Chris Shares His Story of How Economic Downturn Turned Him Into a Successful Entrepreneur
We have been asking our customers to submit stories on how they came to be business owners and the trials they have faced. In this blog series, we are sharing these stories so that others looking to jump into the world of small business have some information before making the leap. Each of the customers taking part in this series is happy to impart the wisdom they have gained in hopes that other new business owners will be able to use it to their benefit.
This story comes from Chris, who decided to start a construction business and was helped greatly by the power of equipment leasing.
Just like everyone else, the economic downturn of 2008 turned my world upside down. At the time, losing my lucrative real estate job seemed like the worst thing in the world but looking back now I see it was meant to be. Once I lost my real estate job, I began to think about what my passion was and what was something I could see myself doing for the foreseeable future. I have always loved working with my hands and had many jobs in the construction industry as a younger man. The process of taking a project from start to finish was very satisfying to me.
Making the decision to start a construction company of my own was one of the best things I have ever done. There are a number of factors I had not thought of before starting my business, such as where I would get the heavy equipment I needed. I knew I did not have the capital to buy my machines outright, which lead to me to the prospect of equipment leasing.
What Was the First Hurdle You Faced When Starting Your Business?
One of the first challenges I faced was trying to compete with the bigger and more reputable companies in my area. They had the reputation, the manpower and the equipment, while I was still trying to acquire all of this. The thing that allowed me to jump this hurdle was being able to get equipment financing and paying monthly on the tools I needed rather than having to buy them outright. The use of equipment leasing allowed me the opportunity to compete with the more established companies in my area and build my own reputation.
How Would You Say Your Business is Doing Today?
Honestly, we are thriving due to the fact that we’ve secured several city contracts. Contracts we couldn’t have even sent an RFP for without the business financing on the equipment we use. Each time I find myself wanting to branch out and take on different jobs, I am not restricted due to the fact that I can get the equipment I need by leasing it. This has allowed me to get into parts of the construction industry I never thought possible. I owe my growth and expansion to the hard work of my employees and the flexibility equipment leasing has afforded me.
What Advice Would You Give Someone Just Starting Out in the Construction Industry?
First and foremost, I would tell them getting the right equipment they need to work with is not as hard as they think. Before I knew about equipment financing I would think, how am I ever going to compete with larger construction companies? With a little research and a lot of perseverance, I was able to get the equipment financing I needed to take my company to the next level. You have to take charge and go after what you need in this industry. Find the equipment you need, lease it and get to work! It’s as simple as that.