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Knowing your set-up costs before kicking off can increase your chance of success by helping you to plan ahead, get a big picture of your business needs and understand what finance you might need to apply for.

Because your first payments can take a while to come in, it’s a good idea to make sure you can cover six months’ worth of running costs up front. Running costs include day-to-day expenses like petrol and power, as well as regular outgoings like wages, rent and stock. Here are four set up cost areas to factor in.

1. Insurances and legals

As a tradie, it’s essential you, your employees, customers and equipment are covered by tailor-made insurances. These include your vehicles, public liability, professional indemnity, workers compensation and business assets. Your other initial costs might include legal fees to set up your company and contracts to use with your customers, as well as memberships of professional organisations.

2. Financials

These include banking fees and the accounting software you’ll need to run and keep track of your business. A CommBank Business Transaction Account for your business with a $0 monthly account fee option gives you an everyday banking solution for your business.

3. Equipment

As well as acquiring your tools of the trade, you’ll need to factor in your vehicles, office equipment, internet and phone plan and possibly a security system.

4. Marketing

Your promotional costs can include setting up and hosting a website, local advertising, as well as search optimisation, so customers see your business name first.

Looking for more? The Australian government have developed a handy info and a startup costing template. Just enter your expenses into the spreadsheet and it will calculate your costs for you. 

Thinking about starting your own trade business some day?

It’s never too soon to think about what the future might hold, or to get your finances on track. Request a call back from our Australian-based business support team or call 13 1998, available 24/7. 

Explore our banking solutions and tools for tradies. 

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Things you should know

  • You can view the Terms and Conditions for Business Transaction and Savings Accounts, our Financial Services Guide and the Electronic Banking Terms and Conditions and should consider them before making any decision about these products and services. The target market for this product will be found within the product’s Target Market Determination, available here. Bank fees and charges may apply.

    This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. As this information has been prepared without considering your objectives, financial situation or needs, you should, before acting on the information, consider its appropriateness to your circumstances.