When we talk about industries that are appropriate for startup businesses, construction doesn’t tend to be one that we give much thought to. There are some reasons for that: construction budgets are often larger than a startup can raise; the industry is dominated by legacy names; and the level of jeopardy is high enough that hiring a new name can be scary. With that said, the amount of money that flows through the construction business means that if a startup can get its spurs in this field, then it can be highly successful in the long term.
It might help to think outside the box if you are looking to break through in the construction business. As a startup, you’re rarely going to be looking at the possibility of building a new high-rise or retail park. But you can become indispensable to the companies that are doing that, and grab yourself a foothold in a very lucrative industry.
Recruitment and training
Construction is such a massive industry that we often talk about it in terms of billions (even trillions) of dollars. We may also talk about the heights of new buildings, or the acreage of a project. At the base of it all, though, construction won’t ever reach these levels without the right people. Recruitment takes time, and often a whole different skill set, for managers who really just want to oversee budget proposals or get the ground broken on a new build. So if you’re skilled in matching people to projects, or know which website to go to when training needs to be arranged, your startup could be invaluable to a construction firm. Once you’re in a project manager’s Rolodex, it can mean regular paydays.
As noted above, the figures that are talked about when it comes to construction dwarf those of most industries. When such large amounts are being paid out, it’s essential to know that those figures are being distributed correctly and that budgets are met rather than being an optimistic estimate. If you’re good at building software programs or have a head for figures, then providing a budget management service can mean you’re the one who allows construction firms to save literally millions of pounds on a single project – and they’ll pay handsomely for that service.
Augmented reality and AI
Although construction businesses can command huge amounts of money on each build, their wealth doesn’t mean they have unlimited power. Each new project needs to stay within environmental law, municipal building regulations, structural realities and more besides. Getting that right can take months even just for the civil engineering stage, which is why AR and AI are increasingly valuable to the industry. Can you model a prospective new building, and see how it will fit into an existing city without incurring the ire of that city? If so, you can simplify the planning process and speed up builds in an industry where time is money. Your money, hopefully.
Construction may not seem to have that many doors open to startups, but if you have an enterprising spirit, there are ways that your business can thrive in this competitive field.