Have you ever thought about what it takes when starting your own business? A few weeks ago, we spoke about the choice between becoming a sole-trader or working as an employee. So if you have decided to expand your horizons and start work as a sole-trader, lets talk!
Starting your own gas or electrical business requires a lot of responsibility and hard work, but if you’re truly passionate about what you do, in the end it is really worth it.
Queensland Government Business and Industry Portal have a whole lot of information to aid you in opening your first business. From plumbing and gas, to electrical and business, they cover every area with in-depth information and resources to help you start-up. Here are our eight steps to starting your own business and to help you hit the ground running.
1. Make sure you have the correct licences
This is obvious, however as a business owner it can be easy to get overwhelmed and try to be a ‘jack of all trades’. If you want to work as a gas fitter – make sure you have a full gas licence, if you want to do electrical work – make sure you have the correct licences, and so on. It is not worth the risk of working without a licence: both for the sake of getting caught and also for putting your client at risk and being unqualified in the services you are offering.
2. Do up a business plan and determine your goals both as a business and as a professional
This can be used to give you a clear understanding of exactly where your business fits in to and helps you determine your short and long term goals.
3. Understand which business structure you fit into, and research your competitors/field of trade
The 4 most common business structures are:
- sole trader
Once this has been determined this will help organise your accounting and tax information.
4. Choose your business name and keep track of your accounting
Find something clear, easy and unique that clients will remember but also explains what you do, otherwise use your name!
Keep track of all of your spending’s and money earnt, and don’t forget about tax return that you will be paying yearly. It is recommended to set aside your tax return money so that when the end of financial year comes around, you can easily file your tax return.
5. Know your rights and responsibilities, tax information etc.
6. Network and watch webinars
This is so important; you must continue to stay current in your field of expertise. Join webinars, seminars and events to stay current in your field of expertise and also to network with those in the industry. Word-of-mouth marketing can play a strong part in your businesses success, therefore use it to your advantage in a positive way!
7. Market your business
Create a website and connect it to social media (Facebook page, Twitter and Blogging) and get your friends and family to share it. Add your information to all local directories such as the Yellow Pages, online catalogues etc.
8. Watch the clients come in and continue to work hard!
Continue to work hard and don’t forget that if you do decide to take a leap and start your own business it requires a lot of hard work, over time and responsibility to keep your business running and enabling it to continue to grow.
In the first five years you may find you are putting a lot of hours, however this is part of the commitment and responsibility to do with being a business owner. Don’t forget that in the end, it is more rewarding knowing that you are the source of your success!
For more information about starting your business review the following link.