That’s the story of one busy builder, who worked for others while getting his own business off the ground. Risk taking and hard work typically play starring roles in successful businesses. Here are insights and inspirations as you plot your next wins.
Risk Taking—and Hard Work Too
If you’ve started a business and are now up to your elbows in running it, you’ve likely figured out that some of the skills and qualities needed to manage forward are different then some of the strengths you drew on to hit launch. Nonetheless, one thing remains constant: risk taking. As Brandon Noel points out in For Construction Pros:
Maybe you’re at the point where you’ve started the side-hustle, making ends meet with extra work, and it’s doing well and you’re considering growing or taking things full-time. Maybe you’re considering launching the start-up, but things haven’t come together yet. Or maybe your business has been sitting on idle for a little while now, and you want to know how to take it to the next level. Whatever point you are at on the spectrum, your business journey will require not only taking risks, but taking the right risks at the right time…. A risk of more of your time. A risk of greater capital investment. A risk of trying something outside the established norm. It wont guarantee success, nothing truly will, but there is one guarantee you can count on in your business. If you don’t take any risk at all, you severely limit the possible future of your business.
In one way or another, many of the risks of being in business come down to decisions about money: what can happen right now versus what can happen over a longer haul?The story of Ed James, owner of site preparation company Erie Northern, is the story of wanting his own company so badly that in the beginning, he didn’t pay himself. Amazingly, while starting his company, he kept on as a worker for other builders:
When he launched the company in 2018, they had only one tandem axle hauling truck to their name. It wasn’t new, but it ran, and it got the job done. But in those early days, there was just one problem. Ed James’ company couldn’t afford Ed James. “Back at the time we started, I couldn’t pull a paycheck to provide for me and my family and the company be profitable….” How did he do it? Not easily. It was a constant battle, juggling cell phones, dispatchers, and schedules — but in the end it paid off. Just four years later, the company now has a fleet of seven trucks and growing. Best of all, James no longer works for anyone else simultaneously. He now just works for himself.
Ready to take your business to the next level? We’re with you: The Partnership Account for Contractors® gives builders a surety line of credit—in writing—and a private digital dashboard. Using your dashboard, you’ll always have a snapshot of your single and aggregate limits and current and available bond capacity. Go ahead: update work on hand, increase your aggregate and move that exciting project forward.
Bid time? You’ll have an edge as you use our powers of attorney to seal and issue your own bid. Build More: Pre-Qualify and Get Free Scores Here.
Make Every Day Bid Day
Stories of successful builders who start with little more then a truck abound in construction and you’ll find another inspiring one right here. Thriving business owners also point to the importance of doing a great job—and engaging satisfied customers in spreading the word while cultivating repeat business. In fact, winning builders tend to treat every day like bid day:
Nothing is better than repeat business. It doesn’t take as much work to find or cultivate an existing customer as it does to find new customers. But it does take creating a brand that is known for its excellence and delivery of high-quality products. It is also critical to realize that customers have a relational bond with those from whom they procure services. We all know that we are on some bid lists and not others. Keeping your company in the mix is also about maintaining relationships as well as product delivery. Having that CRM will help you realize who you might need to go see because they haven’t sought you out on bid day.
With Colonial Surety on your side, you really can treat every day like it is bid day. The Partnership Account® helps contractors take strategic risks, as they stack up wins, one in front of the next. In addition to a surety line of credit—in writing, The Partnership Account® gives qualified construction companies:
- Control of bidding and bonding, online and in real time.
- Powers of attorney to seal and issue their own bid bonds—in minutes.
- Fast, direct, confidential bid bonds—no middleman.
- Direct access to performance and payment bonds on a customized dashboard.
- Real time tracking of bids and work on hand.
- Immediate access to Colonial’s lead underwriter as new opportunities emerge.
- A private Owner’s Dashboard to view surety lines, adjust work and analyze bids.
Founded in 1930, Colonial Surety Company is a leading direct seller and writer of surety bonds and insurance products across the USA. Colonial is rated “A Excellent” by A.M. Best Company and U.S. Treasury listed.