Many people are afraid to come out of their comfort zone especially when it comes to setting up a business but the truth is that the process is quite simple as long as someone plans ahead and have a solid goal in mind. There are many sides to the trades business and you could be planning to setup a company for plasterers in Sydney but you don’t have an idea where or how to start. The key is to start small in order to achieve financial independence.
The number one thing you will have to do is find out whether your area requires a license in order to operate. The requirements might not be the same for every state and can be different for every trade skill. The best place to start to get this information is the Australian Business Licence and Information Service as it serves as a guide for everyone who wanted to set up a business in the country.
After which, you will have to decide on the business structure that you will adapt. It pertains to the legal structure and in Australia it could be one of these four – sole traders, partnership, company and trust. Research this different business structure in order to decide what is best as each of them have advantages and disadvantages. The simplest which is also the cheapest and most popular is adapting a sole trader structure.
You might be tempted to skip insurance since you are starting small but it could be the biggest mistake you will take if you do so. Also, thereare states that require mandatory insurance as one of the requirements to make sure that they are covered as the work entails publicliability.
Make sure to manage the finances of your business properly and to handle tax correctly. Even the smallest business venture needs accounting to make sure that the cash flow is always positive and that the business is not going south.
Most importantly, in order to become successful plasterers in Sydney, you should be able to learn how to market your trades business in an effective manner. It does not have to be effective but it should convince people to hire your company.