Is now a good time to start your own tradesperson business?

Recent years have shown just how uncertain life can be. Having a stable job, buying property, and being able to save for retirement – balancing it all can be more difficult than it seems on the surface.

Recent years have shown just how uncertain life can be. Having a stable job, buying property, and being able to save for retirement – balancing it all can be more difficult than it seems on the surface.

Yet typically, once you get the first part sorted, the rest falls into place. And some jobs have stood the test of time and shown enduring value. Being a tradesperson is one such job. If you have the pre-requisite skills, it could be that it’s the solution that you’re looking for.

But is now a good time to start running your own tradesperson business? We’ve written this short article to explore this question.

Are tradespeople in demand

One of the more noticeable outcomes of the pandemic has been how much time everyone now spends at home. And if you spend all of your time in your house, wouldn’t you want it to be in the best shape possible.

So, it’s understandable that over three-quarters of UK homeowners undertook home improvements in 2021, according to the Money.co.uk Renovation Nation Report.

This increased demand has had a knock-on effect on the trade industry. The Rated People Home Improvement Trends Report 2022 found that almost two-thirds of tradespeople experienced their busiest year in 2021.

Is now a good time for tradespeople

Despite trade skills being in high demand, that doesn’t necessarily mean that now is the perfect time to start your own business. The pandemic has also brought plenty of challenges for tradespeople.

Supplier costs have risen across the board, links in supply chains have broken down across the world and many workforces have seen shortages thanks to positive test results.

These factors mean that the immediate future looks complicated for the trade industry. Many businesses expect that external circumstances will force them to increase their prices simply to stay afloat. That being said, the increased homeowner demand and the volume of work completed in 2021 bode well for the industry as a whole. 

What do you need to start your own tradesperson business

So, if you do make up your mind to start, what are the most essential things that you will you need in place. While it isn’t exhaustive, use this checklist for guidance:

• A business plan
• Relevant training and experience
• Employer’s liability insurance
• Professional indemnity insurance
• Tools insurance
• Quality tools and equipment – such as angle grinders, impact drivers and drill bit sets
• Initial customers

Do you think now is a good time to set up your own tradesperson business? Share your thoughts with us in the comments section.