Running a construction business is not for the faint of heart. Success requires a careful balance of precise decision-making, innovation and ambition. Read on for inspirations from successful start-ups and practical pointers for enduring success.
Thinking Inside The Box?
High quality, low-cost, maximum speed. That’s how Boxabl, a father-son start-up aims to do both well and good. With a team of 20, and a $50 million start-up cost, the company is now making about $120 million a year as it “thinks inside the box”:
Boxabl, a building construction technology company that uses an assembly line for houses to provide highly efficient, cost-effective solutions for a trillion-dollar industry, has received over 50,000 names on its waitlist for pre-orders and is set to move into its first factory. Galiano Tiramani, founder of Boxabl, came up with the idea for his business by recognizing the inefficiency and high costs of traditional construction methods. Inspired by the production line approach of the automotive industry, Tiramani developed a highly efficient and cost-effective solution for the housing industry. Through years of research, prototyping, and perseverance, Tiramani is now on the verge of launching his first factory and aims to revolutionize the modular housing industry on a global scale.
While perhaps not quite as pragmatic, another entrepreneur has found a niche market by looking to the treetops. With a start-up cost of just $12,000, and a team of eight, O2 Treehouse is now making about $762,000 a year:
Dustin Feider, the founder of O2 Treehouse, came up with the idea when he built a geodesic sphere in a treetop for his senior capstone project in college. This unique design garnered attention and led him to realize the potential in the treehouse building industry. Today, O2 Treehouse is a well-known company with a two-year backlog of projects and has been featured in over 85 publications.
Play To Your Strengths
Experts at Construct Connect advise finding and focusing on a niche area of business and really working to excel at it, in order to differentiate from the competition. Other pragmatic rules for success in construction include:
Build a great team.
In construction, your people are your business. Hire dependable, knowledgeable and skilled employees. Retain your best employees by promoting and rewarding them for their hard work and reliability.
Manage your business, but lead your people.
Your employees want to be led, not managed. Be a great leader and your employees will follow you anywhere. If you try and manage every aspect of your employees’ work they will think you have no confidence in their ability to make good decisions and properly do their jobs.
Be proactive, not reactive.
You can’t just sit back and expect more work to just fall in your lap. You have to proactively seek out new opportunities to retain and grow your business. Constantly reach out to the owners, architects and general contractors to find out what projects they have on the horizon.
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