Steps to start a construction business in Nevada
Whether it is the I-15 Tropicana Project construction project by Nevada Department of Transportation (NDOT) or the construction of a 2,000-unit, 20-block development featuring hotels and restaurants in downtown Reno, this is the best time to start a construction business in Nevada. Of course there are certain important aspects of starting this business and you will definitely need a construction company startup business plan to identify all your requirements. The following steps are necessary to ensure smooth setting up of your business in Nevada.
Prepare a business plan
The first and foremost step towards starting a construction business or any business is to prepare a business plan. A construction company startup business plan will include certain important aspects of the business so that you are able to identify the strong and weak areas and the initial finances you may require. Some of the important components of the business plan to start a construction business in Nevada are:
- Business description: This is the most important area as this will define your construction business. There are several different types of construction companies based on the type of activity. For example, small renovation contractors with a contractor license in Nevada work on home modification or remodeling projects. Similarly, package builders have expertise in both designing and constructing buildings. This area will also include the mission, vision and values of your company.
- Detail of Services Provided: Once you have defined the type of construction business you are planning to operate, you need to identify the services you will provide under that area of activity. As a part of the construction company startup business plan, you have to provide detailed descriptions of all the business related services. Let’s look at an example: If you plan to start a construction business in Nevada as a small renovation contractor then some of the common services offered are installing modular buildings, office build-outs, renovation and expansion, full-scale remodeling and renovations, remodeling of multi-dwelling unit, replace or repair plumbing, floor installation, and HVAC services among others.
- Market Analysis: One of the key components of a construction company startup business plan is the market analysis. This analysis will provide you with various aspects of the target market, the target audience and existing competition. When you start a construction business in Nevada; your advertising and branding strategies will be based on market analysis.
- Suppliers and vendors: When you start your own construction business, one of the important areas to focus on is the suppliers and vendors you will choose and what would be the cost of opting for their services. You will have to ensure the chosen suppliers and vendors provide you with high-end skill sets and materials at a cost that fits your budget. Some of the skills to look for in suppliers and vendors include work experience, area of expertise, safety performance, required insurances, and contractor license in Nevada.
- Financial Information: This is integral to any construction company startup business plan as it will help you to identify the areas and amount of initial investment. You can also create a separate section for your assets, cash flows, loans, debts, and income projections.
Register your business
It is important to understand how to register a construction company and start a business activity in Nevada. It is important to first choose a business name and type of business you want to operate. You can form different types of businesses in Nevada like sole proprietorship, general partnership, private corporation, and limited-liability company (LLC) among others. The incorporation or formation of a new business is governed by the Nevada Revised Statutes. You can start a construction business in Nevada by submitting the necessary application form with the office of the Nevada Secretary of State. The process can be quite confusing but we at IncParadise can make the entire process simple and quick for you. As one of the top incorporation specialists and experienced registered agents in the state, we have helped incorporate several thousand businesses.
Incorporate your construction business in Nevada!
Get necessary licenses and permits
You will be required to apply for a Nevada state business license for your construction company. A state business license has to be renewed annually in Nevada. Some businesses may require multiple licenses or permits depending on the type of business. If you are starting a construction business in Nevada then finding the right business license or local permits may be perplexing but you can take advantage of our Business License Check service to help you identify the same with ease.
Apply for contractor licenses in Nevada
A contractor license in Nevada is one of the primary requirements for starting a construction business in the state. A contractor license will allow you to bid on construction projects, supervise any construction jobs, and basically run the business on your own. The biggest benefit of having a license is that it will create a professional image, which will strengthen your reputation in the long-term. There are mainly three types of contractor licenses required to start your own construction business in Nevada and they are:
- General Engineering License (Class A)
- General Building License (Class B)
- Specialty License (Class C)
Insure your business
There are several types of insurance that have been specifically designed to protect commercial or residential property developers, contractors, and construction businesses. It is important to check out the available insurance options and what such insurance covers before you start a construction business in Nevada. Some of the most common types of construction insurance available include the following:
- Builders Risk (Course of Construction) Insurance
- Commercial and Contractor General Liability Insurance
- Commercial Auto Insurance
- Professional Liability Insurance