The scaffolding business is one of the most lucrative, especially in an ever-growing city like Sydney, where various construction projects are ongoing. Unless you are not familiar with construction sites around your vicinity, you cannot be ignorant of this fact.
Scaffolding rental companies generate huge income throughout the year. What do you expect? Scaffolding is among the essential equipment required to complete construction projects successfully. Ask contractors around you; they will tell you the essence of that equipment in any given construction site.
Hence, putting your money in a scaffolding business is one of the best investments you can make in Sydney. And it doesn’t require much; you only have to rent out scaffolding equipment and relax your back on a rocky chair, looking at the figures of your income as it increases.
So, are you eager to start up a scaffolding rental company within the boundaries of Sydney? You have made a good business decision. Because the construction and housing markets are currently on the surge and the present upswing of the economy, there might not be a better time to start your scaffolding business in Sydney.
However, before we go on to discuss how you can navigate your way to achieve this great dream, let’s briefly talk about a few things you need to know before you go dream chasing.
Things you need to know before starting up a scaffolding company
- Determine the size of the business.
Depending on your financial strength, you might choose to start on a small-scale level or plan a big enterprise from the start. While it might not be a wrong idea to start up big, I always advise aspiring entrepreneurs to start small and grow big.
Although we have seen several businesses start big without suffering a significant loss yet, you might need to consider a small-scale scaffolding company. Unless you have gathered enough knowledge and entrepreneurial skills, starting small is better.
Meanwhile, you don’t need to secure a prominent commercial place to start a small-scale scaffolding company. You can run it in a space in your home or garage.
- Choose between full-time and part-time operations.
Determine whether you want to operate the scaffolding company on a full-time or part-time basis. That will help you to make certain crucial decisions to make the company a success. It will help you decide the number of staff you will need to operate, your mode of operation, your marketing strategies, and more.
Having decided which side you fall into regarding the above factors, let’s discuss how you can start a scaffolding company in Sydney.
A detailed guide to starting your scaffolding business
1. Determine the structure of your scaffolding company.
One of the earliest things you need to do is decide which business structure will most suit your scaffolding rental company. Business structures can be a corporation, limited liability company, a sole proprietorship, or partnership. So, you will have to decide which one is best for you based on how you intend to run the company.
Meanwhile, you need to know that each of the options has its unique merits and demerits. For instance, you might find it easier to start a sole proprietor company. You don’t have to wait for another person’s opinion before you can take certain startup decisions. However, a sole proprietorship does not give much security because only you have to be responsible for the liabilities or losses.
Based on the above fact, there’s a need for you to sit down and think thoroughly to decide which structure would best suit the scaffolding company you intend to create.
Are you still confused? Let me make it easier for you.
You can walk up to a seasoned specialist business lawyer to seek professional advice if you are not sure of the structure that can give you the best result.
2. Get necessary licenses and permits
After you might have determined your business structure, the following line of action is to obtain all the relevant licenses and permits. Without all that, you might not be able to run the scaffolding company successfully.
Unless you are not familiar with entrepreneurial rules, you should know that those businesses you see around run based on permits. And, one thing you need to underline here is that rules and regulations for business startups vary from one state to another.
For instance, Sydney requires that you obtain a general business license before you start your new business. So, suppose you want to make sure that your scaffolding company is a complaint. In that case, you must get every necessary license and permit.
It is advisable to contact an expert business lawyer to know the legal requirements you need to fulfill before starting your company in your local area. You can also visit regional government offices to understand what regulations apply.
3. Get high-quality scaffolding equipment
When you are with the licenses and permits, you are now legible to start your scaffolding rental business wherever you want within the boundaries of Sydney. Without a doubt, it’s time to advance to the market and get the scaffolding equipment.
Now, you have two options at this juncture. You can either purchase new equipment or go for second-hand ones. I made this suggestion because you might have the financial strength to get new scaffolding equipment.
Second-hand scaffolding equipment is always cheaper, and it doesn’t mean that it will not serve you for an extended period. One of the benefits of buying new scaffolding equipment is that you will more likely purchase high-quality ones and get a warranty. Both options can fetch you good business. It all depends on your financial strength.
4. Get liability insurance
Liability insurance is compulsory for your scaffolding business, whether you are starting big or you want to run a small-scale scaffolding company. It is non-negotiable. Accidents can happen when using scaffolding, and when it does, insurance will cover you. Getting insured will also be beneficial to you if anyone steals your equipment. Hence, it’s good to take out liability insurance to protect your company and assets.
5. Make your prices competitive
The scaffolding business is saturated already. Especially if you plan to start your company around Sydney, you must be ready to set competitive prices. It looks like there is no better way to attract customers to your new business than the power of price.
Though, you don’t have to set ridiculous prices in the name of bringing customers to your business. in fact, people bounce immediately when the costs of service are too low. So, I will advise that you get the best prices from your competitors and bring your price down a little bit. It’s ideal for a start.
On a final note
Starting up a scaffolding company in Sydney can be your most brilliant business move ever if you go through the proper process and adhere to professional advice. Meanwhile, note that setting up a scaffolding company requires thorough research, careful planning, commitment, and hard work. But, it is not difficult for you to follow the above guide adherently.