This post has been self-published on Youth Ki Awaaz by Tom Richards. Just like them, anyone can publish on Youth Ki Awaaz.

5 steps towards starting your own electrical business

More from Tom Richards

If you’re interested in launching your own electrical business but don’t really know where to start, or need a general overview of a few essential steps, then take a look at our five steps listed below to get you on the right track.

Choose a Suitable Business Structure

Whether you’ve already begun developing the business or not, you should look into which business structure is going to work out the best for you. This will affect the time it takes to launch the business, and some business structures will suit teams better than others.

Sole Trader

A sole trader business is one of the most common, and it’s also one of the easiest to launch as just one person is required to register it.

The first step to launching a sole trader business is to register the business name with the ASIC or the Australian Securities and Investment Commission. It can usually be done online and only takes a few days.

This business type doesn’t feature a separate entity for the business itself, so expenses, income, and other finances will be featured on your own personal tax return.

Partnership

Another common business structure for small businesses is the partnership. This option is chosen if two or more people wish to co-own a business venture as well as pool their skills as well as finances together.

Company

A company must be registered with the ASIC before it is able to be called a company and it is a separate entity from the owners. This means that the company is a standalone business with its own liabilities as well as benefits.

 

Choose the Best Tools

To get your business off the ground in the most effective and cost-efficient way possible you’ll need to look for the best tools. This doesn’t mean wire cutter and physical tools – but rather the tools that will work as the backbone of your business.

Digital frameworks and programs that make your business operate in an effective and legally compliant way. Cloud-based entirely digital software programs work best here as they allow you to add and edit information wherever you are, from any device.

A few tools that are an absolute must-have when starting your own electrical business are listed below:

Xero or QuickBooks for easy real-time accounting. These applications are your best option for getting a solid look at revenue and making sure that you’re finances are legally compliant when taxes and other requirements are concerned.

ServiceTitan for effortless management of your entire business workflow. This program makes it easy to get a good look at your customer relationship management, technician locations, and duties as well as how your marketing activities are doing and more.

Payment services like PayPal, Square and others are also essential to make sure you can be paid in other ways that don’t include cash and traditional invoicing. This way you can easily accept client jobs knowing that there’s an easy and seamless way to be paid.

 

Develop a Strategy

Particularly important in the trade industries is the development of a differentiation strategy. There’s a lot of competition, most of which is exceedingly similar to the services you’ll be offering, so it’s essential to take the steps to develop a tactical strategy that places your services above your competitors in a way that customers will understand.

Firstly you’ll need to understand your target market. Who are your ideal customers? Where do they live? How do you reach out to them? Once you answer these basic questions you can begin to formulate a strategy that will attract their attention.

The best way to do this is to develop a plan on a single page that you’ll be able to easily see in a glance and follow easily. It should cover ways you can use your skills to undercut competitors and attract customers in a way that works best for you. 

 

Understand your Profit and Loss

Keeping your business running profitably and optimally means you’ll need to determine how much you need to earn and charge before you start selling your services. The best way to do this effectively is to work backward, starting with how much you want or need to earn to meet your targets.

How much do you want to earn?

What are your operating costs?

Work out your profit margins.

Determine how much to charge for your services.

Once you create a pricing strategy based on this, you’ll be able to implement a few other things like your marketing costs.

A solid profit and loss plan is essential and will be the backbone of your business as it’s ultimately the factor that determines how much you earn and whether you’ll be able to sustain operations.

 

Stay Aware

When starting your own electrical business you’ll have to be in total control of everything that’s going on at all times. You can’t afford a financial ‘leak’ in the early stages and you also have to keep the ball rolling at all times if you want to make sure that the business grows sustainably.

A few major fundamental steps you should stay on top of are:

Planning

Keep organise with apps and writing things down and try to stay focused at all times when you’re planning new service offerings and developing price structures for older ones.

Be sure to stay on top of your taxes and how much you’re earning so that you can pay your taxes on time, as well as paying yourself.

Monitor

As soon as you begin operation make sure to keep tabs on your work, income, and client number growth. This way you’ll be able to see whether you’re meeting all of your sustainability and growth targets.

Stop every few weeks and do a mini-audit of the business to make sure everything running smoothly. Don’t wait until it’s too late to stop a financial issue.

Youth Ki Awaaz is an open platform where anybody can publish. This post does not necessarily represent the platform's views and opinions.

You must be to comment.

