6 payment trends to look out for in 2023
Are you a qualified tradie ready to break into your own business? You’ve come to the right place! Whatever your speciality is, this article breaks down the key steps you’ll need to take to set yourself up for success.
Types of contracting businesses
Contracting businesses can include anything from painting, carpentry and tiling, to plumbing, electrical, and landscaping. Any business that performs construction, renovations, or repairs in or around a home can be classed as a contracting business.
How to start a self-employed tradie business
Create a business plan
First things first, you’ll need to head to the drawing board and create a business plan. The same way you wouldn’t approach a client project without a plan of action, you shouldn’t start doing business without a solid foundation to stand on.
Covering what your business is all about and how it will operate, your business plan will be your go-to guide as you build, run, and grow your business. It will ensure you stick to your purpose and always make decisions that align with your brand.
So you don’t miss any important details, here’s how to create a strong business plan.
Sort out your finances
It costs money to start a business, so make sure you consider what you’ll need to get yours off the ground. This includes, but isn’t limited to:
- buying or hiring a vehicle to take you from home to home
- tools of the trade to get the job done
- marketing initiatives
- public liability and professional indemnity insurance
- licence and permits to ensure you’re operating legally
Make sure to check your individual state’s obligations when it comes to setting up your business before you hit the ground running.
It’s also important to have enough money to sustain you as your business is starting up, as it may take some time to build up a steady stream of clients.
Set up systems
Having a self-employed trade business means you’re your own boss and there’s no one telling you what needs to be done (and when). With this in mind, it’s important to set up a workflow system so you can document when a new job comes in, track its progress, mark when it’s complete and know when to offer after-sales support.
Next, you’ll want to work out how you’ll keep tabs of your invoicing, tax, and payroll, so you’ve got a good process set up from the start. While a simple spreadsheet system can do the trick, a cloud-based accounting system like Xero can really streamline the process, saving you time which is extremely valuable as a small business owner.
Tyro EFTPOS effortlessly integrates with Xero through the Tyro Bank Account to help make it easier to manage your business. Xero integration allows you to authorise payments in real-time and automatically dispatch payables and payroll, all from your mobile device.
Make the most of marketing
Spreading the word about your tradie business is an important step in the business-building process. To start off, you’ll want a website that outlines who you are, what you offer, and what sets you apart from similar businesses to win customers over (you’ll need to make sure it looks nice and professional – anything less and people probably won’t invest).
Next, create social media profiles and start sharing pre-launch posts to generate excitement that something exciting is coming.
To ensure people can find you, go ahead and set up a Google Maps listing so you pop up when people search for tradie businesses in their area. It’s also worth putting yourself in the White or Yellow pages (both the hard copy and online) as this is often the first place people look when searching for a tradie. Getting in front of customers is key!
Last but not least, be sure to send out flyers around your local neighborhoods to spread the good news about your new business and that you’re ready to take on projects.
It’s also a good idea to print off business cards so you can hand them out to new and potential clients.
With the Aussie trade industry still largely operating with an old school approach to payments, a survey by hipages concluded in its findings that tradespeople find the process of preparing quotes, chasing payments, and completing admin some of the most frustrating aspects of their job. So much so that according to the report, one in four tradies have been forced to give up jobs due to the burden of admin in the past twelve months, costing them an average of $120,000 worth of business annually, varying by trade.
We don’t want this to happen to you, which is why we offer streamlined EFTPOS solutions that help boost business efficiency. According to the findings of the report, 7 out of 10 tradies agree that technology could save them time by assisting with scheduling, invoicing, and reducing travel time between jobs.
This said, we present to you our latest product the Tyro Go EFTPOS reader. This device allows you to accept payments on the go, from one location to another. Sleek and lightweight, it can easily fit in the palm of your hand or in your pocket – ready for you to pull out when you need to process payments. This debit and credit card reader works by connecting seamlessly with your smart device via Bluetooth1, allowing you to process transactions in just a few clicks. Tyro Go also produced paperless e-receipts so clients can get a digital copy of the bill, via their email.
When it comes to online payments, we’ve got that covered too. Tyro’s electronic invoicing is a powerful eCommerce tool that lets you generate, send, and track all your invoices in the one online location. This will ultimately help you to get paid on time (even ahead of time) and boost that cash flow.
Starting a trade business is an exciting venture that involves a lot of preparation. Follow these key steps and you’ll be on your way to launching a successful tradie business.
Ready to set up portable payments for your tradie business? Let’s chat.
1 Compatible with Apple iOS 11 or later and Android 8.0 or later. Tyro Go requires a Bluetooth-enabled mobile device or tablet, an app to be installed and mobile network coverage.
Xero is a trademark of Xero Limited.