What are some of the biggest costs faced by tradespeople?

What are some of the biggest costs faced by tradespeople?

Taking up work as a skilled tradesperson has become an increasingly popular option over the years. Startups.co.uk observes that, of the UK’s 4.6 million self-employed workers in 2016, 30% were full-time skilled tradespeople. However, if you follow them, you need to account for various expenses. Trades and Builder mentor Miles Primrose from BusinessSight notes than most tradies don’t keep track of their business costs, which can lead to disastrous results.

Picking up a qualification in a tradeIt’s true that the likes of plumbers, electricians and carpenters can rely on a steady stream of work, as Business Advice attests. However, you also need to watch out for the costs of the following…

Fortunately, becoming qualified as a skilled tradesperson isn’t nearly as punishing on the wallet as, say, completing a university degree. Whereas that would leave you roughly £9,000 shorter, taking an NVQ in plumbing has a much more forgiving price of about £1,500.

That’s still not exactly pocket money, which is why you could hugely appreciate being able to work as you study. That’s a great way to help yourself to offset the qualification’s cost while gaining experience, too.

The right business insurance

If you haven’t yet become a tradesperson, you might ask yourself: “Do I need insurance to start a small business?” The short answer: possibly yes. Click the link for an in-depth guide on the matter.

The possibility of making a mistake that leads a client to suffer an injury to themselves or damage to their property is something for which you should carefully prepare. That’s why we would urge you to contact a specialist insurance broker like Be Wiser Business Insurance to find a suitable policy.

There is no excuse not to protect your business. With comparison websites like Lending Expert you can also quickly search providers and get a quote within a few minutes all delivered to your inbox.

Suitable tools and equipment

One of the tasks you will have to tick off the list quite early on is spending money on the tools and equipment which you need to do your job to an impressive standard.

However, you might want to extend your tradesman insurance to cover your tools and equipment, too; even just in 2017, tool theft increased by 30%. The right insurance can also help you to replace those essentials if they are damaged or misplaced; again, a broker could help you to trace a policy.

Phone and internet services

You can’t expect to find it too easy to get work if you don’t provide obvious means through which potential clients can contact you. That’s why you need a good internet and phone package, as Move Your Money makes clear. That package could also help you to act on your initiative to seek work.

Don’t be afraid to research various providers of phone and internet services. If you work from home, we would particularly recommend that you opt for a business package, as it can match a standard deal in price but surpass it in service should your line become faulty.

Marketing the business

Once you’ve got a phone number and email address, you can include them in your marketing – both online and offline. Add your business to listings in regional newspapers and directories, and don’t forget to set aside some money to pour into setting up and bolstering a website for your company.

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