More from Tom Richards

Similar Posts

By Fatem

By SHARDA SINGH

By Neha Yadav

    If you do not receive an email within the next 5 mins, please check your spam box or email us at actnow@youthkiawaaz.com

      If you do not receive an email within the next 5 mins, please check your spam box or email us at actnow@youthkiawaaz.com

        If you do not receive an email within the next 5 mins, please check your spam box or email us at actnow@youthkiawaaz.com

        Wondering what to write about?

        Here are some topics to get you started

        Share your details to download the report.









        We promise not to spam or send irrelevant information.

        Share your details to download the report.









        We promise not to spam or send irrelevant information.

        An ambassador and trained facilitator under Eco Femme (a social enterprise working towards menstrual health in south India), Sanjina is also an active member of the MHM Collective- India and Menstrual Health Alliance- India. She has conducted Menstrual Health sessions in multiple government schools adopted by Rotary District 3240 as part of their WinS project in rural Bengal. She has also delivered training of trainers on SRHR, gender, sexuality and Menstruation for Tomorrow’s Foundation, Vikramshila Education Resource Society, Nirdhan trust and Micro Finance, Tollygunj Women In Need, Paint It Red in Kolkata.

        Now as an MH Fellow with YKA, she’s expanding her impressive scope of work further by launching a campaign to facilitate the process of ensuring better menstrual health and SRH services for women residing in correctional homes in West Bengal. The campaign will entail an independent study to take stalk of the present conditions of MHM in correctional homes across the state and use its findings to build public support and political will to take the necessary action.

        Saurabh has been associated with YKA as a user and has consistently been writing on the issue MHM and its intersectionality with other issues in the society. Now as an MHM Fellow with YKA, he’s launched the Right to Period campaign, which aims to ensure proper execution of MHM guidelines in Delhi’s schools.

        The long-term aim of the campaign is to develop an open culture where menstruation is not treated as a taboo. The campaign also seeks to hold the schools accountable for their responsibilities as an important component in the implementation of MHM policies by making adequate sanitation infrastructure and knowledge of MHM available in school premises.

        Read more about his campaign.

        Harshita is a psychologist and works to support people with mental health issues, particularly adolescents who are survivors of violence. Associated with the Azadi Foundation in UP, Harshita became an MHM Fellow with YKA, with the aim of promoting better menstrual health.

        Her campaign #MeriMarzi aims to promote menstrual health and wellness, hygiene and facilities for female sex workers in UP. She says, “Knowledge about natural body processes is a very basic human right. And for individuals whose occupation is providing sexual services, it becomes even more important.”

        Meri Marzi aims to ensure sensitised, non-discriminatory health workers for the needs of female sex workers in the Suraksha Clinics under the UPSACS (Uttar Pradesh State AIDS Control Society) program by creating more dialogues and garnering public support for the cause of sex workers’ menstrual rights. The campaign will also ensure interventions with sex workers to clear misconceptions around overall hygiene management to ensure that results flow both ways.

        Read more about her campaign.

        MH Fellow Sabna comes with significant experience working with a range of development issues. A co-founder of Project Sakhi Saheli, which aims to combat period poverty and break menstrual taboos, Sabna has, in the past, worked on the issue of menstruation in urban slums of Delhi with women and adolescent girls. She and her team also released MenstraBook, with menstrastories and organised Menstra Tlk in the Delhi School of Social Work to create more conversations on menstruation.

        With YKA MHM Fellow Vineet, Sabna launched Menstratalk, a campaign that aims to put an end to period poverty and smash menstrual taboos in society. As a start, the campaign aims to begin conversations on menstrual health with five hundred adolescents and youth in Delhi through offline platforms, and through this community mobilise support to create Period Friendly Institutions out of educational institutes in the city.

        Read more about her campaign. 

        A student from Delhi School of Social work, Vineet is a part of Project Sakhi Saheli, an initiative by the students of Delhi school of Social Work to create awareness on Menstrual Health and combat Period Poverty. Along with MHM Action Fellow Sabna, Vineet launched Menstratalk, a campaign that aims to put an end to period poverty and smash menstrual taboos in society.

        As a start, the campaign aims to begin conversations on menstrual health with five hundred adolescents and youth in Delhi through offline platforms, and through this community mobilise support to create Period Friendly Institutions out of educational institutes in the city.

        Find out more about the campaign here.

