Published On: Wed, Aug 2nd, 2017

Becoming a Self-Employed Tradesman in the Current Economic Climate

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The US economic climate seems to be healthy according to the GDP growth rate (gross domestic product), with the GDP expected to remain between the 2 to 3% ideal – despite of President Donald Trump’s promise of a 4% growth. Therefore, due to this growth it is forecasted for unemployment to drop; less inflation; an increase in US manufacturing; and an increase in total employment. How will this affect you, though?

2017 is set to continue being prosperous. The US is set to wave goodbye to the financial crisis, as Trump continues to make tax cuts and create jobs he’s promised. It is, therefore, time for people to focus on their financial well-being, focus on their careers and invest in the stock market. This means starting your own business or listing yourself as a self-employed tradesman could reap in the benefits. You could pay off and lessen your debt, build up your savings, and help increase your wealth while paving an affluent future for you and your family.

Becoming a self-employedtradesman, though, means you must be skilful and educated in your field. Although the economic climate seems to be fruitful, you cannot build an empire on limited knowledge and talent.You need to be organized, and you need to have all your bases covered.

Starting a Business – Important Questions and Guidance

Firstly, you need to understand how to start your self-employed adventure and whether it is, in fact, the right direction for you. You need to fully understand the implications of leaving your current employment and going it alone. Do you need guidance? Do you understand the taxes you need to pay? Do you have the finances to start such a business venture or do you need to ask for financial support?

Business Plan

A business plan is essentially a roadmap for you use when navigating your business over the next few years. You will have your goals and objectives listed; your company description; prices and services; marketing plans; funding requests (if applicable) and how you plan to manage your self-employment.

Although you may be your own employee, you do need to have a business plan in place. You need to remain professional, otherwise it’s easy to forget important details such as payments, meetings with clients and your inventory. As a plumber, you will have tools to replace, and parts to order in.

Find a Reputable Wholesaler

As a plumber, you’ll have to order parts depending on your customer’s needs. This can become quite expensive, however, you need to keep your costs down to a minimum (while also making a profit). If you need to make an order for a mechanical seal, for example, make sure it’s with a company offering the best price. You could also consider ordering a few in, especially if it’s a common solution to many plumbing problems.

Market Your Business

Marketing, especially digital marketing, is becoming essential nowadays. Not only does it widen your reach, but it also helps retain and attain customers as well as creating a reputable brand. Enlist email marketing, social media, and a website. Have a clear call to action button and a page listing your services and prices.

As a tradesman, you’ll find that your services will always be in demand. However, you will have local competition. This means you need to market yourself effectively, build a reputable repertoire and be dependable. Once you’ve proven yourself, you’ll have loyal customers who will not only retain your services, but recommend you to others.

There’s a prosperous future in the US, meaning starting your own business, listing as self-employed and investing your money has never been a better way to improve your wealth. However, you still need to follow the usual steps, as there is no chance of complete success.