Guide for Success in Construction Material Business
For the construction industry, one of the most important elements is construction materials. The more a country grows, the more companies and factories would be growing. In many businesses, growth can essentially be boiled down to smart purchasing and profitable selling and the building material industry is the major example of this. As the living standard of people is increasing, many urban areas, villas, or houses are being built. Roads are upgraded to ensure less traffic and all this needs construction material. These materials are essential and always needed in the future. Hence, many people are planning to invest in building material business. NPCS is here to help you and wants to grow with you by giving solutions to suit your new operations which can help you in reducing risk and give a high return on your new venture. The growing demand for construction material is attracting a lot of investors into this industry, as this business is expected to grow more in the upcoming years.
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Steps To Follow For A Successful Business.
1) First and foremost, you need a solid business plan. The plan should establish the goal of the construction business. The plans should be such which includes a detailed plan for each smallest step involved in the process along with the timeframe and funding you will be needing to meet each of your goals. You would want to include all the things which you believe relates to a smooth operation. Since you have to give your plan to a financial institution to borrow funds, your plan should be thorough.
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2) Research about the forecasting growth of your business, you should be aware of all the ups and downs of your business industry. Although, the building construction industry in India is expected to record a CAGR of 11.2% to reach INR 35,220.8 billion by 2024. The residential construction industry in value terms increased at a CAGR of 11.1% during 2015-2019. Research done by NPCS revealed that construction equipment sales which include mobile cranes, increased 35% in India last year.
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3) Next, find a place for your startup, you would want to move into more official business premises to legitimize the business. The property should be spacious since you need to store all your equipment and tools. Not only for tools should the location be such which can have enough space to park the vehicle used in the business.
4) In the construction material business, it’s very important to increase your network, you need to open accounts with several suppliers and establish credit with them. You will need to make good relationships with all the industry professionals, including building inspectors. Making good relationships with other contractors is also important in this business as they will help you in times when you are not able to finish or do not have time to meet the deadlines.
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5) Marketing is the key factor in any type of business, for this business also you will need to do the marketing, give a name and logo to your business. For a construction business, you will have to do more online marketing such as on radio or TV. Make brochures, and business cards; do all you need to do to make your business a success.
Conclusion
The demand for construction material is expected to increase by 8.3 percent per year in the upcoming years. Before starting any business it is important to understand the amount of preparation and which will be involved in the business. To get each step by step guide you just need our book “The complete book on construction material” which provides wide research on building materials. NPCS has a large number of Indian and NRI client who have appreciated our books that has helped them in their success.
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