Working as a master plumber remains among the most respected and unique professions globally. The career path provides job security and benefits. Not to mention, it guarantees excellent pay. You can check out this plumbing salary guide for more info.
Like construction experts and electricians, plumbers also play an important role in maintaining and building hidden systems supporting the modern life of Americans.
Currently, the plumbing sector in the United States alone generates more than $125 billion in revenue yearly and employs over 600,000 people. This explains why starting a plumbing business is a good idea. To help you achieve this dream, the following are baby steps to take:
Table of Contents
Choose a Niche
Although plumbing services often include drain cleaning and pipe repair, the competition is stiff among the companies providing such services. Basing your business on either of these two services means the competition will only get tougher.
This is why experts advise that you choose a niche. Always research to determine which plumbing services are least covered. For instance, you may venture into the installation of gas pipes or water pipes.
Set Clear Goals
Ask yourself why you wish to start a plumbing business. Is it that you want to earn more income? Or are you looking to be your own boss and work flexible hours?
A clear reason is a foundation for determining which goals to set. Once you set clear objectives and goals, start thinking of the practical stuff.
Write a Solid Business Plan
Writing a good business plan can help you start a plumbing business on the right foot as well as do things right. It is also likely that you will need your business plan to get investors and funding. A solid plan for plumbing businesses must include the following:
- Market analysis
- Financial plan
- Marketing plan
- Pricing strategies and list of services
- Business overview
- Executive overview
- Cover page
Register the Business and Get a License
Get your plumbing business registered by contacting the right local authority, then apply for Employer Identification Number (EIN) from your federal government. This EIN will further help you to open a business account for your plumbing business.
In addition, get the right plumbing permission and contractor’s license depending on your business structure. Getting these licenses and permissions will help to avoid hefty fines.
Invest in the Right Equipment
Some apprenticeships and schools may offer you all the required tools, but you will not keep them after the apprenticeship. And even if you do, they may not be the tools you require to start a business.
To start your plumbing business, you will require basic tools, such as pipe expanders, pipes, wrenches, and safety equipment, like eye goggles.
Start Spreading the Word Out
Reaching new clients is one of the first steps to growing your business. To achieve this goal, you shouldn’t overlook various affordable areas, like reviews, membership plans, networking groups, partnerships, and follow-ups.
Conclusion!
Launching, running, and growing a plumbing company takes determination, skills, and drive. So now that you are already familiar with the right steps to take in building a thriving business, go out there and turn your idea into a profitable venture.
