The Australian construction industry has been a little hot and cold of late. Sure, non-engineering construction has taken off – but what about housing, or commercial construction? They have been dwindling for years.
Recent media speculation has confirmed that whilst there has been a strong expansion in non-engineering construction, there has still been declines in housing, apartment, and commercial construction.
It is becoming abundantly clear that construction is not the booming industry it once was: you need to find a niche and follow consumer demand. But that’s not easy.
So how can you bulletproof YOUR business, to make sure that you survive in a hot-and-cold industry?
Remain flexible in your offering and smart in your investment.
Within the four sub-sectors of construction, engineering construction has grown, with commercial construction has actually fallen into negative territory in the past 3 months.
So, in an industry that is, quite literally ‘up and down’ you need to invest in equipment that can straddle all subsectors of the construction industry.
Avoid the lifelong commitment.
The key to success in modern construction is to remain light on your feet. Find finance options or short-term equipment leasing programs that allow you to ‘try before you buy’.
Because the construction industry is unpredictable at present, it’s important to have a safety net behind you in the ability to move on from a stagnant area of the industry to a booming one, and fast.
Test the waters.
Twelve months is enough time to properly test out your equipment for a full season, and work with what’s happening in the economy as a whole.
In this time, you’ll be able to try out a new sector of the construction industry and yet be nimble enough to move on should it begin to dwindle.
For small business owners, it can be difficult to strike the balance between taking opportunities to grow business and investing in the equipment to support growth. The construction industry has specific challenges, including high-cost tools of trade.
Investing in secondhand equipment is a sound tactic to help manage costs, but new and even established businesses can find it difficult to secure traditional finance for equipment.
Get insider knowledge about the equipment market.
GoGetta Equipment Funding, in partnership with constructionsales.com.au, has collected pricing, depreciation and availability trend data from the past four years. These insights give a macro view of the market to help inform equipment sales and purchase decisions. To date, there is no other research like this publicly available.
The eBook also includes interview with Industry veterans have shared their insights about the most important considerations for used equipment buyers.
This guide helps you to navigate the often confusing world of used equipment, where you can save more of your hard earned capital. We also know where the booms are happening, so you can adjust your plans.