Can An Electrician Start Their Own Business?
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Are you burned out working for an employer in the electrician field? Do you wish you had more control over your work hours and customer base? If so, it may be time to consider opening your own electrician business.
Electricians can start their own business in a few simple steps, but creating a successful company will take time and effort. Don’t be discouraged if you don’t create a profitable business overnight as building a business from the ground up takes time.
Understanding the recommended experience, set up steps, and tips on finding a customer base will give you the baseline knowledge needed to start your own electrician business.
3 Questions To Ask Before Starting Your Own Electrician Business
What Experience Should I Have?
You shouldn’t start an electrician business with no prior knowledge or experience. This increases your liability risk. At a minimum, you should have two years of experience before opening your own business. This is because you can’t obtain a builder’s license unless you meet the minimum two years of experience requirement.
In addition, you should have some educational background. This could be completing an apprentice program or going to a university for electrician classes. However, applicable experience is often more important compared to a formal education.
What Steps Do I Need To Take To Start My Own Business?
After you have the necessary education and experience, it will be time to open your business. The first step you will need to take is applying for an Australian Business Number (ABN). This creates a legally separate business with the Australian Government and provides you with a unique identification number. Some electrician businesses also apply for an Australian Company Number, which is used for those that incorporate.
Many electricians choose to set up their business as a sole trader because of the simplicity and cost-effectiveness. This results in all income being reported on your individual tax return, but also comingles your personal and business assets. Before you apply for the applicable business numbers, you must determine your business name, select your entity, and identify your business address.
How Do I Find Customers?
Once you have completed the business setup process, it will be time to attract customers. Electricians that choose to start their own business will need to employ creative marketing campaigns to find customers and start generating positive reviews. Many new businesses see success by reaching out to family and friends and completing projects on a small scale to begin building up their brand image. You may find that stepping out of your comfort zone and taking on the not-so-fun projects is necessary when first starting out.
Electricians can start their own business by having some experience and going through the business setup process. Another important item to consider when starting your own business is your insurance. To find the right coverage and provider, 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!