Starting a trade business is hugely exciting, but you must have all your ducks in a row to hit the ground running. So, where do you begin? By understanding the needs of your target market and developing an offer that surpasses the competition, you can attract local customers that drive your business objectives. Drawing from FieldPulse’s comprehensive Business Playbook, these fundamental tips will help you launch a business with its best foot forward.
Business Structure
Being a skilled tradie is only half the battle for running a successful business. You also need a carefully considered business plan to map your long-term objectives. Plus, this document is also imperative for accessing financing from a bank – if you decide to go down that path. Begin by creating a broad overview of your business information, including your location, financial circumstances and competitive advantage.
Next, you’ll need to dive into the finer details. Outline the legal structure of your business and the people responsible for its day-to-day operations. You should also conduct market analysis to illuminate the demand for your services and how you expect to beat the competition. Alongside a detailed sales strategy and financial projections, a thorough business plan is crucial for a successful launch.
Getting Insured
You may have never botched a job before, but insurance gives you considerable peace of mind when embarking on a new project. Although it might seem unlikely, there’s always the chance your worksite practices lead to serious injury or death. Meanwhile, you might cause major damage to someone’s property, resulting in a costly claim that damages your reputation. To avert this problem, take out tradies insurance with a reputable company.
Getting Licensed
Every state in Australia has its own licensing requirements for tradies. While some states only require builders and plumbers to obtain a license under certain circumstances, others take a far more encompassing approach. To find out how your business might be affected, head to the Australian Business Licence and Information Service (ABLIS) website. Here, you’ll find all the information you need to ensure your operation stays on the right side of the law.
Registering for Business
Tradies must register their business. However, whether you register as a sole trader or a company depends on the nature of your operation. For example, choosing to register as a sole trader means you’re the only owner of the business. This means you’re accountable for all decisions and losses, putting your personal assets at risk if things go wrong.
If you’re starting up a larger organisation, you may need to register as a partnership or a company. Typically, this should limit your personal exposure if your operation collapses in the future. However, setting up these types of businesses is a far more complicated process. Use this helpful tool to ensure you make the right decision.
Customer Research
Conducting customer research is essential to your success. By learning about consumer pain points and positioning your services as the perfect remedy, you can attract clients that spread the word about your high-quality work. As you want to promote your business to people who actually care, you must figure out how to appeal to people depending on their age, occupation, salary, and more.
This research shapes much of your business and marketing plan. If you know that your average customer has a high income, perhaps they’re more likely to pay a premium for your services. Meanwhile, if your ideal audience is young people active on social media, capturing their attention with Facebook or Instagram Ads is a great way to generate leads. Research your customers and make your operation a success.
Competitor Research
When starting a business, you need to know where you fit into the broader landscape. This means identifying the existing operations that appeal to a similar target market and then researching their methods. For example, find out how long your competitors have served the market while delving into how their value propositions resonate with consumers.
This information will help you reach the right people with your message or land on the ideal price for your services. Plus, where your major competitors might take a more professional approach to their branding, perhaps you position yourself as a fun and approachable service that isn’t so intimidating. Detailed competitor research will guide these decisions.
FieldPulse Business Playbook
Our Business Playbook offers a wealth of information when it comes to starting a business. From helpful guides & how-to’s, to free, customizable templates, the Business Playbook has it all.
Business Management Software for Tradies
Whether you’re a builder, a plumber or a painter, making the right choices for your budding business ensures you navigate numerous growing pains. Alongside a considered business plan that factors in your precise situation, you can design and execute an approach that delivers customers to your door.
If you’re looking for a business management solution designed specifically for tradies, FieldPulse is the best product for your needs. Backed by comprehensive features like streamlined estimates, job scheduling and invoice processing, our award-winning service ensures you achieve your business goals.
Visit fieldpulse.com.au to book a personalised product tour today.
