Planning on providing your family income as a tradesperson? Here’s what you need to know

If you’ve spent most of your life working for a larger building firm or small company, you should consider the move of working on your own timescale. When you have a family, you may wish to work around them rather than the parent company you work for. Also, you may wish to put your years of experience behind you into something more personal and tailored to your expertise. If this is something that’s occurred to you, you need to consider the following.

Market your experience

If you’re planning on building a website (which you absolutely should) or creating online social media profiles, you will want to market your experience. Hopefully, you have plenty of experience in the industry, and ideally some NVQs to go with it. Rather than keeping this for face-to-face interactions and in the back of your head, it’s something that should be listed as reasons to hire you. Describing large projects you’ve successfully worked on and getting some testimonials to back them up will do wonders for your marketing campaign.

Sole-trader or Limited Company?

When you become self-employed, you will need to register with HMRC for self-assessment. On top of this, you will need to decide whether you are a sole-trader or a limited company. A sole trader operates, as the name implies, on their own basis and is 100% responsible for their actions. A limited company is an institution that is separate from the individual; however, there are some stipulations about becoming a limited company, which you will need to research first.

Invest in tools and insurance

The tools that you choose will be supporting you on a day-to-day basis. Before you decide to go self-employed, be sure to put plenty of money aside to invest in the tools you would ideally like to work with. Not only should you want to complete your work to a high standard, but it’s said that investing in quality equipment also reassures customers that you will be working to a high standard. Finding a buying guide might also help you to find the right tools for the right price.

Once you’ve purchased your equipment, transport, and clothing, also make sure you keep it all insured. While it might not factor in your list of priorities at the moment, insuring your kit protects you from the worst happening. While no one likes to entertain the thought of their possessions or tools being stolen or damage, it’s a possibility that could affect your family’s income. Taking the time to take out a quote and insure your belongings is an incredibly savvy business decision.

Going self-employed can be an incredibly intimidating move particularly if you have a family to keep in mind. By researching every aspect of self-employment and taking the time to find what business model suits your skills, you can help to ensure you are prepared for the career move. However, by forward-planning and taking all the right protective steps, you can help guarantee that in the worst-case scenarios, your belongings are covered.

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