Image Credit: Pixabay
Tips for Starting a Successful Trade Business
Trade-based businesses provide a valuable service to the communities they exist within. From maintaining local roads to ensuring that the homes and businesses they build are within certain safety specifications (and every trade in between), there’s no denying that we’d be lost without these individuals and their masterful sets of skills.
But how do you go from a skilled trades worker to the proud new owner of a successful trade business? Here are a few tips to consider.
Get an idea of what people are looking for with Google’s Adwords Keyword Planner.
Verify Area Demand
Sometimes people jump into business ownership solely because they’re good at something and want to offer that type of service. Only later do they learn that there’s no real demand for their skill in that particular geographic area. By researching area demand first, you’re able to avoid this type of situation.
One way to verify demand is by using Google AdWords Keyword Planner. Simply put in the keywords someone would use to find your business. You will instantly see how many searches are conducted using those words and phrases monthly. This will tell you whether the demand is enough to potentially support your business. It will also give you an idea of the keywords to use when you promote your business.
Tradify offers a great solution for tradesmen looking to go digital with their operations.
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Purchase Trade-Specific Business Software
Starting any type of business, including a trade business, often means that you’re working largely on your own. This also means that your days are going to require you to handle of a variety of tasks. Why not free up some of your time by using trade-specific business software?
Nowadays, you can find many apps that can speed up your process. Tradify has a great app built for plumbers, and another for electricians. Trade-specific applications such as these are tailored to fit the style of your work. They can really make a difference in your day-to-day operations.
Look Closely at Your Competitors
Maybe you’ve learned there is a need for your skill set. However, is the market so saturated with people offering it that it’s going to be extra tough for you to build and grow a successful business?
The only way to know this for sure is to take a look at your local competition. Specifically, how many businesses exist and what types of services does each one offer?
Once you have this type of information, you’re able to better identify whether there’s room for you, too. Additionally, you’ll know whether there is a particular portion of the market that is underserved. This will tell you who to cater your marketing to. Finally, you’ll have an idea whether there are services you could offer that your competitors don’t.
Know Your Local Tax Code
When you own your own business, the government allows you certain tax deductions. The sooner you learn what those are for your geographical location, the easier it will be to take advantage of them. You certainly don’t want to pay any more than you should.
For example, if you own a business in the trades in Canada, you’re entitled to certain tax credits if you hire apprentices. You can also deduct a certain amount annually to purchase new tools for tradespersons on your payroll. Talk with your accountant to learn what type of credits you qualify for in your region. Learn how to best maximize them.
Image Credit: Pixabay
Go One Step Further with Your Insurances and Licenses
Sadly, in this day and age, there are a lot of scam companies popping up. This makes it more difficult for the consumer to trust companies that actually provide a legitimate service. How do you overcome this issue if you fall into the latter category?
First off, you should obtain all necessary licenses and insurances as dictated by your particular trade. Then, go one step further and place their numbers on your website. Additionally, provide links your customers can click on to easily verify that you’ve obtained the proper certifications.
If you have a physical office, display them on your wall, blocking out any personal information you don’t want your customers to know. You may also want to keep a copy in each of your work vehicles. This way, you can show them to anyone who questions whether you’re for real while you’re out on the work site.
Starting a new trade business isn’t always easy. But as long as you follow these basic guidelines, it can definitely be successful. And that’s the best type of business there is.