There’s no doubt that becoming a self-employed tradesperson in an attractive career option in the UK, with the average person operating in this niche earning between £30,000 and £40,000 a year.
At the same time, self-employed plumbers on these shores reported a 1.9% increase in earnings during January 2022, which an appealing trend when you consider the cost-of-living crisis in the UK and its impact.
Of course, this trend also applies to most skilled tradespeople who are self-employed. But what steps can you take to make this endeavour a success during a challenging economic climate?
1 Understand Your Tax Burden and How to Manage Your Books
Becoming self-employed makes you liable to manage your own finances and tax affairs, and understanding this is crucial if you’re to operate successfully.
This also enables you to identify any tax allowances that you’re entitled to and the items or costs that you’re able to claim back as expenses, which can minimise your overall burden over time.
2 Invest in the Right Tools
Typically, self-employment requires a minimal capital investment, making it an accessible way of working and generating income outside of full-time employment.
However, tradespeople will need to invest some capital into buying the right tools, ensuring that they’re able to operate efficiently and never have to turn away work (or invest in costly hire tools).
Of course, the precise toolkit that you need will vary depending on your precise trade, but universal tools such as Milwaukee drill drivers should be included as staples.
The same can be said for hammers, pliers, and screwdriver kits, while you may also need to procure relevant personal protective equipment (PPE) to ensure that you work safely at all times.
3 Get Licensed and Insured
If you are going to work in profitable and in-demand trades such as plumbing or electrics, you’ll need to ensure that your industry accredited in line with national building laws and guidelines.
This will also enable you to successfully apply for the relevant licenses and insurance, which will help to protect against instances against any claims that may be brought against your workmanship.
This not only affords you peace of mind, but it also puts customers at ease and makes them more likely to hire you to complete work on their behalf.
4 Consider the Importance of Marketing
If you’re a qualified tradesperson with knowledge of your craft, one of the most daunting elements of self-employment can be the need to market and promote your service.
After all, this requires a completely different and specialist skillset, while the cost of hiring qualified agencies is prohibitive to say the least.
The good news is that word-of-mouth and customer testimonials hosted on your website (alongside positive consumer reviews) are the most effective marketing tools for tradespeople. These are entirely organic and cost-free, enabling you to build a renowned and successful personal brand that sustains success in your marketplace.
