If you’re thinking of becoming a contractor or handyman, the truth is that you need to take care of a few things first. That way, you’ll be on the right path to building a viable and successful business without taking any unnecessary risks.
Depending on the job and its scope, the risks could be anything from small to pretty significant. How can you protect yourself? The following are important tips that you need to follow and adopt as an aspiring and budding contractor.
You Must Be Licensed and Insured
Are there some contractors without any licenses? Sadly, yes. However, being licensed and insured will get you a lot more work. In fact, most of the people looking for contractors these days are more inclined to hire licensed contractors because they feel the risk is lower.
The same goes for insured contractors. People prefer contractors with the appropriate insurance because it means that they will not be financially liable in the event of an accident on the job.
There’s an added perk of being able to charge more just because you are licensed, bonded, and insured. It’s the reason budding contractors tend to be contacted by insurance companies as soon as they get their license. If you don’t know what insurance to get, talk to one of the insurance agents at Insurance Land about this. They’ll be able to advise you on the best insurance package for your situation.
Get Familiar with the Statutes in Your State
What are the statutes regarding contractors in your state? Do you know them? If you don’t, now would be a good time to get familiar with them. Find out the limits of your tasks as well as the type of projects you can and should be handling as a contractor.
There are designated tasks for general contractors and handymen, and their job descriptions according to the statutes are vastly different. Some tasks require having a state license, others don’t. Choose those that won’t put you in trouble.
If you ignore this and attempt to cross the line to do tasks you shouldn’t, you better pray that you don’t sustain any injuries on the job. Otherwise, you can be sure that you may never get any compensation claims.
Always Under Promise and Over Deliver
This might seem like a bit of a cliché, but it always works. In fact, it’s the foundation on which many successful businesses are built. Always deliver within set deadlines and do an excellent job.
Now that you’re just beginning, you want to out your best foot forward in order to attract as much business as possible. Know this: most of your business now will come from referrals. So, treat each customer like gold. Value them, satisfy them, do an excellent job and they’ll be more than happy to refer you to people.
Understand that Things Will Start a Little Slow
Some contractors routinely make six figures a year. But they didn’t get there all at once. It took time, effort, building their brand, consistently over delivering and nurturing their contacts.
So, even though there are some major prospects in the business, you might want to avoid jumping all in for now. If you have a job right now, don’t just quit. Instead, work on your contractor gigs during the weekend or free time. Or you can choose the evening shifts for your regular job and work on your new business during the day. So, be smart and good luck on your new venture.