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How To Start An Electrician Business?
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Recent studies show that there are over 44,000 electrician businesses in Australia with a market capitalisation of $27bn. Is now the right time to start your own business as an electrician?
Truthfully, there is no “right” time to open a new business as you are bound to face an abundance of new challenges and obstacles; however, becoming a business owner opens the door to a plethora of opportunities that should not be overlooked.
Starting An Electrician Business
Develop A Business Plan
The first step in starting your electrician business is to create a business plan. This can be done on your own or with the help of an expert. A business plan is a detailed outline of how you plan on running your business and attracting customers. A marketing plan, sources of funds, and basic business information should all be found in your business plan. A comprehensive plan is often offered to investors and other third parties when seeking funding.
Select A Business Structure
Next, your electrician business will need to select a business structure. Many small businesses lean towards a sole trader setup because it remains inexpensive and easy to maintain. However, incorporating from the beginning is also an option, but this can be done at any point as your business begins to grow. Consider the financial and tax implications of each structure before making your decision.
Apply For An ABN
After you select your business structure, you will need to apply for an ABN. An Australian Business Numbers is a unique number issued by the Australian Government that is used to identify your business on tax forms. You may also need to register for an ACN depending on your business structure.
Obtain Insurance Coverage
Finding the proper insurance coverage is another important task when it comes to starting your electrician business. All electrician businesses will need public liability insurance to protect themselves from lawsuits. One way to weigh your different coverage options is to use our instant quote generator, where you can get an estimate on market-leading insurance in seconds! Simply enter your occupation and expected revenue to get started!
Implement An Advertising Campaign
How successful will your business be without customers? Probably not very successful, which is why an advertising campaign is so important. Identify your target market to properly tailor your marketing to your demographic. Additionally, implement multiple channels of advertising, such as social media, print, and radio. Each of these campaigns will reach different consumers, making it important to take advantage of each one.
Summary
Staring your own electrician business provides endless opportunities, from setting your own schedule to developing a customer base. Despite the mounting advantages, there are steps that should be taken to properly set up your business, one of which is finding the right insurance coverage. For all your insurance needs, reach out to upcover. We specialise in pairing you with the right insurance coverage tailored to your business needs. Reach out to a team member today for more information.
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