Are you tired of the daily grind as an employee and dreaming of becoming your boss in the trades industry?
Starting your own trades business can be a rewarding venture that offers you more control over your career, financial independence, and the opportunity to pursue your passion.
Why start your own business?
One of the biggest advantages of owning your trades business is the independence it offers. You get to make decisions, set your working hours, and choose your clients and projects. You're in control of your destiny.
Running a successful trades business can lead to substantial financial rewards. You have the potential to earn more than you would as an employee, and your income isn't capped by a fixed salary.
Passion and Purpose
When you're the boss, you have the freedom to focus on the aspects of the trade that you're most passionate about. You can shape your business around your interests and expertise.
Being a business owner often means more flexibility in your work schedule. You can take time off when needed, provided you manage your business effectively.
Building an Asset
Your trades business can be a valuable asset that you can eventually sell or pass down to the next generation, providing long-term security.
8 Tips for Starting Your Own Trades Business
- Business Plan
Start with a well-thought-out business plan. Define your goals, target market, pricing strategy, and financial projections. A clear plan will serve as your roadmap.
- Legal Structure
Choose the right legal structure for your business, such as a sole proprietorship, partnership, LLC, or corporation. Each has its advantages and tax implications.
- Financial Management
Keep accurate financial records from day one. Invest in accounting software or hire a professional to handle your finances.
- Marketing and Branding
Create a strong brand identity and establish an online presence. Utilise social media, a professional website, and networking to attract clients.
- Insurance and Licensing
Secure the necessary insurance coverage to protect your business and clients. Additionally, obtain the required trades licence and certifications in your area.
- Client Relationships
Building strong relationships with your clients is key to repeat business and referrals. Provide excellent customer service and deliver on your promises.
- Hiring and Training
As your business grows, consider hiring skilled employees. Invest in their training and ensure they share your commitment to quality work.
- Adaptability and Innovation
The trades industry evolves over time. Stay updated on industry trends, technologies, and best practices to remain competitive.
Why Having a Trades License Matters
Having a trades licence when you start your own trades business is important for several reasons:
- Legal Compliance: Operating without the required licence may result in legal trouble and hefty fines. Licensing ensures that your business complies with local regulations and standards.
- Credibility: A trades licence demonstrates your competence and commitment to quality work. It gives clients confidence in your abilities, and sets you apart from unlicensed competitors.
- Access to More Opportunities: Many clients and projects require contractors to hold valid licences. Having one expands your business opportunities and client base.
Don’t have a trades licence yet?
Partner with Skills Certified to help fast track your certifications through RPL via our partner RTOs. We specialise in helping people like you achieve formal recognition for your skills through the RPL process. We partner with Registered Training Organizations (RTOs) who can give you a nationally recognised qualification, and we guide you through the entire journey. Once you have the right qualifications, you’re on track to apply for the appropriate trades licence in your state or territory.
Transitioning from an employee to an entrepreneur in the trades industry can be a fulfilling and profitable journey. Owning your trades business offers independence, financial freedom, and the chance to pursue your passion.
Remember that starting a business requires dedication, hard work, and adaptability, but the rewards are well worth the effort. Best of luck on your journey to becoming a trades business owner!