Why Most Tradesmen Go Broke Hiring Their First Employee | Trade Legends Podcast

<p>On this episode of the Trade Legends Podcast, carpenter Ben Bailey returns four years after his first appearance, and a lot has changed. When we first had Ben on the show, he'd just started out and was working with clients from Made in Chelsea. Since then, he's gone from cutting MDF under a gazebo on his driveway to running his own dedicated workshop, building bespoke carpentry and fitted furniture for celebrities and professional footballers, all sparked by one Instagram DM he thought was his mates winding him up. </p><p><br /></p><p>We dig into the real cost of hiring your first employee, the van insurance, tool insurance, training and overheads that most tradesmen never factor in until it's too late, and why getting your first hire wrong can seriously damage a small trade business. Ben explains why he turns down enough work to hire four people tomorrow, yet still chooses to stay small, and we debate whether "hire slow, fire fast" is the right approach when your lead times stretch past a year. </p><p>We also break down the hidden costs of taking on your first unit or workshop, the business rates, electric bills and running costs that land after you've signed the lease, and why those unexpected bills kill so many new trade businesses in their first year. Ben shares exactly how he made the step up without taking a huge risk: renting a single spare workbench from a local firm and working on it until 11 pm after his day job, before finally committing to his own space. </p><p>Along the way we cover starting a carpentry business during Covid, using social media and Instagram to win work and attract celebrity clients, working with tool brands, staging show homes for developers, quarterly tax and the admin nobody teaches you, and the family side of self-employment, why Ben structures his whole business around the school run, and why he'll never miss a sports day for a job. </p>