We get to talk this week to Tim Cullen, co-founder and CEO of TradieSpec, a service that is helping tradies get the vehicles they need for their trade through rental and rent-to-own options with flexible rental rates and without the stringent application process that typically comes with vehicle loans. Tim established the venture in Sydney in 2019 along with his partner Matthew Deeks and has since expanded its operations to Brisbane and Melbourne.
ISB: What is the driving force (pun intended) behind the idea of TradieSpec?
TC: Our mission and vision are the driving force behind TradieSpec. Our mission when we set out to build TradieSpec was to ensure all tradies across Australia had access to a reliable and suitable vehicle. We noticed a lack of options in the market for Tradies getting their business on the road is durable, presentable, and functional vehicles was the initial inception of the idea.
ISB: What has been the most challenging aspect that you encountered in this venture and how did you overcome it?
TC: This is hard to answer. There is no single thing I can point to that I would say that was the most challenging. Everything is challenging and the challenges always seem to feel bigger and harder to overcome. We’ve faced challenges with finding the right mix of skills and talents in the business. We’ve faced changes in the economic cycle. Challenges in scaling to multiple branches and periods of rapid growth and slow growth. We always overcome the challenges because we have a clear vision and mission that keeps us on the path.
ISB: How is TradieSpec helping tradies secure vehicle financing compared to other financing providers?
TC: TradieSpec doesn’t help tradies secure financing as we aren’t a financier/lender. We don’t provide loans, lines of credit or asset finance to tradies. TradieSpec provides rentals on flexible terms. Our model is unique in the flexible terms and fit-for-purpose vehicle we provide. Our flagship product is the Rent-To-Own option which combines the flexibility of rental in its rental return policy and also the option to own the vehicle at the end of the term. Tradies also get access through our service to a like-for-like replacement vehicle in the event of an accident which is not offered by other FMOs or lenders. There is an ease and simplicity to our payment process which lumps all costs such as registration, insurance and roadside assistance into an easy weekly payment.
ISB: How do you choose the vehicles TradieSpec offers for financing?
TC: The vehicles we provide are selected on three simple criteria: Reliability, durability, and ‘premium spec’, for residual value. These criteria help us minimise downtime for unexpected breakdowns and maximise the residual value of the asset at the end of life.
ISB: How do you envision TradieSpec’s growth in the next couple of years?
TC: We are focused on building up to our mission to be Australia’s largest trade vehicle provider. We aim to expand to a presence in each state of Australia and we are currently progressing our third site in Brisbane. We also hope to offer all our clients and network access to trade essential business assistance services. We are in the process of building a platform that will change the way tradies manage their fleet to make it more seamless, accessible and flexible.
ISB: What is the most invaluable lesson you’ve learned in this venture that a would-be entrepreneur should take to heart?
TC: Consistency and discipline are the essential skills of business. These traits underpin all the steps of progression take businesses from good to great. Don’t take for granted to important of consistency and discipline in the process and, don’t forget to enjoy the journey and challenge along the way, that’s what it is all about.
