There are a lot of skilled individuals who are looking to start their own practice. If you want to start your own construction or renovations business (or even your own Sydney bathroom renovations company), it is crucial that you follow these tips to ensure that you don’t get yourself into some legal trouble. First, you need to make sure that you have the necessary permits. It is important that your company is registered before you even plan on doing different construction related services in your area.
Next, decide if you need the help of other people. If you are going to start a business, you will most likely need hardworking and skilled individuals. You also want people who have their proper license. Once you have registered your business and you have the manpower you need, you will have to make sure that you insure your business. There are a lot of mishaps that can easily occur in the workplace. Having the necessary insurance allows you to have the peace of mind that you need.
The pro’s & con’s of hiring staff directly, or using external subcontractors, will need to be considered also. Each option can work successfully depending on the nature of your work, the size of the jobs and so on. While hiring staff directly increases your control, it’s important to understand the risk of being over-resourced if business dries up. The balance between risk & reward needs to be weighed up.
And of course, you also need to get the loan that you need. You will need to have the right amount of tools to get started. Starting your own construction business can be costly because you will be investing in heavy equipment that will keep your workers safe and at the same time make your work easier.
Insurances are another important consideration, which will vary wildly based on the factors mentioned above – and more. Workers Compensation, public liability, personal indemnity and other insurances can take a significant toll against your company’s running costs… and the risks of NOT paying these will far outweigh any savings you make, if you are sued or caught by the authorities!
The importance of legal representation also can’t be expressed strongly enough. A good lawyer – while not cheap – may end up saving your company thousands, tens of thousands or even hundreds of thousands of dollars down the track. So engage a trusted legal team from the outset to position your company on a firm foundation.