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Construction Business Plan: Trends and Strategy
A construction business is heavily influenced by market trends but your business plan must balance research into these with long-term thinking about the need for your services.
Economic trends, such as the boom and bust cycle of the nation, region, or specific locale you are in, drive a lot of the investment activity which leads to construction, whether it is homes, commercial, roads, bridges and tunnels. For example, government investment and subsidy of construction can lead individuals and companies to start new homes and buildings, keeping many companies afloat during otherwise hard times.
However, when starting a business, keep in mind the time frame between the writing of your plan and your launch. In the intervening year, the market situation may change, reverse, or be influenced by new factors which cannot be seen currently. Some trends can be expected to last for years, however. For example, with baby boomers retiring in the coming years, the building of retirement and vacation homes may increase, both for luxury purposes and for assisted living.
Because of the difficulty of knowing what trends will be influencing the market by the time your business launches and over the first five years you must project, it is important to use a different mind-set to project the success of your business. You will find it easier to work from an understanding of the resources and competitive advantage your business creates.
The resources of the company include the expertise and reputations of the partners who are tied to the business. The competitive advantage of the firm is based on how the strengths of your strategy will match the weaknesses of your competitors in the construction business. Examining these elements can tie your success to the specific people and ideas your business brings to the table, limiting the effect of the ups and downs of the construction market.
Want more business plan resources? Here's a related article: How to Start a Construction Business
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