as you walk your journey toward entrepreneurship. Most importantly, remember that you have overcome bigger obstacles, and there is nothing in your way that you can’t put behind you.

Join the Osceola Chamber of Commerce to gain access to resources and advocates that will help you launch your business to new levels of success.