Is it time to set up your own business? If money is tightening, maybe you want to do some contracting as well as work for an employer.
It’s something that most tradies in the building and construction industry (and other professionals) get set up. While you might be thinking it's best to be working for someone right now, now that there is a short term slow down it could be a good idea to get yourself setup and look for other income channels. Having your own business setup creates more opportunities for you and is the best way to create an unlimited earning potential.
After all, if you have some free time, why not use those hours to make some money and get that great satisfaction of a better payday for you and your family.
Being a business owner takes some work, but it doesn’t need to put more pressure on you and it does not need to be a daunting task. You may just need a little help to kick it off and then some guidance once in a while. The greatest message a mentor can give you is to “Aim to make it profitable from the start”.
To start you own business, you can consider the following questions:
1. Do you do beautiful work?
This means knowing your stuff. Get the experience in your trade or have someone who can help you with the parts that you are not so good at. This is where partnering with fellow tradies can really help.
2. Are you good at fixing problems?
Things go wrong. It’s life. Do you know what to do to make them right again? Remember you want happy raving customers to grow your profits and have a fun business life so get good at fixing their problems and they will love you.
3. Have you got some business education?
It helps to know a bit about business. We can definitely guide you and help you along your way and we’d be happy to take book in a complimentary consultation with you to get you started.
4. Licenced? (if you need to be)
You’ve got to have the right licencing to make your customers feel safe and be covered by insurance so make sure you have ticked all the boxes.
5. Get a business plan
It doesn't need to be long but it should cover off on all the things that you need to see your business clearly. What does that mean? With a good business plan you will have a roadmap to make money.
There is a lot to do in a successful business but the truth is you do not need to do it all at once. You can get started pretty easy if you know how. We love helping our clients work that out and guiding them towards making more money.
If you need help with starting up your business or would like to have a chat with one of our team, you can book in a complimentary consult right here.