You’ve worked hard to become an experienced and professional tradie. Now you may feel ready to start your own tradie business, but getting yourself prepared for success takes plenty of thought and planning. Trade businesses are very competitive, and being your own boss can sometimes feel like a lot of pressure.
If you have a dream of building a tradie empire, or you’re excited to have a more flexible work situation, this checklist will cover all the top tips for tradies starting a new business.
Get Your Tools Insured
What is a tradie without their tools? Buying quality tools ensure your business runs smoothly. Unfortunately damage and theft of tools can bring any tradie business to its knees. Your tools are the heart of the entire business, so make sure you safeguard quality tools with quality tool insurance. Public Liability NZ specializes in public liability insurance and tool insurance. You can get started insuring your business and tools by using their online insurance comparison platform. Get free quotes for tool insurance sent to your inbox and set up coverage quickly.
To protect yourself and your tradie business from unlucky incidents, you’ll want to buy these other coverages:
- Public liability insurance
- Income protection
- Worker’s compensation insurance
Some insurance policies are mandatory and must be purchased for licensing reasons. Workplace safety regulations in the construction industry can be different from area to area, so understanding all the regulations can be hard. The Safe Work Australia website is a good online resource for new tradie business owners checking their compliance.
Become an Experienced Tradie
It’s never a great idea to launch a new business before you’re ready. You’ll want to earn all the right skills, correct qualifications, and complete your apprenticeship. Having some work experience behind you will only make your tradie business even more successful.
Once you’ve mastered your trade’s basics, you’ll need a variety of other skills to support your small business. You could start working for another tradie that’s already launched their own profitable business. This will give you the chance to learn the ropes of being a business owner.
It can be disappointing to put your sole trader plans on hold, but it will benefit you in the long run. Most likely you won’t regret it.
Stay Employed While Starting the Business
You’re not going to be able to live long without money. Starting a new business will cost you more money than you’ll ever earn that first year. In fact, it may take a few years of hard work before your tradie business starts turning a profit.
Staying employed as a tradie while you’re slowly starting your own business can be the safest way to begin this journey. You’ll never regret having a steady paycheck while you build your company.
Line Up Customers Now
Don’t hold off until you’ve officially started your tradie business before lining up some clients. Your business won’t survive without customers. Do the networking in advance of beginning the business. Make contacts. You can never start marketing too soon.
Develop a Business Plan
The main reason for writing up a business plan is to be sure your new business can make money. A well-considered business plan creates a strong foundation that a small business can be built upon. It’s easy to get started. You just must begin by doing lots of research.
- You’ll want to start asking yourself these questions:
- What if it takes longer to turn a profit than you expect?
- Will you need to hire staff? If you hired employees, should you hire more?
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- Do you have enough money saved to keep your business going?
- Do you have a predetermined profit margin for each job you quote?
You’ll want to review your industry, and finances, and develop a contingency plan in case things don’t work out well. It’s okay to stay optimistic when beginning your tradie business, but it doesn’t hurt to prepare for the worst.
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Get the right equipment
Modern tools are a tradie’s best asset, particularly if you work alone. Investing in high quality equipment will help you get every job done correctly. You won’t have to worry about your equipment failing in the middle of a big job. Or needing to frequently buy replacement tools or machinery because you didn’t spend the extra money the first time you purchased the equipment.
Opt for modern technology
Upgrading your processes with modern technology is a clever way to upstage your competition. Worksite iPads, project management software, and online accounting tools can collectively streamline your daily administrative tasks. This will also free up your time so you can focus on more important tasks.
Hire Professional Help
You shouldn’t worry about needing to be an expert on everything because you’re starting a business. It’s okay that you’re not a bookkeeper or accountant when you can always hire one of these individuals. Or if you must write up a contract, turn to your business lawyer for help. You might think you saving money and time by doing everything yourself, but there are certain tasks that you’re simply not qualified to do. Hiring the right person for the job can save you a lot of headaches later.