Having a construction business is not an easy venture. It takes lots of effort, courage, and a sound financial condition to prepare in this line of business.
You need to pull in a big investment from preparation to implementation, and operation up to its fulfillment and maintenance.
It’s very common for some risk-takers to get investors.
In addition, some acquire financial support from both local and international sectors to boost their capability and performance.
However tedious it is, it’s still a lucrative business. Now, let’s have a look at the construction landscape of the Philippines and how profitable it is.
Continuous Growth of the Construction Industry in the Philippines
In a report posted by CISTON, a PR newswire, the Philippines will have a growth of 14.4% to reach PHP 871.1 billion by 2024.
It only shows how the country continuously develops particularly in the residential and commercial building constructions.
The demand to provide housing and development in the country increases every year.
Well, it’s not really very trivial. The need for industrialization is imminent and fast growing.
Furthermore, even the present government supports the growth of infrastructure reflective in their Build Build Build Program.
How to start a construction business in the Philippines?
In every business, you need thorough and further assessment of all the risks you will have to face.
You need to have that mental, emotional, and physical preparedness in having a construction business.
Nego Sentro, a website for entrepreneurs, shares a very good article on how to start a construction business.
You need to key in everything on how well equipped you are to make your business work for you and the community you will serve.
How do I get started as a contractor?
Now that you have an idea of how you can earn from a construction business, of course, you have to get your business to become legitimate.
There are many things you need to accomplish when you finally decide to make a business out of construction.
First, get a contractor license and registration.
As clearly stated by the Department of Trade and Industry (DTI), R.A. 4566 as amended by P.D. No. 1746 provides that no contractor (including sub-contractor and specialty contractor) shall engage in the business of contracting without first having secured a PCAB license to conduct business. PCAB is the governing authority that screens all the construction businesses here in the Philippines. It also means Philippine Contractor Accreditation Board.
How can I grow my construction business?
As John Rampton puts it in his article about growing a long-lasting contractor business – reliably providing an essential service is a good way to grow a business you will be proud of.
He listed very good insights into how you can scale your construction business.
Just to give you some of his examples, internalize how ready you are to level up your game.
You have to check if you’re prepared financially. Do your previous customers get your services repeatedly?
Aside from that, check on their feedback on how satisfied they are with your service.
Do you also get referrals from them?
How about your employees? What’s your employee turn over rate?
Well, John’s inputs actually apply not only in this industry but also in the whole entrepreneurship arena.
JAGAN supports your business
In JAGAN Enterprises, we fully support the construction industry. We provide quality materials that your company needs and we give value to our customers through the service we deliver.
Having a construction business is definitely a serious trade to put yourself into. With lots of guts and passion to help the community, nothing is impossible.
If you find value in this post and want to know more about our business, check out other related articles in our website: Maintaining Heavy Equipment, Things to Consider When Choosing A Heavy Equipment Spare Parts Supplier
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