If you’re an experienced electrician, starting your own electrical business might just be the smartest move you could make. Not only would this be great for your finances, but you’d be your own boss, choose your own hours and be able to grow your business and career over time.
Starting your own business can be extremely demanding but very fulfilling. If you’re considering taking this step, here are a few important things you’ll need to do before you can get started.
Create Your Business Plan
Naturally, planning is the very first and one of the most important things you need to do. Creating a business plan will force you to consider all the important aspects of running your own business.
Your business plan would need to note your budget and income projections, how you’ll save costs, whether or not there is a need for your services in the area, your potential competition, your marketing plans and other important details.
Finalising and submitting your business plan will allow you to see whether or not your idea is feasible and get you prepared for any pitfalls.
Purchase The Necessary Tools and Equipment
Once your plan is set in stone, you have the money to get going and you’re excited to start, you’ll need to start purchasing equipment for your business.
An important consideration is transport – you’ll most likely need to purchase at least one truck or more, depending on how many workers will be a part of your business.
You’ll also need some basic as well as some more advanced tools. Pliers, screwdrivers, drills, wire strippers, connectors, voltage testers, etc. In terms of more specific equipment, you could look into Metcal soldering irons, circuit analysers and conduit benders. The specific tools and equipment you’ll need will depend on the services you provide.
Consider What Services You Will Provide
You might want to choose between residential work and catering to business owners, or you might decide to work with both. This is up to you and your preferences as well as your skill and experience levels.
You’ll also need to consider if there are specific services that you will and will not offer, also depending on your skills. Decide ahead of time and create a list of services and rates per service, or you could instead charge a fixed rate per hour of labour.
Hire Qualified Employees
If you only trust yourself, you want to run the show on your own. This is a great way to start your electrical business since you won’t be paying anyone for labour.
However, as your business grows, the demand may increase and you might want to consider hiring on extra employees.
The more staff you have employed, the more customers you can service on a daily and weekly basis. When you start looking to hire new staff, consider how you will pay them a fair wage and be sure to hire qualified and experienced electricians since their work will be a reflection of your business.
Get Registered and Licensed
As you may already know, this line of work will require that you obtain the proper licenses, permits as well as insurance in order to be allowed to legally work in your area. Be sure to do some research on the requirements before you start working.
Aside from permits, you’ll also need to get your business legally registered. Pick a name for your company and decide on the type and form of ownership too – you might consider getting in touch with a professional to help you make the best decisions for you and your businesses future.
Start Marketing Your Business
In this industry, nothing advertises your work quite like word of mouth, good reviews and recommendations. Most people will choose to put their trust in an electrician that their neighbour told them did a great job. Once you start providing great service, things will move along.
However, there has to be a starting point. Marketing your electrical business is an important part of the job, especially in the early days when you have no existing reputation. Create a website for your business, get onto social media and pay for some advertising to get your feet off the ground.
While there seems to be a lot to think about, making this decision can be extremely fruitful for a hardworking individual. Prepare yourself for some hard work, but be ready to reap the benefits of your time and energy too, in a few months’ time.