Building a successful business demands more than just paperwork and planning – it requires calculated risks, practical knowledge and resilience to learn from past mistakes. For those willing to navigate these challenges, the construction industry offers room for growth, especially in high-demand markets like Australia. Yet many aspiring entrepreneurs get stuck at the starting line, overwhelmed by uncertainty. Construction industry veteran Cory Towers knows these hurdles well, having built multiple successful companies from the ground up. Here, he shares candid insights about what it really takes to launch, grow and sustain a thriving business.
Starting Strong with the Basics
Most new business owners quickly discover there’s a lot they don’t know. “I look back to when I first started, I didn’t know any of that,” Cory admits. “You’re kind of just fumbling along the way.” The basics – registering a business name, getting insurance, setting up accounting software – can feel overwhelming at first. Yet location and market demand prove even more crucial than administrative setup. Cory uses a simple example to illustrate this point: “Let’s say you’re trying to open up a florist in the country – it’s probably not going to do as well as if you’re going to open up a florist right near a funeral home or in a capital city. You’ve got to see where the demand is.”
Experience has taught Cory the value of having the right people in your corner. “Now I’ve got someone there that does insurance, someone that can help with finance, a really good accountant that understands how I operate,” he shares. These relationships make each new venture smoother than the last. For new entrepreneurs without these connections, Cory strongly recommends finding a mentor. Someone who can lay out “A, B, C, D – these are the steps to get you to that point ready to launch, ready to take off.” This guidance helps avoid costly mistakes and speeds up the learning process.
Balancing Money and Mindset for Success
When it comes to business growth, capital matters – but so does the right mental approach. “I don’t fear failure,” Cory states plainly. “You learn not to make those same mistakes again – you kind of got to learn and make mistakes fast and move on.” His approach to setbacks is refreshingly practical: “Some of those mistakes have cost me a lot of money. People have been like ‘how are you not more pissed off?’ But what do I do about it now? The only thing I can do is just not make that same mistake again and find another way to make it back.” As he puts it simply, “Scared money doesn’t make money.”
Expansion requires resources, but Cory points out there’s more than one way to grow. “Obviously the most obvious way is to make sure you’ve got capital behind you,” he explains. “But there’s other ways – you could bring in money partners, or bring in a partner that’s got a network of people who can help you expand.” Success in these partnerships comes down to trust and track record. “You need to build trust with people,” Cory emphasizes, “and to build trust, you’ve got to act with integrity.”
The Right Team Makes the Difference
The prospect of hiring your first employee can be nerve-wracking. “I remember how nervous I was putting my first staff member on,” Cory recalls. “You don’t want them to come in and stuff anything up. You’re worried about how you’re going to be able to afford to pay them.” These initial concerns, though natural, gradually fade as employees prove themselves. His hiring strategy has evolved over time. “At the start, I always hired people like me because I knew I’d just get along with them,” he shares. “But you get to a point where if you start hiring too many of you, all the other stuff’s not going to get done.” Now he looks for people with complementary skills who aren’t afraid to challenge his thinking: “My way is not always the right way. Sometimes you can’t see what other people see.”
Through trial and error, Cory has built a blueprint for business success that balances practical steps with smart risk-taking. His experience shows that while the path isn’t always smooth, having the right foundation, mindset and team makes the journey more manageable. To learn more about Cory Towers and his approach, check out his LinkedIn profile.
