Not understanding the basics of business or how to remain compliant are two of the biggest reasons why skilled trades people might lose their businesses or their licences, electrical industry peak body Master Electricians Australia has revealed.
Master Electricians Australia (MEA) is launching a Master Program to help electricians stay in business at an industry roadshow event in Cairns tomorrow (February 11) at Endeavour Park Football Centre, Manunda.
The roadshow kicks off in Cairns and continues throughout Queensland.
MEA CEO Malcolm Richards said the Master Program was developed to support electrical contractors build a safe, profitable and sustainable business.
“Many electricians are highly skilled trades people but they have not had an opportunity to develop the required business skills necessary for success,” Mr Richards said.
“A lack of understanding of financials, how to market their business, and the lack of a plan are just a few of the things that can lead to business failure.
“Secondly, inefficient systems, procedures and documentation will lead to a business’s downfall.
“And lastly, trusted advisors. A lack of trusted advisors in the key areas of legal, financial, workplace relations and electrical business experience are critical resources a contractor needs to tap into.”
Industry research suggests just over 40% of sole traders and over 30% of small businesses with 1-4 employees will fail over a four-year period.
The Master Program is a 36-month program of support for both new electrical contractors and those who have been in business for a number of years. Participants become a Gold Master Electrician at the end of the program.
The program includes an industry leading safety system, business planning platform and access to industry mentors.
As well as the launch of the Master Program, tomorrow’s roadshow will reveal critical information for sparkies on new amendments to the Wiring Rules and the new Battery Standard for Solar Installations.