There’s a lot to think about when starting a business, and when you’re setting up a self-employed company there’s even more housekeeping for you to do to ensure everything runs smoothly and efficiently. There are some great benefits of working self-employed, especially when you have some much-sought-after trade skills. You’ll be able to charge what you want and keep all the profits, while also giving yourself as much flexibility as you require. Here are some of the things that you should keep in mind when considering your new career in your chosen trade.
Table of Contents
Identify Your Profession
Firstly, you want to have a good idea as to what service you’ll be providing. Ideally, you’ll have an idea of what you want to do already, but if you don’t yet have qualifications in the profession you want to pursue, no matter how skilled you believe yourself to be, you’ll want to undergo training before even considering starting a business. The best way to do this is via an apprenticeship although be prepared to find a way to bolster the meager wages of an apprenticeship role. If you have absolutely no skills in your preferred profession, there are also traineeships that you can find online. The government has a scheme that helps young people to find trainee programs to help them get the skills they need to begin work or apprenticeships.
Create A Business Plan
No matter the industry, every business owner should create a business plan. Once you’ve got your business set up and registered, your first step is to figure out what work you plan to do, as well as how many jobs you’ll be able to handle, your financial planning, how you intend to grow your business, and also all of the equipment and resources you’ll need such as vehicles and tools. There are countless resources out there to help you write up your plan, but there are also professionals out there than can help you with these planning stages for a fee. Spend plenty of time getting this plan right and try to stick with it to avoid any unexpected issues.
Budget And Manage Your Finances
As part of your business plan, you’ll have to have laid out your expected expenses and income to get a good idea as to how much you’re able to budget for both your business and your personal wages. You need to carefully divide your profits and make sure all of your business expenses are covered, else you risk getting into severe financial trouble. You’ll also want to allow a generous amount to cover your living expenses like rent or mortgage payments, as well as food. Once you’re certain all this is covered, you can then afford to take the rest yourself for your savings or luxuries. Ultimately, it’s your money to do with what you want, but this mentality can be a common downfall in self-employed businesses.
Suit Up With The Right Clothing
Once you’ve decided on all of these things, it’s time to start looking at important things to purchase. Wearing the right apparel is essential for just about any trade so make sure you dress properly for the job. Common workwear for plumbers, electricians, builders, and carpenters include durable boots, and padded work trousers like those offered by Snickers Direct. The clothes you’ll need are entirely dependent on your profession of course, so make sure you do your research before buying anything unnecessary. Quality workwear is important to help you avoid injury, which can be debilitating in some cases, resulting in you missing work during recovery. In more severe situations, work-related injuries in trade professions can be life changing.
Invest In Your Equipment
It can be tempting to alleviate your budget somewhat by purchasing cheaper tools and equipment for work, however this is far from ideal. Cheaper tools can break much more easily resulting in you spending more money on replacements in the long run. Additionally, cheap tools might not get the job done to a satisfactory standard, or force you to take longer on the job, reducing your efficiency. Instead, make sure you put enough money into your equipment as this investment can pay off in the end.
Marketing Your Services
Something that many business owners forget, especially self-employed traders, is to market themselves to the public. You might think that business will just come to you via work of mouth, and while that may be the case for some, competition is increasingly fierce today. With things like social media, your competitors can dominate the market with some great marketing content, preventing anyone from even considering any other traders, no matter who is more skilled. You have to play the game today, and marketing is very important. For a professional social media manager or digital marketer, this is a fairly easy task, but for someone with limited skills in online advertising, it can be a huge challenge. Consider working with someone skilled in marketing services to promote your business as this can be a hugely beneficial investment.
