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  • #991072
    munroalx
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    Hello all,

    My name is Alex, and I am 26 years old.

    My friend and I are planning on starting an electrical contracting business.

    A little about the motivation behind such a goal.
    I currently work away on the mines in western Australia and am looking for an exit plan. while I myself am not an electrician my friend is fully qualified.

    I am planning on providing a good chunk of the capital in exchange for him taking me on as his apprentice.

    The only problem I have is that I have been working on the mines since I was 19 and have no idea where to start in doing up a business plan for this type of business. While there is a wealth of information on this site about starting up and running businesses, it would seem that I cant locate much of it specific to tradespeople. I understand that a lot of the information is transferrable no matter what business you plan on running.
    It is just that there is so much I don’t know and I am a bit overwhelmed by everything.
    If anyone could provide any advice at all, wether it be specifically for trade business start up or just general advice it would be greatly appreciated.

    Thankyou all in advance,
    Alex

    #1179811
    MissSassy
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    My first recommendation is to seek out legal advise and ensure that you have a secure and relevant partnership agreement. You potentially have a lot to put in place being as you are financially invested but will essentially be an apprentice in the business.

    Also speak with an accountant to ensure that the set up is correct for you both.

    Finally speaking to a business adviser will help you to get some planning and strategies in place and start your business in the right direction.

    #1179812
    bb1
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    Hi Alex,

    Before you go and spend to much money, check out your state government small business website (if they have one), but otherwise the Victorian one, gives a lot of good generic information which is relevant no matter which state you are in (There is some state specific stuff but you can source this from your own statet) The victorian site even has a number of templates (business plan), etc. link here http://www.business.vic.gov.au/

    Longer term you may want to go to accountants, business advisers, etc. But start of with the free stuff to at least get an idea of what is involved, do you really want to do it, and maybe an idea on the questions to ask the paid people, nothing worse than turning up and saying I know nothing, all they see is $ signs, if you go in with a little knowledge it targets those $ signs in the areas that you want them.

    #1179813
    Anonymous
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    Hi Alex,

    It’s nice to meet you :)

    Good on you for thinking about your business plan from the outset. You’d be surprised how many people don’t bother, but personally, I think it’s essential.

    Best of luck to you and your mate, and I hope that hanging out with us here helps it all come together for you.

    Jayne

    #1179814
    Tony Manto
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    Writing a business plan is not as hard as it seams. It is really a tool that helps you think about each component of and ensure you have a plan to address it.

    But writing a business plan is one thing but a good business plan that works is one that covers lead generation and marketing strategies. After all without any work you can have the best plan in the world but its no good to you.
    Of course there are things like ABN and all that legal stuff, but once again a good business plan will prompt you to think about those housekeeping issues.

    Alternatively you could hire a consultant that can work with you to ensure that you are ticking all the boxes and doing everything right. It would be much more effective and cheaper than getting it wrong…

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