Cranes are seen as an essential tool of a building procedure and well, the construction industry as a whole, would not at all be possible without cranes. In more recent years, the demand for cranes has become more and more popular. Next time you are driving somewhere, primarily through the city, take note of how many cranes you see in the sky, I can assure you there will be over ten cranes that you will notice. Thus, crane hire companies have taken over, and there is almost a shortage of them.
Cranes can be lifting over 20 tons, which means the crane itself needs to be higher in weight. Crane hire companies need to have the right amount of capital, a proper insurance plan and an extensive understanding of the whole sector. Here is a breakdown of the things you need to take into consideration when it comes to managing a crane company in this day and age.
Know your rental economy
You need to be surveying the marketplace. Surveying the market helps in case something happens, it’s so you can have a finger already on the lifeline of the business. Commencing a crane hire service job to cities and communities around you means that you are there when they need you. There are many situations where the area already has a crane hire company with the largest cranes, but they are less than pleased with them. Knowing this is vital for you to jump in and grab that spot for yourself. Do you know if your crane hire company has the potential to compete with the current crane hire companies? If you are not sure, this is where content market surveys can come into play, as they are beneficial and useful.
Getting the funding
It is essential that you get the financing that you need for the crane hire company. Having the right funding will start you off, see you through the process and also cover anything that should happen (emergencies, back-up). You will need funds for space, the workers and all the cranes of course, and they certainly do not come cheap. It’s crucial that you are well set up financially and organised in this aspect as it could be a matter of losing everything. You will need to get the bargains with the venture capitalists and be sure they are going to be able to supply you with cash up front for a certain amount of per cent of the company.
If you don’t want venture capitalists or the investors, then you need to find more resources to continue to fund the company. You won’t be able to get much help from financial services unless you have been in business for some time with the right amount of turnover.
Maintaining and repairing the cranes
The cranes need to be serviced often to meet health and safety factors, which has become a big thing nowadays. You need a team of mechanics that deal with cranes to check over the cranes regularly, service them and deem them safe for operation. The parts that may need replacing are not cheap, so again, ensure you have the funds (you can use your back-up funds) to cover repairs or replacements if need be.
You need to show the inspectors that all your paperwork is in order and you have all the safety gear and test have been carried out. Permits from the council and other factors regarding different boards and procedures will need to be done. Processes like this can take some time; consider hiring a receptionist to keep all of this organised because if you don’t have the correct paperwork and tests are not carried out you will not be able to start work, and you may run the risk of losing contracts. You will not keep contracts if the job has to be put on hold to accommodate you.