{"id":22523,"date":"2024-12-10T10:33:24","date_gmt":"2024-12-10T15:33:24","guid":{"rendered":"https:\/\/www.foundationsoft.com\/?p=22523"},"modified":"2025-02-17T13:09:51","modified_gmt":"2025-02-17T18:09:51","slug":"the-first-year-new-to-the-construction-industry","status":"publish","type":"post","link":"https:\/\/www.foundationsoft.com\/learn\/the-first-year-new-to-the-construction-industry\/","title":{"rendered":"The First Year: New to the Construction Industry"},"content":{"rendered":"<p>When you\u2019re first starting out in the <strong>commercial construction industry<\/strong>, it can feel like a real challenge. As a business owner, your days are filled with site visits, estimating costs, managing teams, and ensuring project deadlines are met.<\/p>\n<p>According to the <a href=\"https:\/\/www.agc.org\/learn\/construction-data\">Associated General Contractors of America (AGC),<\/a> there were more than 919,000 construction companies in the U.S. in the 1st quarter of 2023. With a saturated market, making sure your business stands out from the pack is crucial to earning jobs.<\/p>\n<p>But don&#8217;t worry \u2014 if you\u2019re in your first year, the challenges you\u2019re facing are completely normal. With the right approach and tools, you can build a solid foundation for a profitable business.<\/p>\n<a target=\"_blank\" href=\"\/construction-accounting-software-ebook\/\" class=\"blog-cta-image\"><img decoding=\"async\" src=\"\/wp-content\/uploads\/2024\/05\/2024-05-FSL-blog-post-ad-5-ways-ebook.png\" alt=\"eBook Download\" title=\"eBook Download\"><\/a>\n<p>Below, we\u2019ll cover <strong>key considerations for new contractors and small businesses<\/strong> <strong>entering the construction industry<\/strong> and how <u>construction accounting software<\/u> can help streamline operations, increase profitability, and support growth.<\/p>\n<p><strong>Key Takeaways for Contractors New to the Construction Industry: <\/strong><\/p>\n<ul>\n<li>Accurate cost estimation, budgeting, and cash flow monitoring are crucial for new contractors to avoid financial pitfalls and ensure profitability.<\/li>\n<li>Adhering to regulations, developing risk management strategies, and prioritizing safety training are essential for building a reputable and sustainable construction business.<\/li>\n<li>Effective project management, including realistic timelines, daily progress tracking, and proactive communication, can help new contractors deliver projects on time and within budget.<\/li>\n<li class=\"PlaygroundEditorTheme__listItem\" value=\"4\">Integrated construction accounting software can streamline operations, improve financial decision-making for more profitable decisions, and enhance overall efficiency, making it a valuable tool for new contractors.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Tip_1_Prioritize_Financial_Tracking\"><\/span><strong>Tip #1: Prioritize Financial Tracking <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Effective financial management<\/strong> is crucial for handling the complexities of construction, especially in your first year. Cash flow issues are a common hurdle for new contractors, so <a href=\"https:\/\/www.foundationsoft.com\/learn\/budgeting-better-with-construction-accounting-software\/\">better budgeting<\/a> and regular tracking are essential.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Gather_Comprehensive_Cost_Data\"><\/span><strong>Gather Comprehensive Cost Data <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Begin by thoroughly researching specific labor costs and material costs. Try to:<\/p>\n<ul>\n<li>Review past bids from collaborators in the industry<\/li>\n<li>Analyze successful bids from competitors<\/li>\n<li>Utilize popular industry templates<\/li>\n<\/ul>\n<p><strong>Accurate cost estimation<\/strong> reduces surprises and enhances your ability to <strong>submit competitive, profitable bids<\/strong> and win more jobs.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Account_for_Overhead_and_Contingencies\"><\/span><strong>Account for Overhead and Contingencies<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Indirect expenses often get overlooked but should always be included in your budget to avoid future surprises. Common mistakes are not accounting for:<\/p>\n<ul>\n<li>Transportation<\/li>\n<li>Insurance<\/li>\n<li>Maintenance<\/li>\n<\/ul>\n<p><span style=\"box-sizing: border-box; margin: 0px; padding: 0px;\">It\u2019s also important to\u00a0<strong>build a buffer for construction projects;<\/strong>\u00a0according to\u00a0<a href=\"chrome-extension:\/\/efaidnbmnnnibpcajpcglclefindmkaj\/https:\/www.naocon.org\/wp-content\/uploads\/Contingency.pdf\" target=\"_blank\" rel=\"noopener\">The National Academy of Construction,<\/a> contingency should be 5-10% of the total budget.<\/span><\/p>\n<p>This is meant to cover unexpected expenses, such as price fluctuations for materials or unplanned labor, to <strong>protect your profit margin<\/strong> if anything goes off-track.