You want to begin your own business of industrial painting in Sydney because this might be your way on how to survive the economic crisis brought by the effects of the COVID-19 pandemic.
Starting your own company sounds overwhelming but once the opportunity opened its doors, you will realise this is what you need in life in the first place.
The first step you need to do is to assure that you can gather all the requirements, legal, administrative, and financial. The next step, secure the office you will use, business structures, licenses, hiring employees, among others.
Here are some of the things to note down if you want to begin your business journey of industrial painting in Sydney:
- Type of business to pursue and other essentials
There are many types of businesses and before deciding to step up, you need to know what is the structure of the business you want to pursue. Sole proprietorship, partnership, Limited Liability Company (LLC), corporation, and cooperative are some of the choices you need to choose from.
Determine the company structure that will fit and will work for your long term business goals.
After that, you need to register an Australian Business Number also called ABN. Getting an ABN is an easy and simple process, by having this, your business will gain a huge benefit from tax and the like.
Once you got your ABN, you need to think of a business name and check if the one you have chosen is still available.
Selecting the right business name is a tricky and challenging one because you have to think of a unique name that will remain in the minds of your customers.
- Prepare the necessary licences and permits
Having the much-needed licences and permits for your business of painting in Sydney will prove your reliability and professionalism to your customers.
In New South Wales (NSW) where licences are required before you can do any painting, you need to allocate around $5, 000 for the Goods and Services Tax (GST), other labour and materials. You need to get either a contractor licence or a qualified supervisor certificate to operate your industrial painting business.
- Get an insurance
Even if it’s not about a business, any type of insurance is a big help to the community. It is also one of the most important steps when planning to set up your own company.
One of the most common insurance that the painting industry avail is the type of public liability insurance. This insurance both benefits the owner and the business itself when clients or staff encountered any unfortunate events.
- Organise your equipment and start hiring employees
Of course, if you are planning to open up an industrial painting business in Sydney, you need to invest in quality equipment and gather the right employees.
For equipment, you have to search for direct suppliers who can provide all your basic needs such as paintings and other related materials. Also, look for the type of fixtures that are perfect for your company such as motor vehicles to safety equipment for high rise exterior painting and the like.