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How Much Does A Carpentry Business Owner Make In Australia?
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Working as a carpenter can be a rewarding career. When it comes to employment, carpenters typically have two main options — working as an employee or owning a carpentry business. There are pros and cons to both paths, however, people looking to become self-employed may wonder how much money a carpentry business owner can make in Australia?
How Much Does A Carpentry Business Owner Make?
Carpentry businesses typically charge between $50 to $120 per hour for their work. It’s important to understand that this amount is before any taxes or business expenses. When all deductions are considered, most carpentry business owners can expect to earn an average of $75,000 per year (or about $38.50 per hour). Carpenters who are more experienced or specialize in a particular type of carpentry can earn more (up to $92,000 per year).
It will take some time to make these average salaries. The education and training required to become a fully-licensed carpenter will take about 4 years to complete. As an apprentice starting out, you can expect to earn around $50,000 per year (about $25.64 per hour). Don’t forget to factor in the cost of training which can run from $10,000 to $15,000.
Factors That Impact A Carpenter’s Wages
No carpentry business is the same. There are many factors that can increase the profitability of a carpentry business. By taking these things into consideration, you can improve the ability of your carpentry business to earn the most profit.
- Type of Carpentry Work - Carpentry is a very diverse occupation. Depending on your specialization or expertise, you may be able to charge higher amounts for the work you do for your clients.
- Location - Location may play a role in the amount of money that carpentry business owners can make. Urban areas will have a higher cost of living which allows carpenters to charge higher prices. On the other hand, rural areas may have less competition.
- Years of Experience - The more experience you have in carpentry work, the better quality work you will be able to produce. This may translate into higher wages.
- Future Demands - Experts expect the demand for carpenters to increase significantly over the next decade due to skilled labour shortages. This could make finding a quality carpenter difficult.
- Cost of Hiring Employees - Some carpenters will hire employees to help complete their work. The cost of their wages and benefits can increase the company's overhead. However, the revenue they generate should help pay for these increases.
Insurance To Protect Your Carpentry Business
Building a carpentry business from the ground up requires a lot of hard work. You want to make sure that your business is well protected from potential risks and liabilities. The best solution is to carry a comprehensive liability insurance policy. At upcover, we want to help you protect your business. Check out 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.
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