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Set_Up_a_Budget_and_Monitor_Cash_Flow_Weekly\"><\/span><strong>Set Up a Budget and Monitor Cash Flow Weekly<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Unforeseen expenses, delayed payments, and project overruns can all drain cash reserves and put your construction business at risk.<\/p>\n<p>Every project should have a <u>detailed budget<\/u> that\u2019s tracked consistently. This will give a clear view of costs at each stage and <em>allow adjustments<\/em> to be made quickly to <em>avoid overruns<\/em>.<\/p>\n<p>Create a weekly habit of reviewing your <a href=\"https:\/\/www.foundationsoft.com\/learn\/cash-flow-management-mistakes\/\">cash flow<\/a>, paying attention to any discrepancies in <strong>anticipated vs. actual revenue <\/strong>and expenses to anticipate and avoid potential shortfalls.<\/p>\n<p>One way to avoid delays is by setting up a system to generate and send construction invoices as soon as milestones are reached.<\/p>\n<div style=\"background: #f1f1f1; padding: 1em; border-radius: 1em;\">\n<h3><span class=\"ez-toc-section\" id=\"Get_More_Construction_Business_Tips\"><\/span>Get More Construction Business Tips<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>As you start your construction business. Get access to more resources and helpful industry tips. Fill out the form to customize your experience.<\/p>\n<div><iframe loading=\"lazy\" style=\"border: 0;\" src=\"https:\/\/hello.foundationsoft.com\/l\/970183\/2025-02-13\/6g1n2\" width=\"100%\" height=\"285\" frameborder=\"0\"><\/iframe><\/div>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"Tip_2_Focus_on_Compliance_and_Risk_Management\"><\/span><strong>Tip #2: Focus on Compliance and Risk Management<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Compliance in construction<\/strong> isn\u2019t just about meeting legal and regulatory requirements \u2014 it\u2019s about ensuring your company\u2019s stability and reputation.<\/p>\n<p>Adhering to safety protocols, understanding environmental regulations, and <strong>meeting state-specific <\/strong><a href=\"https:\/\/www.foundationsoft.com\/software\/payroll\/\"><strong>construction payroll<\/strong><\/a><strong> guidelines <\/strong>are critical for avoiding costly delays or penalties.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Familiarize_Yourself_with_Regulations\"><\/span><strong>Familiarize Yourself with Regulations<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Compliance requirements for the construction industry<\/strong> vary by state and project type, so take the time to understand any laws or building codes relevant to your area and trade.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Develop_a_Risk_Management_Strategy\"><\/span><strong>Develop a Risk Management Strategy<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Identify risks associated with each project, such as weather delays or potential hazards, and then outline a detailed response plan to minimize these risks.<\/p>\n<p>This could involve:<\/p>\n<ul>\n<li>Contingency budgeting<\/li>\n<li>Additional team training<\/li>\n<li>Sourcing backup suppliers<\/li>\n<\/ul>\n<p>Investing time in understanding and\u00a0creating these can save costly penalties.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Prioritize_Safety_Training\"><\/span><strong>Prioritize Safety Training<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Making safety a core part of your business culture will <strong>protect your team and strengthen your company\u2019s reputation<\/strong>.<\/p>\n<p>Frequent accidents or oversights can damage morale, hinder productivity, and lead to costly fines or even legal action.<\/p>\n<p><strong>Customize safety protocols<\/strong> for each site\u2019s unique risks and hold regular training sessions to keep everyone up to date on best practices.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tip_3_Embrace_Project_Management_Principles\"><\/span><strong>Tip #3:<\/strong> <strong>Embrace Project Management Principles<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>When you\u2019re new to the industry, project management can be daunting, but establishing good habits early on is essential for long-term success.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Create_a_Realistic_Timeline\"><\/span><strong>Create a Realistic Timeline<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Effective project management<\/strong> <em>keeps timelines on track<\/em> and <em>minimizes budget overruns<\/em>.<\/p>\n<p>Start by breaking down each project into phases and assign estimated durations to each, and factor in potential delays, such as weather or material delivery schedules.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Track_Progress_Daily\"><\/span><strong>Track Progress Daily<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Set aside time each day to <strong>review progress against the schedule<\/strong>. This allows you to make timely decisions and resolve issues before they impact the overall timeline.