Starting your own building business is the goal of a great many young builders and tradesmen. Whilst this can be an exciting and rewarding path to venture down, it also represents a tremendous challenge. There are many different issues that a builder will encounter when trying to start trading, and these issues need to be considered and worked through methodically. A builder who doesn’t do his/her due diligence is exposing themselves to significant risk. Not only can their business face financial challenges, but they can face trouble from regulatory authorities. Builders must come to grips with business structuring, financing, accounting procedures, legislative responsibilities, marketing, human resources, and management. One must become a jack of all trades to an extent, as well as taking expert advice where appropriate. This article explores some of the issues builders must consider when starting a business, and acts as an overview which may be of use for builders who are considering setting up shop for themselves.
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