        A native of Bhagalpur district – Bihar, Shalini Jha believes in equal rights for all genders and wants to work for a gender-equal and just society. In the past she’s had a year-long association as a community leader with Haiyya: Organise for Action’s Health Over Stigma campaign. She’s pursuing a Master’s in Literature with Ambedkar University, Delhi and as an MHM Fellow with YKA, recently launched ‘Project अल्हड़ (Alharh)’.

        She says, “Bihar is ranked the lowest in India’s SDG Index 2019 for India. Hygienic and comfortable menstruation is a basic human right and sustainable development cannot be ensured if menstruators are deprived of their basic rights.” Project अल्हड़ (Alharh) aims to create a robust sensitised community in Bhagalpur to collectively spread awareness, break the taboo, debunk myths and initiate fearless conversations around menstruation. The campaign aims to reach at least 6000 adolescent girls from government and private schools in Baghalpur district in 2020.

        Read more about the campaign here.

        A psychologist and co-founder of a mental health NGO called Customize Cognition, Ritika forayed into the space of menstrual health and hygiene, sexual and reproductive healthcare and rights and gender equality as an MHM Fellow with YKA. She says, “The experience of working on MHM/SRHR and gender equality has been an enriching and eye-opening experience. I have learned what’s beneath the surface of the issue, be it awareness, lack of resources or disregard for trans men, who also menstruate.”

        The Transmen-ses campaign aims to tackle the issue of silence and disregard for trans men’s menstruation needs, by mobilising gender sensitive health professionals and gender neutral restrooms in Lucknow.

        Read more about the campaign here.

        A Computer Science engineer by education, Nitisha started her career in the corporate sector, before realising she wanted to work in the development and social justice space. Since then, she has worked with Teach For India and Care India and is from the founding batch of Indian School of Development Management (ISDM), a one of its kind organisation creating leaders for the development sector through its experiential learning post graduate program.

        As a Youth Ki Awaaz Menstrual Health Fellow, Nitisha has started Let’s Talk Period, a campaign to mobilise young people to switch to sustainable period products. She says, “80 lakh women in Delhi use non-biodegradable sanitary products, generate 3000 tonnes of menstrual waste, that takes 500-800 years to decompose; which in turn contributes to the health issues of all menstruators, increased burden of waste management on the city and harmful living environment for all citizens.

        Let’s Talk Period aims to change this by

        Find out more about her campaign here.

        Share your details to download the report.









        We promise not to spam or send irrelevant information.

        A former Assistant Secretary with the Ministry of Women and Child Development in West Bengal for three months, Lakshmi Bhavya has been championing the cause of menstrual hygiene in her district. By associating herself with the Lalana Campaign, a holistic menstrual hygiene awareness campaign which is conducted by the Anahat NGO, Lakshmi has been slowly breaking taboos when it comes to periods and menstrual hygiene.

        A Gender Rights Activist working with the tribal and marginalized communities in india, Srilekha is a PhD scholar working on understanding body and sexuality among tribal girls, to fill the gaps in research around indigenous women and their stories. Srilekha has worked extensively at the grassroots level with community based organisations, through several advocacy initiatives around Gender, Mental Health, Menstrual Hygiene and Sexual and Reproductive Health Rights (SRHR) for the indigenous in Jharkhand, over the last 6 years.

        Srilekha has also contributed to sustainable livelihood projects and legal aid programs for survivors of sex trafficking. She has been conducting research based programs on maternal health, mental health, gender based violence, sex and sexuality. Her interest lies in conducting workshops for young people on life skills, feminism, gender and sexuality, trauma, resilience and interpersonal relationships.

        A Guwahati-based college student pursuing her Masters in Tata Institute of Social Sciences, Bidisha started the #BleedwithDignity campaign on the technology platform Change.org, demanding that the Government of Assam install
        biodegradable sanitary pad vending machines in all government schools across the state. Her petition on Change.org has already gathered support from over 90000 people and continues to grow.

        Bidisha was selected in Change.org’s flagship program ‘She Creates Change’ having run successful online advocacy
        campaigns, which were widely recognised. Through the #BleedwithDignity campaign; she organised and celebrated World Menstrual Hygiene Day, 2019 in Guwahati, Assam by hosting a wall mural by collaborating with local organisations. The initiative was widely covered by national and local media, and the mural was later inaugurated by the event’s chief guest Commissioner of Guwahati Municipal Corporation (GMC) Debeswar Malakar, IAS.

        Sign up for the Youth Ki Awaaz Prime Ministerial Brief below