There is a popular saying that goes: “if you take care of your employees, they will take care of your customers.” This notion is applicable to every business out there. Training is one of the best ways for any business to boost the knowledge and skill of its employees. Regrettably, training, in many cases, has been overlooked too often as it is not viewed as a big money-making scheme.
Presently, the construction industry is in a state of limbo due to the continuous shortage of skills, which has affected productivity. According to a recent study carried out by USFOSHA, about 20% of all worker fatalities occur in construction.
According to the US Labor Bureau, there are nearly 434,000 vacant construction jobs in the country as of April 2019. The near 5.86% rise in construction cost in 2018 (as stated by the Turner Building Cost Index) is attributed to this labor shortage.
Subsequently, it is becoming more imperative that companies in the construction sector try to impact good skills to their employees and retain them. Nevertheless, this can only be actualized through intense training schemes which lead to producing qualified individuals and a motivated workforce.
It is essential to note that most construction companies search for trainers and teams that will help impact more knowledge to their employees. So if you have a construction training business, you can boost your income; not only that, you will impact more knowledge and skills to people.
Below are vital tips on how to start a construction training business:
Get The Right Trainer Licenses and Memberships
The first step in launching a construction training business is to get the right trainer licenses and memberships. It is essential to also know that no company will consult with a construction training business without the right license and membership.
Every industry has its own certification courses that recruiters seek. For example, in the construction sector, IRATA audits organizations that impart training to rope technicians. So if you are in the rope access training industry, an IRATA membership can establish your credibility among learners.
You can also opt-in to IOSH to become a trainer and obtain a membership by following the steps listed by the organization. For your construction training business, you also need to get other things like an ISO certification for credibility. Getting certified means that your training business has high-quality management systems, data security, risk aversion strategies, and standardized business practices.
The cost involved in getting your license or membership as a construction training business may range from $250 to $500. Hence, it is vital that you look for the right institute to get your certification and memberships so as to stand out among the rest.
Set Up Training Centers
Setting up a training center will help your business grow. Creating as many as possible can help more construction companies to get access to your business. It is important to also know that you have to ensure that your training center has the right personnel. It must also have the right facilities to attract more clients to your business.
Setting up a training center may cost $5,000 to $50,000. If you can’t raise such funds for your startup, you may either seek loans or have a revenue share agreement with a business that owns the space. However, if you seek loans, it is essential that you have a business plan already set to show that you will be able to repay your loans at the stipulated time. You can make use of a Schedule Calculator to help you see the amount and payment schedule of your loan. As an entrepreneur, a Schedule Calculator will ease interest calculations of the loans you have collected.
Create A Scalable Training Solution
Creating a scalable training solution is one of the best ways to boost your business. Having your training courses segmented into a soft and hard training scheme can help the scalability of your business. The soft training scheme for your clients can be actualized through books and learning materials. On the other hand, your hard training scheme can be achieved by creating a physical (on-the-ground) training for people that seek construction skills.
For your soft training scheme, you may make use of modern training tools like AR/VR to create high-quality materials that can be reused. The need for practical training solutions is essential, instead of forcing teams through endless lectures and PowerPoint slides. Most clients in the construction sector that seek thorough training look for practical solutions that will engage them in what they are learning. You also need to know that clients remember what they learned longer, and they use it more frequently once they are at the job.
As we’ve stated already, there are lots of fatalities that occur during construction; this is also the same when it comes to training construction workers. You need to always keep in mind that construction training can cause a lot of injuries to either your staff or trainees. Hence, it is highly essential that you have the right construction insurance in place to cover any form of liability.
There are different forms of insurance that can cover all aspects of your business, including:
- General Liability
- Workers Compensation
- Business Owners Policy (BOP)
- Commercial Property
- Professional Liability
- Commercial Auto
- Umbrella Insurance
- Errors & Omissions (E&O)
Insurance is aimed at protecting your business against unforeseen accidents. For example, Workers Compensation is often used when a worker gets injured while working and requires medical treatment. Commercial Property Insurance is the type of insurance that protects the physical assets of your business such as computers.
Professional liability, on the other hand, is the best choice for a business that offers advice to clients. It covers a business from being liable in case of an error or omission that leads to a financial loss for the customer.
The construction sector is one of the most indispensable sectors in the world today. More buildings are erected every day and the demand for highly skilled workers is on the rise; this is one reason why training centers and businesses need to be equipped. Setting up a construction training business needs a plan. Hence, it is necessary to follow the vital tips and plan stated in this article to create a world-class construction training business for your clients.
Author Bio: Anand Srinivasan is the founder of Hubbion, a suite of free business apps and resources. The Hubbion Media Placement Services has helped dozens of businesses be featured on some of the highly followed TV and print media channels.