Whether you’ve just completed a training course, or are embarking on a self employed career after working for someone else, chances are, you’re going to need to invest in some tools. Compared to things like sorting out your tax and marketing your business, buying tools may not be one of the biggest hurdles on your agenda, but they don’t call them “the tools of the trade” for nothing you know.
Getting your tools right (and for the right money) can make all the difference to a fledgling tradesperson. To help you get it spot on, here are 3 key things to remember when you buy your new tools…
Quality Matters
If you’ve previously worked for an employer, in all likelihood you were provided with pretty decent kit. These are the tools you’re familiar and comfortable with, which allow you to work at the high standard you hope to offer to your new clients.
If you’re fresh from training or an apprenticeship, you may well be starting from scratch and undertaking research into the best bits of kit which suit your purposes. If you have tutors you can contact, ask for their guidance before you shell out on new stuff.
Remember: quality matters. There’s no point scrimping on tools which will either require replacing in a matter of months, or result in shoddy workmanship. Invest as much as you can upfront – it’s an investment in your career and reputation.
Remember – Expenses!
Before the price of your new kit brings you to tears, remember – these are all legitimate business expenses which you can claim in your next tax return. This means that you can get the equivalent amount of money off your future tax bill, which makes the whole “tool investment” thing seem a lot less daunting. Make sure you hold onto receipts for any tools you buy to help you claim when tax return time comes around. You can read up on allowable expenses here.
Security is Essential
Your tools are your lifeblood, which means you need to protect them. Tool insurance is widely available and many van insurance policies also include a tool cover option to ensure your kit is safe when you’re out and about. As good practice, tools should never be left in a vehicle overnight, bringing them inside and keeping them under lock and key is good practice.
How did you pay for your tools when you set out as a self-employed tradesperson? Do you have any money saving tips for our new sole traders? Share your helpful hints and worldly wisdom below.