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Clear These 4 Obstacles to Starting Your Own Contracting Business

Contracting Business
Many people dream of starting their own contracting business, but they face obstacles that often deter them. What obstacles to your dream do you face? Here are a few common challenges and what you can do to get past them and succeed.

1. Your Own Fear

The first obstacle to get beyond often involves your own inner voice of self-doubt and anxiety. This is normal, and it is understandable. So, how can you move forward even when it makes you nervous or afraid?

Start by writing down a list of what you fear about starting a business. Is it a failure? Losing money? Not knowing how to be a boss? Recognizing why you feel anxiety is the first part of conquering it. 

For each anxiety, write down at least one concrete way for you to combat that fear. For example, if you worry about losing money, go over your family budget and look for ways to give yourself more of a financial buffer. If the fear is of personal failure, be honest about this with friends and family. The chances are that they've also experienced failure and may even be more supportive of your efforts once they understand the concern. 

2. The Challenges of Being a Business Owner

You love what you do, and you want to do it on your own terms. But you may not have any training in how to translate that to operating an actual business. Don't worry, though! You can get the training you need to be successful. Take advantage of resources around you, such as the Small Business Administration, which offers many free articles, forms, videos, and tutorials on various subjects. They can even work with you in person at SBA offices. 

One of your best resources will be contractors school. To prepare all their students, most contractors schools offer business classes, workshops, legal classes, and instruction in bidding, permits, and preparing contracts. Get the most out of these classes, then follow up by doing your own research online, talking with established business owners, and working with local business associations. 

3. Organizational Skills

Working for others usually means that they do a lot of the hard administrative and organization work that comes with running an office or a job site. They tell you when and where to be, they turn in requisite paperwork, they file forms with various agencies, and they manage the materials or vendors needed. 

Now that you plan to wear that hat, you need to start organizing yourself in small ways. Carve out a set time each week to accomplish administrative tasks such as organizing receipts or working on marketing materials. Meet with an accountant or bookkeeper even before you start your business so you can learn how to handle expenses, records, tax forms, and payroll requirements. And seek out a well-organized friend or fellow business owner to be a sort of mentor for you. 

4. Lack of Funds

Starting a contracting business — even with small roots — does require some funding. But there are ways to get the money you need to get going at the beginning. Reducing your own expenses to boost personal savings is a great step everyone should take.

Talk to your local bank or credit union about steps you can start taking to increase your ability to borrow startup funds. Today's contractors have alternate options, as well — such as crowdfunding, using 0% interest offers, and getting grants from local business associations. 

Do you face these or other fears about becoming an entrepreneur after contracting school? Talk about your concerns with the pros at Golden State Contractors School today. We have helped contractors become licensed and form successful businesses for 40 years, and we can help you too.