5 Mistakes Most Contractors Make

Summary by Krater

An experienced general contractor shares five common mistakes contractors make when starting out, discussing bidding, communication, compliance, overhead, and growth.

From the video

Answers: What are the biggest mistakes new general contractors make?

• General contracting business advice
• Construction bidding and pricing
• Contractor communication and customer expectations
• Overhead costs in construction
• Managing business growth in construction

What it concludes

• New contractors often undercharge by failing to account for total labor costs, overhead, and profit.
• Poor communication with clients and failing to manage expectations leads to damaged reputations and project dissatisfaction.
• Failing to price compliance costs like insurance and bonds into bids causes financial strain.
• Operating a construction business without accurate bookkeeping and cost tracking leads to failure.
• Rapid, unmanaged growth is one of the hardest things to manage as a general contractor.