Starting your own trades business is a big step. While your passion and skills will take you far, they’re only one part of a bigger picture. Before diving into the deep end of the business pool, it pays to know what running a successful business really involves. The right preparation can save you time, money and worry.
That’s exactly what our short course, Trades Business Essential Startup Guide, is here to help with.
The course is led by Keat Chiew, who is a business and marketing management expert with more than two decades of experience. Keat provides mentoring and coaching for start-ups and small businesses and is passionate about helping people in trades achieve business success.
We spoke to Keat about the importance of being prepared before you start your own business and how his short course will help you set up your business the smart way, with less trial and error.
Why business skills are important for people in trades
Keat believes that business acumen should be an essential part of a toolkit just like a trusty hammer, drill or pair of scissors.
While hands-on skills are critical to making a living in a trade, Keat says that business skills are how people can continue to thrive when they’re in charge.
“Having a fundamental baseline knowledge of business operations and how to grow a business will help them implement the process as best as they can and avoid costly mistakes early on.”
Starting a business isn’t as simple as it seems
Keat says the most common misconception about starting a business is that it is as simple as registering a name and printing some business cards.
“[People think] that it’s easy to start a business. They get an ABN, register a business name and [think] they are in business. While it is technically true, there are also validation processes that they should go through to make sure they have a good sense of how to make it work for them.”
Another common myth? That good trade skills will automatically translate into a successful business.
“[It’s] not so simple – developing good financial acumen such as cash flow, how to do business development to maintain a good sales funnel, being efficient organisationally and others, can be daunting for new business owners.”
That’s why Keat is leading the Trades Business Essential Startup Guide: to give future business owners a clear, simple and actionable framework that will cover all aspects of running a business effectively.
Learn by doing
In the Trades Business Essential Startup Guide, you won’t be stuck in your seat listening to Keat talk. Keat has a hands-on teaching style, with practical exercises to help you immediately apply what you’re learning.
He’ll help you draft a full business model for your future business, with a focus on your customers, operations and finance.
“Through this exercise, students will develop a clear understanding of how they can find, manage and grow their addressable market segments effectively, learn to set up their daily operational activities with the right resources, how to network, and learn financial acumen.”
In other words, you’ll walk away with a mini business plan and a strategy that’s ready to roll.
Importance of financial literacy and marketing
A key component of this course is to build your financial literacy.
An understanding of how to budget and price your services can put you ahead of your competition.
“Financial literacy is a critical component of running a business. Being able to read basic financial statements and manage cash flow are important skills that business owners should know, to sustain and grow their business.”
Similarly, Keat says basic skills in promoting your business are critical to its success.
“Marketing is also important as generating awareness and creating demand for the business are part and parcel of running a business.”
You already know how to deliver great service. Now, make your trade skills your business.
Take the stress and guesswork out of starting your own business. Set yourself up for success by enrolling in the Trades Business Essential Startup Guide.