How Much Does A Plastering Business Owner Make In Australia? | upcover
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How Much Does A Plastering Business Owner Make In Australia?
Becoming a business owner opens the door to endless opportunities to grow into a career you love and build a business to pass down to future generations. However, being a business owner also opens the door to the risk of loss when operations aren’t going so great.
Whether you are a current plastering business owner or are looking to enter the industry in the near future, understanding the potential earnings is critical. Considering the average pay and ways to increase this figure are the first steps to salary transparency as a plastering business owner.
What Is The Average Pay?
The plastering salary differs between business owners and employees. An employee of a company can expect to earn around $70,000 per year, while a business owner’s pay varies. The industry you serve, the amount you charge, and the expenses you incur will all factor into your pay.
Higher revenue and lower expenses are key to creating a livable salary. At the end of the day, you want to put the most money into your pocket without working endless hours every day. Although bringing on additional help may seem counterintuitive, this can be a great way to boost productivity and take a portion of the burden off your plate.
Many plastering business owners strive to achieve profitability of 10%-20%. This means for every dollar of revenue, they can pull 10%-20% directly out of the business and still maintain operations.
How Can You Increase Your Revenue?
Revenue and profit aren’t the same. Revenue is the total amount you charge customers, while profit takes into consideration your expenses. The profit you earn is the money that goes into your pocket. Increasing revenue can be done by adding new revenue streams, such as venturing into both the commercial and residential arenas.
Another way to increase revenue is to attract more customers through effective marketing campaigns and creative social media posts. The more visibility your company gets, the more likely you are to increase revenue. Keep in mind that when you decrease your expenses, but revenue stays the same, you will still generate more profit.
A viable strategy that many plastering business owners employ to ensure they get paid is to take a regular salary. This means paying yourself like you would any other employee, with payroll taxes being remitted. As your business begins to grow, you can increase your salary or take more out as a distribution.
The pay associated with running your own plastering business is a major consideration. You don’t want to start a business when there is no profitability. Another top consideration is your insurance. Retaining the proper insurance coverage is critical to avoid bankrupting your business in the event of a lawsuit.
To find an optimised package 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! Reach out to a team member today for more information.