If you are thinking of going self-employed as a plumber, electrician, carpenter etc, then you need to understand a few basic principles of business to have half a chance of succeeding.

I have recently met with a couple of young lads who are self employed, one is a gardener and the other is a decorator and it has been interesting to look at their business with them. As is typical with most of us tradesmen, we can be very good at our job but know nothing about business and working for yourself estimating, ordering, buying, invoicing etc, and dealing with customers is business.

You need to know how to calculate your charge-out rate, how to estimate accurately, how to organise yourself and learn to understand your business. This may sound like big-business-speak but it isn’t.  It is essential especially if you want to grow your business.

I have put together an information package to help these young guys and give them some guidance. It’s not definitive and it’s not something the banks would help you with but it is useful.

If you are thinking of going out on your own or are already trading and want some help feel free to email me at terry@harwoodandassociates.co.uk.