A study of tradespeople by IronmongeryDirect has found that plumbing and heating is one of the most expensive trades to set up a business in.
The study added up the typical costs people pay when entering the UK’s four most popular trades (joinery, building, electrical, plumbing), with everything from insurance to marketing.
Plumbers pay the most, with the average set-up fee totalling £9,124. However, despite being the most expensive businesses to set up, plumbers can expect to earn back their investment quickest, as they are able to charge the highest daily rates. Averaging nearly £350 a day, the £9,124 start-up cost could be repaid within six working weeks.
The trade businesses which are the cheapest to set up in the UK are:
Marco Verdonkschot, Managing Director at IronmongeryDirect, said: “Many tradespeople will aim to run their own businesses one day, so it’s useful to get an idea of how much it would cost to do so. While these sums can appear quite daunting, most of the expenses will directly improve your service or help you win more work, so are worth the investment in the long run.
“Owning your own business can be incredibly satisfying, so to help those who are considering going it alone, we’ve compiled a list of tips on how to do so effectively.”
In light of the ongoing coronavirus crisis, some of you may not be able to receive your copy of HVP magazine. If you’d like to change your delivery address, please contact our subscriptions department at firstname.lastname@example.org
Read a digital edition