Being self-employed might sound enticing because you get to own your own business, but it presents a slew of challenges even for someone who has been in the construction industry for years. You need to be self-disciplined, self-motivated and be able to spot opportunities. You also need to be flexible to pursue opportunities that might fall outside your usually scope of business. The job market has been shrinking in the construction industry, largely because the biggest employer has scaled down on new building projects in favor of dealing with the Corona Virus and the focus on reviving the economy across the board.
There has been a mindset shift in the last couple of years and remote work or freelance jobs have become more popular. Australia and many other countries have experienced an increase in entrepreneurial activities. The Construction sector has seen the biggest shift, especially with main stream construction companies reducing its workforce as a result of changing employment dynamics that became a factor way before there was a pandemic.
Owning an excavator can be profitable, even if construction jobs seem to be drying up. First things first, how big is this excavator going to be. Excavators are expensive and to buy you probably have to take out a loan. This means, you need to contend with monthly payments and occasional repairs. You can hire a mechanic to service your machines or you can call one out when there is a need instead of employing him and having to add their salary in your monthly business operational costs. However, you need to consider that you will have to move the excavator at some point which will require you to rent a dump truck and a heavy equipment trailer. The costs of doing this can add up, especially when you factor in the cost of diesel and liability insurance.
Buying an excavator is a great investment. However, you need to think beyond your immediate needs. If done right you can successfully build an excavation business and be your own boss.
How Can You Create an Income Stream with your Excavator?
You can do everything from digging, site clearing, site prepping, demolition, lifting and a bunch of other jobs that need heavy lifting. You can find a number of clients looking for demolition work like busting concrete walls, asphalt driveways and a slew of exaction projects. By using the proper attachments, you can hire an excavator to so much more for commercial projects and individual construction projects.
By attaching hydraulic engines, your excavator can be used for bigger demolition jobs and site clearance and lift heavy objects like pavers and lumber.
Excavators have proven to be the most adaptable and agile machines. An excavator bucket can scarify frost and hardened terrain. You can use a standard bucket to haul aggregate material.
When you find construction work drying up, switch to excavator rental services. You can have a steady income stream by renting out your excavator instead of waiting for the next construction opportunity to present itself.