So, you’re finally taking the plunge and starting your own construction business. That’s great! Demand for quality construction work is high right now—giving you a window of opportunity to win some jobs and prove yourself.
If you’ve done your homework, you already know the basics to starting a construction business. The next step is to pick the external business partners that can advise you along your business journey.
Here are three core consultants to consider:
Select a CPA
Construction accounting is unique, to say the least. Job costing, progress billing, and certified payroll are just a few things you will need to think about along the way. In other words, you don’t want to work with just any CPA. Choose someone who has experience in construction and knows its distinctive accounting rules in and out. The Construction Financial Management Association is a great resource to help you find a local CPA with the know-how you’ll need.
Get a lawyer
When considering an attorney, look for someone with construction expertise. Just like accounting, there are legal specifics related to construction that other businesses don’t need to think about. Your lawyer can help you with words to watch out for when signing subcontracts, how to assure you get paid using mechanic’s liens, and other important legal matters.
Key sources to find a lawyer include Construction Lawyers Alliance, AVVO, and Martindale. Florida construction attorney Alex Barthet also provides some helpful tips in his post, “Nine things your construction lawyer won’t tell you (but should).”
Find an insurer
When it comes to your business, the person advising you on insurance is a key part of your risk management team. Look for an insurance agent that has CRIS and CPCU certification. Agents with Construction Risk and Insurance Specialist (CRIS) certification show a strong dedication to serving the construction industry. Recipients of the Chartered Property Casualty Underwriter (CPCU) certification abide by a code of ethics that requires them to put their clients first. Learn more about these certifications and other credentials in this post about what you need to look for in an agent.
Starting a construction business is an exciting and challenging time. Surrounding yourself with the right people will give your business the best chance for success.
Editor’s note: Picking the right software for your business is another decision you’ll need to make. Whether you need just the business basics for now or want something specifically designed for construction, Sage can help.
About the Author
Deb Carpenter-Beck is a writer and marketer with more than 25 years of experience in the construction and real estate industries. She often writes about technology and best practices and is passionate about helping contractors and real estate professionals achieve their business goals. You can follow her on Twitter @DebCBConstruct.