Whatever industry you work in, deciding to break away and go self-employed is both challenging and rewarding – and this is the case if you decide to do this as a builder. The promise of freedom and flexibility can be a huge draw for many who are considering leaving traditional employment.
However, to make sure that your solo business venture is a success, you’ll need to carefully plan ahead. Read on for tips to help you take the steps towards self-employment.
Legal and business setup
Begin by establishing a solid legal and business foundation. Builders can choose from various legal structures, such as operating as a sole trader or forming a limited company. Understanding the implications of each option is important as the way you operate will come down to the type of venture you choose.
You’ll also need to look at registration processes, tax obligations, and acquiring necessary permits. Seeking professional advice during this phase can save both time and resources in the long run.
Financial planning
Another important area to focus on is your finances. Financial stability is crucial for any successful self-employed business.
Builders should focus on creating a comprehensive financial plan that includes budgeting and pricing strategies. But you’ll also need to consider variable costs. For instance, in recent years the economic landscape has changed, making many services more expensive. The prices you charge will need to reflect this.
Also, setting aside funds for taxes and emergencies is crucial as this ensures that there are no financial surprises down the road.
Safety and regulations
In the construction industry, safety is a major concern, and this is the case whether you’re employed by a company or you’re working solo. Complying with safety standards not only ensures the wellbeing of workers but also safeguards the reputation and success of the business.
When working as a contractor onsite, emphasise the importance of adhering to safety regulations to the company that’s hired you and insist on the use of personal protective equipment (PPE). This also applies if you’re working on a householder’s property. Implementing strategies for maintaining a secure work environment, conducting regular safety training, and keeping up with industry updates are essential steps to reduce risk.
If something were to happen to you while working as a contractor onsite, you could have grounds for a personal injury claim. But it shouldn’t have to come to that as business owners are responsible for their workforce, whether they’re employed by them or hired on a freelance basis.
Marketing and client relations
As with any business, building a brand is an important element. For self-employed builders looking to establish a strong presence in the market, effective marketing strategies are key.
Begin by building an online presence. Having a website that sets out who you are and the services you offer will showcase what you do and tell potential customers and construction companies what you’re skilled in. Include photos of successful jobs, testimonials from happy clients and a list of any accreditations you have on your site. From there, link up your website to your social media channels.
Traditional advertising can also significantly impact business growth. Consider leaflets and adverts in local shops and newspapers.
Equally important is creating positive client relations, as word-of-mouth referrals play a huge role in the construction industry. Building a trustworthy brand, delivering quality work, and maintaining open communication with clients will contribute to long-term success and a positive reputation within the community.
