1. Insurances and legals
As a tradie, it’s essential you, your employees, customers and equipment are covered by tailor-made insurances. These include your vehicles, public liability, professional indemnity, workers compensation and business assets. Your other initial costs might include legal fees to set up your company and contracts to use with your customers, as well as memberships of professional organisations.
These include banking fees and the accounting software you’ll need to run and keep track of your business. A CommBank Business Transaction Account for your business with a $0 monthly account fee option gives you an everyday banking solution for your business.
As well as acquiring your tools of the trade, you’ll need to factor in your vehicles, office equipment, internet and phone plan and possibly a security system.
Your promotional costs can include setting up and hosting a website, local advertising, as well as search optimisation, so customers see your business name first.
Looking for more? The Australian government have developed a handy info and a startup costing template. Just enter your expenses into the spreadsheet and it will calculate your costs for you.
Thinking about starting your own trade business some day?
It’s never too soon to think about what the future might hold, or to get your finances on track. Request a call back from our Australian-based business support team or call 13 1998, available 24/7.