Kickstarting your new trades business

November 22,2021

Kickstarting your new trades business

All month we have focussed on setting up a new trades based business. In this blog post, we will put it all together to look at the steps you need to consider when you want to start out on your own. 

Straight away you need to:

• Apply for an ABN and register for GST if you think your turnover will be $75,000 or more
  
• Get public liability insurance (at the very least)
  
• Ensure you have the current licenses that your trade requires to be able to work- remember that these may differ depending on if you are a sole trader, or other entity.
  
• Register with the ATO. You can do this as a sole trader initially, as this is the easiest way to trade and get started, but speak to us about the structure of your company from a tax point of view. 
  

Marketing:

This might sound a little fluffy and unimportant, however, think about it. If you don’t have a business name that is easy to search for online- how are you going to get customers?

If you don’t have a logo that stands out then how will people remember you? Think about spending some time and resources on creating elements that will help you to attract clients:

• Logo
  
• Business cards
  
• Car signage
  
• Website
  

These are all elements that will help expose your business to a wider audience. 

Accounting:

Finding an accountant that understands your needs can be hard, and you may not think you need one just yet, as you are starting out. However, without someone who knows all of the obligations you need to make plus how to create a cash flow so that you are never short- then a reliable accountant is one of the best investments you need to make for your business. We are here for you! 

The next step- evolution

Now that you have all of the necessary business elements in place- you can focus on growing your business! This adds in an extra element and a range of questions. For example, do you need staff, from more tradespeople, apprentices or admin staff? Do you need more tools or an office rather than working from home? 

If you have set up your business with the right people around you then evolution will take hold and you will have the capacity to grow. 

For any accounting information, we are here for you- from a quick chat or an in-depth meeting to help diagnose your current position to where you want to be.

Do it right the first time and never look back!

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