By owning an excavator, you can easily create streams of passive income. Yes! Excavation companies and rental agencies are making huge revenues and enjoying peaking turnovers.
You can become your own boss and build a business empire. You may find challenges at the start of the journey, but it can lead to great rewards.
Excavation is a part of a construction project, no matter the scale. For small building projects, the excavation might be up to a few feet deep, but for tall buildings with several basements, may involve hundreds of cubic feet of excavation. So, no matter the area you’re looking to focus on, there are always business opportunities in this niche.
How do you grow an excavating business?
You need to arrange finances, register your business, get a license, and you’re ready to commence trading.
The challenge is to make your excavation business thrive and grow with each passing day. That’s where a good business plan comes into play.
It is recommended to write a business plan and set out weekly, monthly, and yearly goals. Be sure to include a marketing strategy as a part of your business plan. This will help you to reach out to potential clients and showcase your expertise. You can liaison with contractors and landscapers that have projects in the pipeline. You can join trade organizations and associations where you will have the opportunity to meet general contractors.
Become an excavating entrepreneur
With the advancement of technologies, compact machines and mini-excavators are defining the construction industry’s future. These machines are affordable and cost-effective and relatively easy to manage.
As your business progresses, you can include more equipment in your fleet and expand your business to various industries and organizations. A lot of grading and excavating contractors are looking for compact excavators. The same for home builders and landscaping companies. You can help them achieve goals with excavator hire machinery or excavation services you undertake yourself, such as basement excavation, cutting out driveways, making sidewalks, and performing landscape grading.
Start by reaching out to several customers and contractors in your local area and convince them to use your service. Once you have a sizeable chunk of business, you can shift gears and become a full-time business owner.
Let’s dig for money
Decide the type of excavation work you’ll be doing – either a commercial excavation business or a residential service business. If you can maintain enough capital for your business and afford extensive insurance coverage, you should go for commercial excavation. But if you’re not sure of the resources and don’t want to risk your hard-earned savings, you can always start doing residential excavation work.
The bottom line
The demand for excavator hire services is restricted to an established construction business community or a specific category of projects. If you can develop a positive name in your community, you can attract loads of clients, including both corporate and non-corporate clients.