So you’ve done the hard yards, put in the hours digging holes, getting all the shit jobs done for your boss that no one else is there to do. Now you think to yourself, it’s time to start my own gig and start reaping the rewards I see all the other bosses getting. (You also want a new Ute let’s be honest!)
Starting your own business in the Trades is most people’s goal when they start out. When you find you are at that point in your career to start your own business you need to be prepared. A business plan should be one of your first documents you sit down and nut out with your trusted advisor/accountant.
Why do you need a business plan if you’re just starting out? Don’t have any big contracts? Just going out on your own? Questions we get all the time. Here is a breakdown of why:
- Purpose – You have to find out the reason why you wake up in the morning and go to work. Whether that is to support your family, help someone build their dream home or be recognized for your high standard of work. This should be at the forefront of everything that you do.
- Vision – Knowing where you want to get to when you start sets a clear path, direction and provides clarity for yourself and for the business. You want to be NZ’s best sparky or plumber, we know what the vision is now lets work on getting there with a business plan in place.
- Revenue Targets – That new Hilux or Ranger isn’t going to pay for itself. Working with your accountant to set realistic sales targets is a sure way to ensure you meet all your financial milestone and fund growth.
- Goals – Having goals to work towards and meeting them is the most satisfying feeling (after a pie and a coke for breakfast). Having goals for different areas of the business including personal goals ensure you are on the right track. Most importantly it also holds you accountable for your actions which you can run through every few months with your accountant and keep you growing in the right directions.
Sharing the plan with the rest of your business/staff is also beneficial. This is because they get to see the big picture! The purpose of why they come work for YOUR company and the VISION. Getting your staff on the same page will create a better team environment and motivation.
The business plan is the major key for any businesses success. It also isn’t 10 or 20 pages long as some would think. In fact, in just 2 pages you can have a plan for the next year that would see you and your business on a path to constant growth and success. And don’t forget that new Ute #Goals