How To Start A Plastering Business? | upcover
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How To Start A Plastering Business?
Starting a plastering business can seem like a daunting task at first; however, by following the necessary procedures, you can successfully launch your business.
There are a few different steps involved in the business formation process. All are critical to ensure long-term success, making it important to create a business plan, register with the Australian Government, get insurance, obtain equipment, and advertise your business.
Step #1: Create A Business Plan
The first step in starting your plastering business is to create a business plan. This document outlines basic information about your business, including operational and financial goals, sources of funding, and target customer base.
If you are looking for outside funding from financial institutions or investors to get your business up and running, you will most likely be required to submit a business plan. The internet has a wide variety of different templates you can use.
Step #2: Register With The Australian Government
Next, you want to create a legal business by registering with the Australian Government. At a minimum you will need to apply for an Australian Business Number; however, if you are planning on incorporating, you can apply for an Australian Company Number right away as well.
These numbers will be used to identify your business on tax forms, such as a business return, sales tax, and GST. You will need your entity type, prospective name, and physical location to register.
Step #3: Get Insurance
Before you begin operations, you must obtain insurance. If you are planning on working in a commercial setting, you may be required to show proof of insurance.
There are different insurance providers and coverage limits available for your plastering business, 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!
Step #4: Obtain Equipment
When starting a plastering business from scratch, you will need equipment to perform services. Don’t go overboard with purchasing equipment and only invest in the basics when first starting out. As your business begins to grow, you can add to your equipment base. Prioritising cash flow is a must in the first few months.
Step #5: Advertise Your Business
After all the backend work is complete, it’s time to advertise your business and attract customers. Reach out to friends and family members to generate your first few sales and positive reviews. Once your reviews start trickling in, you will see an uptick in demand.
Advertise on different channels, such as social media, the newspaper, and white pages. The more visibility your business gets, the better.
Starting your plastering business comes with different steps that need to be followed to maximise success. Skipping any of these steps can be detrimental to your new plastering business.
At the top of your to-do list should be to search for the right insurance coverage. One unbacked claim results in a large financial loss that your small business might not be able to sustain. Reach out to a team member today for more information.