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Communicate_Proactively_with_Clients_and_Teams\"><\/span><strong>Communicate Proactively with Clients and Teams<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Keep communication channels open with real-time information for everyone involved in a project. Regularly update clients and field staff on progress to minimize misunderstandings and reduce downtime.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-22527 size-full\" src=\"https:\/\/www.foundationsoft.com\/wp-content\/uploads\/2024\/12\/construction-contractors.webp\" alt=\"construction-contractors-reviewing-daily-construction-reports-on-the-jobsite\" width=\"965\" height=\"280\" srcset=\"https:\/\/www.foundationsoft.com\/wp-content\/uploads\/2024\/12\/construction-contractors.webp 965w, https:\/\/www.foundationsoft.com\/wp-content\/uploads\/2024\/12\/construction-contractors-660x192.webp 660w, https:\/\/www.foundationsoft.com\/wp-content\/uploads\/2024\/12\/construction-contractors-768x223.webp 768w, https:\/\/www.foundationsoft.com\/wp-content\/uploads\/2024\/12\/construction-contractors-150x44.webp 150w, https:\/\/www.foundationsoft.com\/wp-content\/uploads\/2024\/12\/construction-contractors-100x29.webp 100w\" sizes=\"auto, (max-width: 965px) 100vw, 965px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tip_4_Build_Relationships_and_Market_Your_Services\"><\/span><strong>Tip #4: Build Relationships and Market Your Services<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The construction industry is highly competitive. For both new contractors and established construction firms, it\u2019s essential to build strong relationships with construction professionals, clients, suppliers, and construction subcontractors to help your business thrive.<\/p>\n<p>Marketing your services effectively can help you attract more business. You can do this by:<\/p>\n<ul>\n<li>Attending industry events<\/li>\n<li>Engaging with local suppliers<\/li>\n<li>Staying connected with clients post-project<\/li>\n<li>Creating an up-to-date website<\/li>\n<li>Maintaining a social media presence<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Tip_5_Track_Every_Projects_Profitability\"><\/span><strong>Tip #5: Track Every Project&#8217;s Profitability<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>One of the easiest mistakes for new contractors is to focus solely on revenue rather than profit. High revenue doesn\u2019t necessarily mean high profit \u2014 project costs and <a href=\"https:\/\/www.foundationsoft.com\/learn\/conquering-construction-overhead-allocation\/\">overhead allocation<\/a> can eat into earnings if not managed carefully.<\/p>\n<p>After each project, <strong>analyze your actual costs vs. estimates<\/strong>. Look for areas where you can cut costs, <em>improve efficiency,<\/em> or <em>adjust your bidding strategy<\/em> to reflect the true costs of similar projects in the future.<\/p>\n<p>As you grow, focus on jobs that <strong>yield the highest profit margins.<\/strong> This approach will increase your overall profitability and help you decide which project types to prioritize.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tip_6_Use_Construction_Accounting_Software\"><\/span><strong>Tip #6: Use Construction Accounting Software \u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Construction-specific accounting software can make your first year smoother by automating and streamlining essential operations.<\/p>\n<p>Here\u2019s how <strong>accounting software designed for the construction industry<\/strong> can benefit new contractors:<\/p>\n<ul>\n<li><strong>Job Cost Tracking<\/strong>: Job costing software allows you to track expenses with real-time data and provide real-time visibility into profitability, so you can stay on top of project costs and identify profitable projects.<\/li>\n<li><strong>Cash Flow Management<\/strong>: Track financial transactions and accounts payable and receivable and improve cash flow visibility to prevent bottlenecks.<\/li>\n<li><strong>Integrated Payroll<\/strong>: Simplifies complex payroll needs, such as multi-state timecards and certified payroll.<\/li>\n<li><strong>Financial Reporting<\/strong>: Quickly generate job cost reports to review profitability, analyze <a href=\"https:\/\/www.foundationsoft.com\/learn\/does-construction-job-costing-really-matter\/\">job costing<\/a>, and maintain accuracy across financial documents.<\/li>\n<li><strong>Centralized Project Management<\/strong>: Monitor timelines and adjust plans to keep tasks organized and on schedule.