How to Build A Trade Business You Can Be Proud OfMargin Media
If you’re thinking of starting a trade business in 2021, you’ve come to the right place. We’re sharing our top tips and everything you need to know to get your trade business up and running.
Setting up a trade business seems as simple as deciding on a name, registering for tax, and spreading the word about your services. But, before taking the leap into self-employment, there are a few business fundamentals you should consider first.
Here’s some advice on how to get your trade business moving in the right direction, right from the start.
1. Set Goals
One of the hardest parts of running a trade business is getting started. Before diving straight in, it’s important to take the time and think about why you want to start the business. Reasons could include:
- Be your own boss
- Work flexible hours (more time for hobbies and family)
- Make a difference in your community
Being clear on your end goal will help to give you motivation and build a sense of purpose and direction for your business.
2. Write a Business Plan
Creating a detailed, comprehensive business plan is critical for establishing the purpose and direction of your business. Ensure that your plan is simple and easy to read, so that you can refer to it later. A good business plan should include short and long term goals, financial projections, growth opportunities, marketing strategies and more.
3. Organise Finances
For trade business, it’s important to sort out and plan your expenses, budget, and investments. Make a list of the tools, machinery and equipment you need to invest in. Then, figure out how much money you need to get started (your capital).
You can also consider applying for a small business loan or grant to help raise this money and get your business off the ground.
4. Protect Your Trade Business – Get Insurance
As a small business owner, you need to be prepared for the unexpected. Protect your business with a business insurance policy, which covers work vehicles, equipment and essentials like general liability.
Depending on your trade the insurance cover you may need include:
- Trade Public Liability Insurance to provide the financial protection you need when you’re liable for an injury to another person.
- Self Employed Income Protection Insurance to cover if you are unable to work for an extended period.
- Trade Tool Insurance
- Contract Works/Construction Insurance to cover any loss or damage during construction work.
- Trailer Insurance
5. Promote Your Trade Business
Marketing your trade business is a great way to get more work flowing in. Set up an engaging website, interact with customers on social media, and run paid ads on google to generate more awareness and interest in your business.
Thinking of starting a trade business? Talk to the experts at Tradesure for all your tradie and business insurance needs.