1. Get experience as a subby
Working with builders as a sub-contractor helps you engage with more businesses, and lets you learn the do’s and don’ts of running a successful business. This will certainly help you when you are ready to start on your own. Just keep your eyes and ears open and be extremely observant.
2. Make a business plan
When starting a business, many suppliers are so busy getting the job done that they don’t feel the need for a business plan. However, setting your business up for success requires thorough planning to achieve the goals you have in mind. Having a business plan gives you a vision and lays out a step-by-step process to achieve that.
3. Start small
Businesses don’t grow overnight. The goal should be to get a few things right rather than going all in and not being able to cope.
There are so many aspects to running your own business including salaries, overheads, materials, marketing and so on, that its best that you start small. Pick a few good people.
Don’t over-capitalise on equipment. Accept small but quality jobs. As the word gets out, growth will eventually find its way.
4. Make sure you have the necessary accreditation
Getting the right accreditation, qualifications and permits not only lets you build trust with property occupants looking for your services but also helps you protect your business from having a run with the law.
Once you get the accreditation, make sure your prospects know about it.
5. Don’t undercharge
Yes, you have just started your business and it might make sense to accept every job that comes your way, including ones that don’t pay well. Remember, you have spent years getting qualified and gaining experience learning things the hard way. If you have worked out your costs correctly, be confident that your first price is your best price.
Firmly stand your ground to ensure profitability right from the start.
6. Pay yourself a good wage
The reason you left your employer is because you know you can do better. So take time to understand your costs and work out your hourly rate, so you can pay yourself a good wage.
7. Don’t commit to work you cannot do
8. Trust your gut
9. Learn to say ‘No’
A key to your successful Field Services business is prioritizing opportunities that come your way. Saying “Yes” to every job and ending up disappointing customers or exhausting yourself is not going to get you anywhere.
Slow down, realise your capacity, set your priorities straight and make sure you say ‘No’ to anything that compromises those.
10. Streamline your processes
11. Stick to your niche
12. Keep your compliance in order
13. Keep an eye on your cashflow
Make sure you are cashflow positive, so you don’t just have some reserve cash for unforeseen circumstances but can also invest in new assets, take care of debts on time and pay yourself a reasonable wage.
A great way to improve your cashflows is to have a system in place to send instant invoices as soon as the job is done and also to allow property occupants to pay via online credit cards, so you are not wasting time and energy chasing late payments.
14. Rely on quality over quantity
While it’s best to keep it small at the start, focus on getting connected to good clients rather than too many fussy ones. A few good clients are worth much more in the long run than a whole bevy of fussy ones.
Rate your clients/jobs as part of your regular customer evaluation and weed out the ones you would rather not work with
15. Don’t be shy to ask for help
You don’t have to learn everything the hard way. Ask for advice from peers in the industry or hire a business coach to get training on how to run your own Field Services business. Also consider acquiring membership of a relevant trade association to connect with like-minded people.
There are several volunteer organisations and online communities that have current or former Field Services business owners and who have walked miles in the shoes you have just slipped into.
16. Prepare for uncalled for situations
The COVID-19 pandemic showed us how uncertainty can cripple entire industries. Your Field Services business is no exception.
While it’s hard to estimate the exact damage a crisis may cause, taking a long-term view and doing some planning for unexpected events can keep your business afloat until the crisis passes.
From holding onto good employees and saving cash for unexpected expenses to reassessing your supply chain, reviewing your insurance cover and planning for IT failures, make sure your business is well prepared when the going gets tough.
17. Outsource what you don’t know
Is your partner your bookkeeper, marketing manager, admin and what not? Spare the poor soul and get professional help for the things you don’t know.
While these tasks might not be on top of your mind when you begin your business, they are nevertheless equally important and can soon begin to pile up as you get stuck with running the business.
Wrapping up
Starting your own Field Services business can be immensely rewarding in terms of better salary and work-life balance.Set it up correctly by making sure you have a checklist you can tick things off.
With a well-defined approach, dedicated team and the right technology, you can make it happen!
Good luck!
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With our cutting-edge technology and in-depth knowledge of how the Field Service Management sector operates, the i4TGlobal Team loves to share industry insights to help streamline your business processes and generate new leads. We are driven by innovation and are passionate about delivering solutions that are transparent, compliant, efficient and safe for all stakeholders and across all touch points.
