There comes a time in every tradesperson’s life when going solo just makes sense. You’ve been consistently getting praise and working hard for others but now you want to run your own business. You’ve weighed up the advantages and disadvantages and now realise that the freedom to choose your own clients, more flexibility for a greater work-life balance and ultimately the opportunity to earn more money is the best move for you.
Now that you’ve got this idea in your head, you’ll need to make sure you start your new business off right to ensure future success and happiness. We’ve put together a list of the essential things you’ll need to start your own business.
Experience and qualifications
To make it on your own, you’ll need the experience and qualifications to ensure that you can complete any job that comes your way. With this in mind, it is essential that you have completed an apprenticeship or something similar in your desired trade. If you do not have this then NVQ qualifications are a great choice to acquire the skills you need.
If you do not possess the right experience or qualifications, it may show in your work and you’ll find yourself in a position where no one is willing to hire you.
Pricing
Now that you own your business, you’ll be in control of pricing – and it’s important to be fair and accurate so your customers aren’t hit with an unexpected bill when you finish the job. If this happens, you risk the customer leaving a bad review or telling their community how mistreated they feel.
Negative word of mouth can be very damaging – especially for a new business – and, with 20% of businesses failing within their first year, you’ll want to do everything you can to avoid this.
Equipment
You’ll need equipment for any job you do so be sure to get every necessary tool that your work requires. Without investing in your equipment, you may find your work will be affected negatively. Don’t cut corners to save extra money during the start-up process; invest in your business and it will benefit you in the long run.
Insurance
There are several kinds of insurance which are vital to a tradesperson’s business. The first is employers’ liability insurance, which covers you from any claims made against you from staff who allege that they have been injured or fallen ill while at work. This covers legal and compensation fees. It is a legal requirement for any business to have this – should you fail to do so, you can be hit with a £2500 fine for each day that you go without it.
One other insurance to consider is public liability insurance to cover your business from any claims made by members of the public. This insurance changes depending on the trade, with electrician public liability insurance differing to that of a scaffolder. Choose the right insurance for your business and protect yourself from any mishaps.
