Being your own boss in the plumbing sector has a lot to offer; when you’ve got the skills for it, and you know there’s a need for your services in the local area, you could make a very good profit here! However, there are quite a few things to get to grips with before you get started; being a business owner, especially in this industry, can get complicated, and it’s good to know what you’re walking into. And with that in mind, let’s go through three of the most important points below.
It’s Not Just About Plumbing
Plumbing is what your business does well, of course, but it’s not the only thing your business will need to do well – you’re going to need to pick up a few other skills, to make sure the ends meet and the books are balanced and the right people are working alongside you.
Indeed, the numbers issue alone is something you’ll have to face up to as soon as you get the idea to open a business. As a plumber, you’re already technically minded, and that should make taking on an accounting cpe entirely in your stride – a little bit of the right knowhow, and a bit of experience in paying taxes and cross examining your profits and loss margins, and you should be good to go.
You’ll Probably Need to Pick a Side
When it comes to plumbing, there are two worlds you’ll have to fit yourself into: domestic and commercial. Both sides have their advantages and their drawbacks, of course, but when you’re just starting out, you’re going to need to pick a side for the time being.
Most first time plumbers choose domestic, as it doesn’t take as much startup equipment. Similarly, domestic plumbing is much easier to cope with, as it’s smaller, far less used, and the jobs tend to be quick. However, working in the commercial world could open up quite a few more doors for you, in terms of contracts, and if you’re comfortable with industrial systems, why not go for it?
Working Out Your Salary
Then you’ll need to work out how you’re going to price yourself. A good thing to do first is work out what the average salary for a plumber is in your area, and what the national average is as well. According to Indeed, the average hourly pay for a plumber in the US is $24.60 an hour – is this a rate you’ll be comfortable working for?
Because if not, you can price yourself above it, but you’ll need to ensure the quality is reflected in your work. Of course, if there are few plumbers in the area, you’ve got a much better chance of creating your own salary, but if not, you’ll need to be more competitively priced.
Opening a plumbing business of your own is about more than just the plumbing. Make sure you’re capable of counting the numbers, negotiating, and marketing yourself to the area.
Join the conversation: