The Benefits of Starting Your Own Self-Employed Building Business
Starting your own self-employed building business can be an exciting and rewarding experience. Not only will you be able to work on the projects you want, but you will also have the ability to make your own hours and set your own rates.
Some of the benefits of starting a self-employed building business are that it can be a way for people who are retired or semi-retired to make some extra money on the side. It’s also a great way for people who want to stay at home with their children or care for their elderly parents to still earn an income. A self-employed building business is also appealing for people who want more control over their work-life balance and flexibility.
Setting up your own building business is also for those who are ambitious and don't want to be limited to earning from a 9-5 job.
A tradesman is one of those vital professions that many of us need to use for home improvements or repairs, and very in demand following the lockdowns over the recent years.
Set Up the Basics of Your Company
Every company needs to have a legal structure. The structure you choose will depend on your country, the type of company, and whether or not you want to be self-employed.
You can choose between being an individual sole-trader, having a partnership or being a limited company.
There and pros and cons to each business type, and it might be helpful to speak to an accountant who can help you to decide which route is best for your own personal circumstances.
As well as your business structure you will need to think about the following:
- Transport – usually a van. Will you buy, rent or lease a van to use?
- What services will you offer? There are so many services that you can offer, so you need to decide what you would like to do and what will bring in the money.
- Your rate – will you set an hourly or day rate, or charge per job?
- Insurance – tradesman liability insurance is a good call.
- Your payment terms – waiting for payment 30 days after a project has been completed can leave you cash strapped, so consider taking a deposit.
- Advertising and marketing – how will you promote your business and get new customers?
- What other equipment do you need – anything from ladders to a mobile phone.
- What online presence will you have? A website, social media, etc.
Build Your Product or Service Offerings
Building is a service that can be done in many different ways. You can build a residential home, commercial building, or even an office building. But what does it take to do it?
A building contractor is needed for every type of building project. They are the ones who will provide all the materials and labor required to make sure the project is completed on time and on budget. It’s important to find a contractor who will have the adequate experience and knowledge for your specific project.
Build Your Marketing Plan and Get Tackling Those New Clients!
Tradesman are always in need of new clients. It is important to have a marketing plan in place so that you can find the right prospects and win new customers over. A marketing plan is an outline of how your company will go about getting new clients. It includes a list of the methods that you will use to reach out to potential customers, such as advertising and referrals.
It's essential to have a marketing plan because it will help you find your target audience and create a strategy for reaching them. A well-thought-out marketing plan will also help you figure out what kind of content to create, how often to post on social media, and how much time to allocate for each activity.