<\/li>\n<\/ul>\n<a target=\"_blank\" href=\"\/learn\/#schedule-a-live-demo\" class=\"blog-cta-image\"><img decoding=\"async\" src=\"\/wp-content\/uploads\/2024\/03\/FSL-blog-post-ad-see-how.png\" alt=\"Get a Demo\" title=\"Get a Demo\"><\/a>\n<h2><span class=\"ez-toc-section\" id=\"See_How_FOUNDATION%C2%AE_Can_Simplify_Your_First_Year_in_the_Construction_Industry\"><\/span><strong>See How FOUNDATION\u00ae Can Simplify Your First Year in the Construction Industry<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The construction industry offers incredible potential for those willing to learn and grow. In your first year, <strong>staying organized<\/strong>, <strong>building strong foundations, making data-driven decisions,<\/strong> and <strong>leveraging the right tools<\/strong> will make a significant difference in your success.<\/p>\n<p>FOUNDATION construction accounting software can be an invaluable resource, supporting you with tools for accurate bidding, financial management, compliance tracking, and much more.<\/p>\n<p>With each project and growing construction experience, you\u2019ll become more confident and efficient, laying a foundation for a successful future in the construction industry.<\/p>\n<p>By <a href=\"https:\/\/www.foundationsoft.com\/learn\/the-value-of-investing-in-construction-accounting-software\/\">investing in construction accounting software<\/a> like FOUNDATION, construction businesses can gain a competitive edge and position themselves for long-term success in the industry.<\/p>\n<p>Chat with a specialist today to learn <a href=\"https:\/\/www.foundationsoft.com\/#schedule-a-live-demo\">more<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When you\u2019re first starting out in the commercial construction industry, it can feel like a real challenge. As a business owner, your days are filled with site visits, estimating costs, managing teams, and ensuring project deadlines are met. According to the Associated General Contractors of America (AGC), there were more than 919,000 construction companies in the U.S. in the 1st &#8230; <\/p>\n<div><a href=\"https:\/\/www.foundationsoft.com\/learn\/the-first-year-new-to-the-construction-industry\/\" class=\"more-link\">Read More<\/a><\/div>\n","protected":false},"author":60,"featured_media":22528,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_searchwp_excluded":"","inline_featured_image":false,"footnotes":""},"categories":[41],"tags":[],"class_list":["post-22523","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-category"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The First Year: New to the Construction Industry<\/title>\n<meta name=\"description\" content=\"New to commercial construction? Learn 6 essential tips for first-year success, from financial tracking to project management. Get expert guidance on using construction accounting software to streamline operations and boost profitability.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.foundationsoft.com\/learn\/the-first-year-new-to-the-construction-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The First Year: New to the Construction Industry\" \/>\n<meta property=\"og:description\" content=\"New to commercial construction? Learn 6 essential tips for first-year success, from financial tracking to project management. Get expert guidance on using construction accounting software to streamline operations and boost profitability.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.foundationsoft.com\/learn\/the-first-year-new-to-the-construction-industry\/\" \/>\n<meta property=\"og:site_name\" content=\"Foundation Software\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-10T15:33:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-17T18:09:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.foundationsoft.com\/wp-content\/uploads\/2024\/12\/construction-industry.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"963\" \/>\n\t<meta property=\"og:image:height\" content=\"420\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Barry Kaufman\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Barry Kaufman\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.foundationsoft.com\/learn\/the-first-year-new-to-the-construction-industry\/\",\"url\":\"https:\/\/www.foundationsoft.com\/learn\/the-first-year-new-to-the-construction-industry\/\",\"name\":\"The First Year: New to the Construction Industry\",\"isPartOf\":{\"@id\":\"https:\/\/www.foundationsoft.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.foundationsoft.com\/learn\/the-first-year-new-to-the-construction-industry\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.foundationsoft.com\/learn\/the-first-year-new-to-the-construction-industry\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.foundationsoft.com\/wp-content\/uploads\/2024\/12\/construction-industry.webp\",\"datePublished\":\"2024-12-10T15:33:24+00:00\",\"dateModified\":\"2025-02-17T18:09:51+00:00\",\"author\":{\"@id\":\"https:\/\/www.foundationsoft.com\/#\/schema\/person\/b5bbba7b687d64aacde21ee3edf28988\"},\"description\":\"New to commercial construction? 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