When starting a new business you must ensure you meet all the requirements, administrative, financial and legal. You will want to ensure you have covered everything from your business structure to licences to hiring employees. Follow this article to kickstart your industrial painting business.
1. Business Basics
First, you need to decide on a business structure. Consider whether you will operate as a sole trader, partnership or company? When deciding on your business structure consider which structure will work best for your long term business goals.
Next, you will need to register for an Australian Business Number (ABN). Registering an ABN is a simple process, and your business will be able to gain benefits such as tax benefits.
Now you need to decide on a business name. Once you decide on your name, you can check the availability of the business name you have chosen. If the name is available, you can then register your business as a trademark to ensure that you have the exclusive rights to your business name throughout Australia.
2. Licences and Permits
When starting any business you should always check if you require any licences or permits. You will be required to gain a licence before you do any painting in NSW that is valued at more than $5000 (inc. GST) in labour and materials. You will need to acquire either a contractor licence or qualified supervisor certificate to operate your industrial painting business. A contractor licence allows you to contract and advertise to do work. While a qualified supervisor certificate allows you to supervise and do the work described on your certificate.
3. Insurance
Insurance is the most important step when setting up your business. It is vital that you protect yourself and your business from any legal action. Firstly, you will need a type of public liability insurance, this will be beneficial for you and your business when customers or staff experience injuries. Additionally, you will want to ensure you have worker’s compensation set up for these instances. Finally, you will need a form of coverage for all your equipment to protect against loss, damage or theft.
4. Source Your Equipment
To run an industrial painting business you are going to need equipment. Firstly, you must decide on a supplier who will provide the basics such as paint and other materials which you will use for each contract. Secondly, you must consider the type of fixtures and equipment you will need to operate your business. These can include motor vehicles to safety equipment for high rise exterior painting. It is beneficial for you to do your research to find the best deals and optimise the overall profitability of your business.
5. Hiring Employees
As your business focuses on larger industrial projects you will want to consider hiring additional staff to ensure your business runs smoothly. When hiring new employees, you will need to decide how many you are looking to hire and what type of employment they will receive. Will they be full time, part time or casual workers? You will then need the appropriate employment agreements drawn up and signed.
6. Market Your Business
Now all you need is customers. To have a successful business you will need customers. You may want to consider adopting a strategic marketing plan that will allow you to gain insight into your target market. It will help you understand what is the most effective advertising method to reach your target market. This will be beneficial in gaining customers for your business. Some marketing methods you may use include starting a social media page or putting an advertisement in your local newspaper. Another simple and effective approach of reaching new customers is through word of mouth.
In conclusion, starting your new industrial painting business can be an exciting yet simple experience. If you are looking for further assistance with any aspect of your business, contact a business lawyer today.
