A new year means new possibilities for your business. If you’re planning where to take your building business in 2024, the Federation of Master Builders has the support you need to help you go from strength to strength. Here are our top five tips for building your business in 2024, and you can also find business resources online at the FMB website with helpful blogs, guides and webinars from experts.
Opportunities to grow your building business
- Learn how to become a house builder: Ever dreamt of leaving your mark on entire streetscapes? The FMB, in collaboration with the Construction Leadership Council (CLC), has produced a free and comprehensive ‘Guide to becoming a small housing developer’, which can be your blueprint. Learn the ins and outs of land acquisition, financing, and construction management and watch your vision materialise brick by brick. You can find further support and guidance in the FMB’s ‘Guide to development finance’, and FMB members can also log in to access our webinar focusing on ‘Turning brownfield sites into profitable developments’.
- Niche down, rise above: The construction landscape is vast, but carving your own unique space within it holds huge possibilities. Consider specialising in trending areas like loft conversions or garden rooms, or invest in off-site construction techniques using modern methods of construction (MMR) allowing you to scale your business. By focusing on a specific skillset, you'll attract a loyal clientele and stand out from the crowd. Find inspiration and real-life success stories in the pages of our Master Builder magazine, available online to FMB members.
- Improve your pricing: In the current economic climate where costs are on the up, don’t let your worth chip away at your bottom line. Our free webinar on ‘Pricing and estimating for profit’ is a good financial compass that can help you pitch for business at a cost that’s fair to both your clients and your business. Learn to accurately calculate costs, factor in overheads, and protect your company to ensure healthy margins and sustainable growth.
- Win public procurement contracts: Public contracts offer stability and significant growth potential. The FMB's ‘How to produce top tenders that win you work’ webinar equips you with the bid-writing expertise to impress, while our blog about ‘How to win public sector contracts’ demystifies the tendering process and unlocks the door to lucrative public projects.
- Be the employer everyone loves: Your team is your foundation. Invest in their well-being and build a thriving work environment. Offer competitive salaries, training opportunities, and a supportive culture. This not only attracts top talent but also fosters loyalty and boosts productivity, leading to a happier, more successful business. If employing staff, subcontractors and labourers is new to you, The FMB has a wealth of free-to-access resources available to help - from our quick guide to ‘Insuring labourers vs insuring bona fide subcontractors’ to our webinar on ‘Building your workforce through apprenticeships’. FMB members can also log in to access our free HR helpline for employers.
Remember, the FMB is your partner in progress. Our online resources, blogs, guides, and webinars offer a wealth of knowledge and expert advice to empower your building business in 2024. So, grab your hard hat, embrace these strategies, and get ready to build your future, brick by prosperous brick.
