With much of the startup world looking towards technology, savvy entrepreneurs are seeking business ideas in other fields. And for those who don’t mind getting their hands dirty, one area with a lot of potential is skilled trades. Plumbing, carpentry, electrical workers – there is a huge need for this type of work in the modern world, yet demand is outstripping supply.
There’s a simple reason why there is a need for skilled tradespeople these days – it’s because many younger people simply aren’t interested, and as the baby boomer age group gets older and retires, no one is filling the positions. For entrepreneurial types, this means there is a tremendous opportunity.
The big question is, how do you get started in the trades industry, and what does it take to succeed? We thought we would take a look at some of your options, so read on to find out more about how to achieve success for anyone who loves working with their hands and has an entrepreneurial mindset.
Demand
Demand for tradespeople in all kinds of fields is expected to rise significantly well into the next decade. Electricians, plumbers, welders – all are trades that are set for a surge. If you have an interest in any particular line of work, ensure you take a look at the prospects of the labour market in that industry to give yourself an idea of its potential.
Getting started
The key to starting a trades business is to get qualified. While this can take some time, it is vital that you gain the knowledge, skills, and experience – as well as the qualifications – to prove your worth in your field. Most tradespeople start out as an apprentice, working for another company while doing their training alongside the job. But there are other routes – a City and Guilds qualification for electricians, for example.
Serving your time
It’s worth working for another company for a while, purely to gain some field experience of what you need to do. You’ll learn the ins and outs of the industry, and you could – potentially – also build up a list of clients that you can bring with you when you eventually start your own business.
Going it alone
Once you have qualifications, it’s possible to strike out on your own straight away. There are a few things to do beforehand, however. You’ll need to invest in a vehicle, of course, and kit it out with the right storage for your equipment. Whether it’s Renault Trafic storage or VW Caddy shelving, your vehicle’s interior will be a home for all the equipment you’ll need. A robust business plan is also essential, and include a few vital pieces of information. Where are you going to find the capital to set up? What sort of clients do you want to attract? How are you going to market your business?
Growing your company
While you can make a decent living as a solo tradesperson, the best route to success is to start building your business. Hiring others to ease your workload will bring in a lot more money, and you will then be able to explore other areas. For example, many residential electricians will find they have the time to train themselves in more commercial or industrial areas.
Good luck with the trades business – let us know how you get on!