What Are The Most Lucrative Trades Businesses To Start?

Whether you want to become an independent landscaper, construction worker, or electrician, no new business venture is without costs – hidden or known. Today, business owners look to spend on average approximately £33,975.34 when setting out to build their own business in trade; a price that many are willing to pay for the freedom and independence that comes with being an entrepreneur.

With jobs in trade being both extensive and varied, it’s no surprise that both experienced tradespeople and those new to the industry aspire to run their own businesses. However, although there is more flexibility and independence as an entrepreneur, the costs of starting a business can also be considerably hight for those just starting out.

According to new research by Dickies Workwear starting a business in landscaping is the most expensive of the five most popular trades. Landscape owners will have to invest £34,782.79 to get their business up and running. Whereas, those wanting to become an independent plumber will need to invest £32,846.42 setting up.

Transport will be the aspect that all tradespeople will spend the most money on initially (and continually), with a van, insurance and fuel typically coming in at a high £31,502.75. 

Overhead costs by trade

Plunging into Plumbing

From modes of transport to safety equipment, the data found that the true cost of starting a plumbing business is £32,846.42. This includes necessities such as a work jacket (av. £52.44), a pressure tester (av. £203.40) and – something lots of us forget to factor in – insurance (£407.01 per year). 

A problem that plumbers find is that customers can purchase the equipment online at decent prices, so may want to give the task a go themselves. They might change their mind however when a small leak in the bathroom turns into a very big problem…

Electrifying the Odds

A spokesperson from All Sparks Electrical Sources said that building a customer base and finding work is the biggest challenge a new electrician can have. Our data also conveyed that protective gear and equipment for electricians are slightly more expensive than for plumbers, but safety is a crucial expenditure.

The average cost of essential safety gear alone is £1,402.56 and includes: safety boots (av £52.76), insulated gloves (£6.83) and safety glasses (av £8.17). The true cost of becoming an independent electrician is £33,312.32.

Constructing a Plan

Construction businesses require heavier pieces of equipment to get up and running, and owners will find themselves spending a total of £34,221.13. £2,311.47 of this will be spent on essential equipment like a laser level (av £192.55) and drywall sander (av £581.51). 

T H Electricals also reminds newbies that having a clear business plan is extremely important in running a successful construction business. They will more than likely be in charge of their own books, so becoming savvy with numbers and admin is also helpful.  

Carving out your Future

Good quality electrical tools are a MUST when it comes to owning a carpentry business. Saws (av £239.43), knives (av £10.12) and extension cords (av £15.18) are all essentials, while niceties include air compressors (av £216.32) and cordless nail guns (£414.15). Ultimately, carpentry entrepreneurs will find themselves investing £34,714.05 to kick off the business.  

Lots of people start carpentry as a side hustle, using their creative juices to carve stunning bits of work. Tom Sebborn Joinery’s advice is to make sure business owners keep their overheads as low as possible and be wary of outgrowing their abilities. 

Landing a Landscaping Business

Owning a landscape business not only has the same requirements as other trades, but owners will have to factor in the weather. Love the sun? Great. Enjoy the rain? Even better! They’ll need to get used to every season as a landscaper.

It’s important to buy equipment that can withstand rough climates if necessary. Cordless lawn mowers (av £300.92) and waterproof overalls (av £95) are just two examples. Landscapers have the largest upfront cost of these five trades – a total of £34,782.79.

Mark Tapper from Dickies Workwear said: 

“It can be tempting for those in the trade industry to want to work for themselves and we can see why. Having these overhead costs broken down can help provide an understanding of what people need to embark on this new adventure.”