I'm a newbie on the forum and I've been checking out the threads here. Some of the threads are very helpful and I'm glad a forum like this exists. I'm planning on starting a business for leasing and selling heavy equipment like mobile cranes, construction cranes, manlifts, cherry pickers, etc. in the Middle East. The construction industry in this part of the world is booming and there is plenty of demand for heavy equipment (especially rentals). I don't have much experience in the industry but I can generate capital in the next few months to purchase a few cranes to start things up. My question to you guys: What do you guys think I need to learn before I start the business? I've read material online to understand the basic operation of the equipment. How can I get more knowledge before I start something like this? Hoping there are some people on the thread, who have been in my position before trying to get into this industry. Really appreciate the advice. Thank you in advance!
Construction is a boom and bust business. I would try to figure out where the economy is on the boom and bust wave length...ie: how long is the boom going to continue before the economy retracts? How much time are you going to have to make enough money to: 1. break even 2: put enough money aside to survive the inevitable economic retraction? Hire an accountant to calculate what your costs are going to be before you start buying equipment. Find out what the local laws and regulations are, insurance and license requirements etc. Hire experienced, competent people to work for you. It's going to be an uphill struggle. Even in a strong economy, competition can be cut-throat. You'll have to woo customers from established dealers that have good working relationships with their clients. If you can get the capital, you're best off if you can buy an existing business that already offers the services you're looking to provide. Otherwise, the next best thing is a business that offers a related service such as trucking and equipment hauling, or a heavy equipment mechanic shop and then add equipment sales and rental services. Having a related established service will give you: a client list and a means to deliver and or repair your equipment.