If you’re blessed with a set of practical skills and have the drive and ambition to work for yourself, working as a freelance tradesperson might just be your calling. While it’s definitely more difficult to get started, and there may be times of uncertainty, you tend to earn more money as a self-employed person. Despite this, it’s important to take the right steps when it comes to becoming a freelance tradesperson, as detailed below.
Obtain the Necessary Experience and Training
It’s not as simple as waking up one morning and saying. “I’m going to offer this service”; you need to have the relevant experience and training. For instance, working at a height may mean you require IPAF training in Newcastle or wherever your local area may be. Not only do you need to keep your customers happy, but you need to ensure that you’re kept safe at all times. Similarly, you’ll be able to charge more if you have a specialisation in the specific industry. In addition to the skills and experience you’ll need to carry out the job itself, you should also learn some basic accounting skills, as these will help you deal with your taxes and finances.
Comprise a Business Plan
Once you’re confident that you have the necessary skills to establish yourself as a freelance tradesperson, you can then go about creating a business plan. This will help you assess where your finances are, and what needs to be done to put your business in a steady position. As a result, you’ll also be given a platform for growth due to the awareness of your current situation.
Gather Licenses and Legalities
In order to take a business from a concept into a reality, a legal structure needs to be established, as this will determine how you operate. There are a few routes that can be taken in doing this; however, most individuals will choose to operate as sole traders. This is predominantly down to the fact that it’s the most cost-effective and simplest option. Depending on which legal structure you choose, this will affect your responsibilities when it comes to paying VAT and tax. Similarly, to work in your chosen field, you might be required to obtain specific permits or licensing.
Handle Finances
One of the most difficult things to get to grips with as a sole trader is handling your finances. In the early stages, you should steer away from the temptation to purchase anything that isn’t essential, as you want your finances to be as stable as possible. This is because you’re going to need to pay bills and also ensure that there’s money in the bank, in the instance that unexpected costs arise. This is on top of the start-up fees, including travel, fees, and equipment.
Insure Your Business
Unfortunately, everything isn’t always smooth sailing, which is why it’s important to protect yourself and the public by way of insurance. For instance, public liability insurance covers you against damage, injury, or even death as a result of your work. As a result, the nature of your work will determine which insurance is best suited to you. In addition to public liability insurance, you should also consider insurance on your stock, tools, and professional indemnity.
Invest in Quality Equipment and Tools
In the absence of quality tools, you won’t be able to carry out quality workmanship. While it may be tempting to get the most affordable tools, this will end up being more expensive in the long run, as you’ll be required to replace these tools in the future. Ultimately, the initial investment will be worth it in the long run.