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Is It Worth Starting My Own Carpentry Business?
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For people who like to work with their hands and take on challenging projects, carpentry is the perfect career path. Some carpenters decide to strike out on their own and start their own carpentry businesses. In fact, there are nearly 48,000 carpentry businesses in Australia. If your goal is to own a carpentry business, you might be wondering if it’s worth the effort?
Benefits Of Starting AÂ Carpentry Business
Many people dream of owning their own business. This endeavour requires a lot of hard work and risk, but it can also be very rewarding. For aspiring carpentry entrepreneurs, here are some of the main benefits that make it worth owning a carpentry business.
- Income - Depending on your location and specialty, you can typically charge between $50 and $120 per hour for your carpentry work. Most solo traders can expect to make between $75,000 and $92,000 after expenses.
- Schedule Flexibility - Owning your own carpentry business gives you complete control over your schedule. As the boss, you get to decide which projects you want to accept. Carpentry also isn’t known for requiring work during crazy hours (evenings, weekends, etc.) due to emergencies.
- Ability to Choose a Specialty - There are many types of carpenters. Some are experts in construction framing while others specialize in furniture and cabinetry. As the business owner, you get to figure out what types of carpentry projects you are most passionate about.
- Physical Exercise - Carpentry work is a great way to stay in shape. During the day, you will spend a lot of time lifting wood and equipment, bending, and climbing trusses.
- Year-Round Work - There is no off-season for carpentry work. Businesses such as construction companies, property managers, and handymen are always looking for people to help with carpentry projects.
- High Future Demand - The construction industry is rapidly growing. Most industry experts expect the construction industry to continue growing at 6.8 percent each year over the next five years. In addition to this growth, the skilled labour market is currently facing major shortages. There is a strong indication that carpentry services will continue to remain in high demand over the next decade.
Mitigate The Risks Of Owning A Carpentry Business
While there are many pros to starting your own carpentry business, you will be responsible if something goes wrong. While most issues will be minor, there is a chance that someone could sue your business. Having a liability insurance policy can help mitigate the financial risks of claims against your business. At upcover, we are dedicated to guiding carpenters to the right insurance policy for their 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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