How Much Does It Cost To Start A Landscaping Business?
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Starting your own business doesn’t have to break the bank. In fact, many entrepreneurs are able to start their own landscaping businesses with a few months of savings or funding from outside sources.
There are different costs associated with starting a landscaping business including set up costs, equipment costs, and advertising costs. However, if you are short on funds, there are alternative funding sources to look into.
Costs To Start A Landscaping Business
The first cost to consider is setup costs. This includes registering your business with the Australian Government, legal fees, and accounting fees. Creating a business plan will also fall into this category. The level of costs you can expect to incur will depend on your business structure and if additional individuals are involved.
Incorporating a business comes with higher costs because of the added steps you will need to take to file for an Australian Company Number. Additionally, bringing on a partner means you need to have agreements in place for the distribution of income and loss, increasing legal fees.
A major portion of the cost to start a landscaping business is equipment. At a minimum, you will need a lawnmower, weed wacker, and a leaf blower to perform basic services. If you plan on offering a complete package with gardening, you may need to acquire additional tools. You will also need transportation, such as a truck and trailer.
New landscaping businesses often get overwhelmed with purchasing equipment, which can be detrimental to profit when first starting out. Purchase only what you need and continue to add on equipment as you grow and develop cash flow. You will most likely need to reinvest all profit for the first year to build up your equipment.
How successful will your landscaping business be without any customers? Probably not very successful, which is why advertising costs are another component of starting your business. Identify your target market and employ creative marketing strategies to attract new customers.
This could be using multiple methods of communication and offering discounts for new clients. The discount given is a small price to pay for repeat customers and more business. The first few months of running your landscaping business will prioritise converting new customers to repeat customers.
Alternative Funding Sources
What happens if you don’t have the funds on hand to buy the necessary equipment or implement an advertising campaign? There are a few different options you have, including inquiring about funding from financial institutions, outside investors, or bringing on a partner.
Bridging the gap in current and needed funds is critical to starting your landscaping business off on the right foot. Analyse your current financial situation before seeking alternative funding sources.
All in all, you can expect to spend $15,000 to $20,000 to get your landscaping business up and running. However, this range can vary based on your services. A key component that many new landscaping businesses neglect is their insurance coverage.
You don’t want to be faced with a claim early in the business formation stage, making it important to 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!