Anyone can start a business as long as they have the requisite skill to manage it and expand its operations. For someone who loves working with their hands and loves to feel the sweat on their brow, putting up a construction company is one of their biggest dreams. They understand that landing contracts to build a house or work on a fixer-upper is a thrilling engagement.
However, starting a construction firm in Nevada isn’t as simple as one may think it would be, as there are several regulations that any potential business owner would have to consider. They have to follow state regulations regarding salaries, benefits, and working hours. They also need to acquire several licenses and permits to do business legally. They also have to provide workers compensation in Nevada to protect their enterprise and their employees against frivolous lawsuits.
If you’re thinking of starting a construction business in Nevada, here are the things you’ll need to work on before you can officially begin.
Prepare Your Business Plan
The first step is to prepare a business plan detailing your description and proposed services. You will also need to identify your potential partners. You should have a list of companies that you could call upon to supply materials as the need arises.
Register Your Business
You need to register your company name and the type of business you’ll operate. In Nevada, you can register your company as a sole proprietorship, a general partnership, a private company, or a limited liability company (LLC). You will have to liaise with the Nevada Secretary of State to register your business.
Acquire The Necessary Permits And Licenses
Before operating your business, you need to acquire different licenses and permits. You will have to determine what your local community requires for your company to operate legally. You must also remember that licenses and permits have to be renewed annually.
Apply For A Contractor License In The State
For your company to land contracts in the state, you will have to apply for your contractor license. This will also allow your company to establish a professional image for your target clientele. You have to remember that your customers would love to work with a professional entity, so you have to ensure you get your licenses in order quickly. You can choose to acquire a General Engineering License, a General Building License, or a Specialty License.
Insure Your Business Properly
Among the requirements before you can open shop is to insure your company accordingly. You need to check different insurance agencies before you decide to buy policies such as builders’ risk insurance, professional liability insurance, or commercial and contractor general liability insurance. You have to analyze which firm you will trust to insure your company to protect it from lawsuits.
Before you can operate a construction business in Nevada, you will have to assess the situation carefully if you want to succeed. There is a lengthy process to undertake if you want to operate legally. Your business will have to comply with existing laws and regulations to ensure that your company stays aboveboard.