Setting up a trade business is a great opportunity to earn more and also have your own freedom. But getting started can be challenging, especially in securing capital to purchase what you need and to set-up a viable operation. It is a common problem for any new start-up and unfortunately many businesses fail in the early years due to lack of funding.
Here are five ways to help fund your business and get some extra capital.
Starting up your own trades business is an attractive proposition – be your own boss, keep all the profits, take holidays when it suits you, run your business from home, the list goes on! The advantages are certainly in your favour but even with the best intentions, it can be difficult to know where to begin.
We’ve put together a few quick tips to help you get started.
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If you don’t, or if you’re starting a new business, it’s worth considering and pretty much essential to have a business plan in place so you know where you are heading. We’ve collated some of the best advice we could find so you can prepare your own business plan.
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Australia’s major shopping hubs are filling up with lease signs. Whereas the country is best known for its small businesses – accounting for 97% of all businesses – shops are closing at an alarming rate. According to the figures from the Australian Bureau of Statistics, around 60% of small businesses shut down within three years of operation.
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Being listed on a trade directory is one of the best ways to get publicity for your business.
As a tradie, you may not have the time or a huge advertising and business development budget to generate regular leads so this is also where online trade directories can help.
Coupled with the advantages of the internet, and consumers relying more and more on these platforms to source local businesses, online trade directories are now in the best position to help you achieve the exposure you need.
Read on to find out the top trade directories in the country and their differences.
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Tradies and contractors would all agree that working on site can be hazardous at times – there’s always a lot going on and sometimes things do go wrong. Of course you need to insure yourself and your employees but if anyone else comes to harm as a result of the day-to-day running of your business, public liability insurance protects you, your business and your personal assets.
No one likes to think about the worse case scenario but public liability insurance gives you peace of mind, and for some tradies it’s a mandatory requirement. If you’re not sure, we’ve put together our top five reasons why you should get public liability insurance before stepping on site:
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Google and Australian Chamber of Commerce and Industry previously joined forces to bring more small businesses online. Why? Kate Carnell, CEO of ACCI, says:
“The internet provides small businesses with the unprecedented ability to reach more customers and achieve greater efficiency in ways that until recently were only available to their larger competitors.” Read more
There are many different types of insurance options out there for tradies. The skill lays in sifting through what is going to be relevant to your business and what is not. It’s also important to know what is going to be mandatory for you as a tradie as what is optional. Here are the mandatory insurances you might need.
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The “word of mouth” source of business appears elusive to many but remains highly valued across all practices and industries. As referrals are one of the best sources of clients and business, it is best for tradies to understand how best to establish such program. Here are key factors in building referrals for your business.
Social media is a tipping point for most businesses especially in this growing digital age that we are all operating in. Whether you are a small local plumber or large scale builder, social media can play a big role in how you build your credibility with customers in order to increase conversions levels. Perhaps out of the many professionals out there, this is extra crucial for tradies. Here are some insights on the use of social media for your trade business to better strengthen your brand as a trusted business choice.
