If you're a general contractor looking to start your own business in Oregon, you're likely wondering what you need to get started. Starting a small business can be overwhelming, but with the right tools and information, you can be on your way to success.
License and Insurance for General Contractors in the State of Oregon
- First and foremost, to operate legally in Oregon, you need a contractor's license. According to the Oregon Construction Contractors Board (CCB), "Contracting without a license in Oregon is illegal." To obtain a license, you'll need to pass an exam, provide proof of insurance, and demonstrate experience in your trade. Insurance is another critical requirement for contractors, protecting you and your clients in the event of an accident or mistake on the job. According to the National Association of Insurance Commissioners (NAIC), the average cost of a general liability insurance policy for a small business in Oregon is around $1,000 per year.
Business Plan for General Contractors in Oregon
- A business plan is crucial for any small business owner, including contractors. Your business plan should include your goals, target market, pricing strategy, and financial projections. According to the Small Business Administration (SBA), 30% of small businesses fail within the first two years, and 50% fail within five years. Having a solid business plan can help you avoid common pitfalls and increase your chances of success.
General Contractors in Oregon Need a Marketing Strategy
- Once you have your business plan in place, you'll need a marketing strategy to attract new clients. A recent survey by the National Association of Home Builders (NAHB) found that 56% of homeowners used the internet to find a contractor for their most recent remodeling project. This statistic highlights the importance of having a strong online presence and utilizing social media to showcase your work.
Financial Management Planning for General Contractors in Oregon
- Proper financial management is essential for any small business, including contractors. You'll need to keep track of expenses, income, and taxes. According to a study by Intuit, 40% of small business owners spend over 80 hours per year on federal taxes. Using accounting software can save you time and reduce the risk of errors on your tax returns.
General Contractors in Oregon Need Safety Training and Equipment
- As a contractor, you'll be responsible for ensuring the safety of your workers and clients. According to the Occupational Safety and Health Administration (OSHA), the construction industry accounted for 20.7% of all workplace fatalities in 2019. Proper safety training and equipment are crucial to reducing the risk of accidents on the job.
Starting a small business as a general contractor in Oregon requires several critical steps. You'll need a contractor's license and insurance, a solid business plan, a marketing strategy, proper financial management, and safety training and equipment. By following these essential requirements and utilizing the resources available to you, you can increase your chances of success and thrive as a small business owner.