CoatingsPro Magazine

NOV 2018

CoatingsPro offers an in-depth look at coatings based on case studies, successful business operation, new products, industry news, and the safe and profitable use of coatings and equipment.

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18 NOVEMBER 2018 COATINGSPROMAG.COM Money Matters T he process of starting a business is just that — a process — especially in the construction industry. e general statistics for new businesses can be a little grim, with only 50 percent staying in business beyond ve years. For new construction businesses, the number actually goes down by 15 percent. At the same time, though, a look at recent industry trends shows a jump in new businesses being formed in the construction industry — an increase of almost 75 percent in 2017. e in•ux of new construction companies means more competition, but the United States is still one of the top markets for the construction indus- try in the world with over $1 billion spent on new projects in the past 10 years. Even with the added competition of both new and established businesses, there is room to succeed if the business owner is prepared and plans ahead. Laying the Foundation As any person entering the business world may suspect, starting a new construction business is similar to starting any other kind of business. e basic building blocks of any new company are roughly identical: • Create a solid business plan; • File paperwork to form either an LLC or a corporation; • Secure the necessary insurance for the business; • Obtain all of the necessary permits and licenses. e cornerstone of any successful business is a masterful plan that clearly and thoroughly maps out the focus and vision of the soon-to-be company. e qualities of any good plan are: • Simple: do not use four words when two words will do • Specific: stay on point and do not fall down the rabbit hole • Realistic: the goals must be reachable • Thorough: cover all the bases W hile even the best business plans do not guarantee the success of the business, a well-informed business owner is better prepared for the future. Deciding whether to form an LLC or corporation is important to the foundation of the business. Both options have their own benets and negatives; however, the majority of new American businesses formed in the past several months have been LLCs because of their •exibility and ease to maintain. e primary reason to form an LLC or a corporation is for personal asset protection. In addition, both corpora- tions and LLCs have lucrative perks. In the end, the nal decision should not be made before rst consulting a tax professional. The influx of new construction companies means more competition, but the United States is still one of the top markets for the construction industr y in the world with over $1 billion spent on new projects in the past 10 years. By Travis Crabtree, President and General Counsel at Swyft Filings and Counsel Building a Better Business: Growth, Profits, and Keeping It Going

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