Are you a professional tradesperson? If you’ve been working in the industry for a while for employers, it may be that you feel ready to set up on your own.
With infrastructure, residential developments, and commercial spaces in demand, it’s likely that your services will always be needed in some capacity, whether that’s your plumbing knowledge or your skills as a joiner.
But striking out on your own means that you have to quickly become clued up about how to set up a contracting business. To be successful in this field requires more than your experience; it demands strategic planning.
Why set up your own contracting business?
A contracting business involves offering your services in construction, renovation, or remodelling to clients. This can be either residential, commercial, or a combination of the two.
There are several benefits of setting up on your own. The construction and trades industry tends to do well, even during economic downturns. This makes it a relatively stable field.
Also, the demand for construction services remains high, providing ample opportunities for growth and profitability.
How to launch a contracting enterprise
Begin by creating a comprehensive business plan that outlines your objectives, target market, competitive analysis, and financial projections.
From there, you can choose a memorable and relevant name for your business. It needs to reflect your brand identity and be something potential clients will link to you and your services.
Once you’ve finalised your business name, register your company officially. You’ll need to make sure you follow the legal requirements for this. Seek advice to make sure you’re compliant.
Additionally, establish your online presence by building a professional website. This is your shop front that details your expertise, services, accreditations and credentials. Also, create profiles on relevant social media platforms to showcase your portfolio and connect with potential clients. YouTube video tutorials, for example, are a great way to showcase your work and knowledge.
Getting your first clients
Securing your first clients can be challenging. After all, if you’ve been working for an employer up to now, you’ll be used to having a steady line of jobs come to you.
But once you attract someone’s custom, you can begin delivering your best work for your customers. This will establish your credibility and help your business to gain momentum.
Start by tapping into your existing network, offering your services to friends, family, and acquaintances. Not only does this provide an opportunity to hone your skills and receive valuable feedback, but satisfied clients are also likely to spread the word and refer you to others.
It’s also worth attending local networking events, joining community groups, and collaborating with other businesses to expand your reach and attract potential clients within your area.
The materials and equipment to use
Investing in the right materials and equipment is essential for delivering high-quality workmanship and meeting client expectations. As part of your business plan, you’ll need to factor in the cost of equipment and tools. At this stage, it’s worth planning out exactly what you’ll need to deliver results.
Consider factors such as durability, efficiency, and cost-effectiveness. Also, invest in reliable storage. As a contractor, you’ll need to work out how to get your tools from one job to another. Something like the Milwaukee Packout could be a good choice. Work out what tools you have and where you need to put them.
Establish relationships with reliable suppliers too. This will make it easier to source materials promptly and at competitive prices.
As your contracting business gains traction, you might want to consider expanding. You may want to hire someone to help you out or set up a full-scale contracting enterprise with a team of freelancers. While you might be in the initial stages at the moment, you’ll soon find that as your business grows in popularity, your dreams may become even bigger.
