If you’ve stumbled across this article, then the idea of being your own boss must have been on your mind for a while now. Perhaps you are working for another person’s plumbing business and believe you can be a business owner too. Maybe the boss sucks! Or you think you have enough experience to finally start your own business. Either way, one thing is certain–starting your own plumbing business is never a bad idea.
While the road to every successful business has its ups and downs, the shortage of plumbers in the economy only means one thing–there could never be a perfect time to start your plumbing business. Besides, reaching the break even point is easy for such businesses, making them an even more viable opportunity.
So, are you ready to sail this island? Once you have decided to be a boss, you need to be ready to put in all the hard work, but in the end, it will be worth it. This guide puts together everything you need to know about converting your plumbing skills into a successful venture.
Before starting your business, here is an important question you should ask yourself: what is the reason for starting this business? Is the goal to grow income? Do you want to have more free time on your schedule? Are you trying to build an empire?
People have different reasons for starting their own plumbing business. Your objective is the foundation upon which to build your business. Consequently, there is a need to be clear on the reason for starting your business. A business that you begin with no objective has a high chance of collapsing even before it picks up.
Create a Business Plan
Put simply; a business plan is a document outlining your business goals and objectives and activities to do to achieve them. Although it takes time to develop a comprehensive business plan, it will be worth the hassle in the long run. A comprehensive plan gives purpose, structure, and a clear-cut strategy to your business, allowing you to start with more minor hurdles.
Here is what your plumbing business plan should include:
- Growth opportunities
- Financial projections
- Marketing strategies
- Short and long-term goals
If your goal is to build a successful plumbing business, you know that hiring unqualified plumbers is out of the question. It is, however, essential to consider the qualifications you already have and those you might need in the future. When you are starting, minimum requirements are crucial. Then, with time as your business establishes itself, you can bring in some training.
After gaining further qualifications, you will be able to provide more services, and resultantly, you will make more money. Once you have the right capabilities, you can work on:
- Water recycling systems
- Central heating
- Gas and oil-fired appliances
One thing that potential customers look for when searching for plumbing services online is your credentials. For this reason, it is vital that you display your qualifications, as doing this helps you garner trust and more contracts. It would also be best to stay up-to-date with qualification requirements as they vary from state to state.
Once you’ve sorted out the minimum requirements for your employees, the next thing to do is raise capital for your business. Every business requires cash, and the plumbing business is no exception. You will incur high costs in acquiring equipment and a vehicle, but you do not have to worry if you are operating on a tight budget as you could opt to get cash from a third party.
If you cannot raise the required amount independently, you could approach your bank or any other lender for small business loans. Most major banks have small business departments that provide a wide variety of financial options:
- Credit cards
- Business accounts
- Small business loans
These departments usually have business experts that will offer you guidance, and you’ll be able to contact them whenever you need any advice or clarification.
If you decide to follow this path, ensure to bring along your business plan as no bank will lend you money if you lack a comprehensive plan on how to utilize it.
Alternatively, you could go for government financial schemes or ask for help from friends or family. Another option is looking for angel investors who might be interested in your business idea.
Marketing Your Business
It is unlikely that your business will be a monopoly as there will probably be other similar businesses in town. This means that competition will be tough, and it is, therefore, your job to convince potential customers that your business has more to offer compared to the rest.
It would be best if you began by creating awareness of your business. Once people know that there is a new business in town, they will be willing to stop by. If you strongly believe you could find your target market on social media, then, by all means, go for it. After all, the end justifies the means.
Now that your business is up and running, you should regularly do a SWOT analysis to determine what is going right and what needs some work. This, coupled with learning from other similar businesses in the market, is important if you want to establish a legacy.