As an aspiring entrepreneur and future business-owner, picking the right business is no easy task. With so many industries in the world to choose from, each having values upwards of billions of dollars, there isn’t a wrong choice. However, choosing something that is centered on the development of civilization, such as construction.
Construction has always been part of our evolution of species. Aside from our ability to create and use tools, construction is one of the foundations of why we became one of the most formidable creatures in the universe. We started construction in approximately 10,000 BC, during the Neolithic period, thousands of years ago. During that time, what we can build is limited to logs and stones. However, as we continue to evolve, we became more creative about what we make, creating skyscrapers and condominium homes for everyone to find shelter in.
Today, construction is one of the industries that have the most significant impact on the world market. It is one of the main contributors to the United States’ GDP, employing millions of Americans every year. Currently, the industry is valued at $12 trillion, with a compound annual growth rate of 6% to 9.5%, depending on the forecast period. Such growth is tremendous for such an industry of this size. This also means that this industry has space for business owners who want a piece of the trillion-dollar pie. These statistics already show you why you should join this ever-growing industry. But the question is, where should you start?
The steelworks industry is one of the most important markets in the industry. As part of the steelwork industry, your job is to fabricate all kinds of steel for construction work.
The structural steel market size was valued at a staggering $100 billion in 2019. It has a CAGR of 5.6% in the forecast period of 2020 to 2027. It is one of the industries with the highest revenues and highest potential for the construction industry. Every business owner part of the steelworks industry looks at themselves as part of the complex pipeline that helps support and supply the industry with vital materials to build the buildings you see in developed countries today. Their intricate works are the arteries of the industry, and without them, it would fall apart.
Being part of the steelwork industry means working less with people and more with pieces of machinery. Moreover, as technology starts to progress throughout the years, you’ll be working more with pieces of automatons controlled by artificial intelligence. This means that unlike manufacturing, you’ll be primarily maintaining these automatons to keep your company alive. This also means that you’re not going to worry about your workers’ income because there will only be a few of them on-site. Most of your funds will go into the maintenance of your automatons and machinery.
The manufacturing industry is the bloodline of the construction industry. The manufacturing industry is an encompassing industry that holds everything together.
Much like the construction industry, the manufacturing industry is a trillion-dollar market that employs millions of Americans every year. It accounts for 11% of the US economy’s total output, making it a big part of its GDP. As a manufacturing company part of the construction industries, you are open to the possibilities of branching out to other existing markets out there. This makes you flexible with what you can do. Additionally, being a part of two of the US’s largest industries means that your company can never fail once you’ve reached the five to ten-year mark because your company is already getting a piece of the vast market.
However, as a manufacturer, your job is to produce as many materials and in record time. If you’re planning to be a part of this industry, you should try injected molding to supply your client’s demands en masse. Producing millions of materials at record time will surely give you access to most clients in the industry. This will also cement your company as a powerful force in the market.
Human resource is an essential component of the construction industry. It supplies the industry the talent it needs to build homes and buildings that dictate our lives as a species.
Being part of the human resources market means that your job is all about prospecting the right talent for the right construction companies. This means opening your agency firm that supplies the needed staffing for every company. You’re also a mediator between and construction firm’s goals and an employee’s dreams. With this in mind, given the right connections and proper management, being part of this market can easily net you a couple of million dollars during the first few years.
Here are some of the essential businesses that you can join in the construction industry. These businesses are vital to how the industry grows and critical to the growth of the lives we live today.