With the current industry value of $125 billion, there is never a good time to start a plumbing business. However, starting your own business requires more than just your know-how and experience in the plumbing field.
You will have to cover your bases, from managing finances to registering the company. Plus, you will need to use the following tips successful plumbers have suggested:
1. Determine Your Niche
Usually, plumbing services include drain cleaning and pipe repair. But there is stiff competition in providing services. So if you also focus on offering the same services, it is likely that you will face competition everywhere.
That is why it is important to determine or find your niche. Research extensively to determine which areas are least covered. For instance, you may concentrate on repairing custom baths or provide specialized services when it comes to the installation of gas pipes and water pipes.
2. Use Plumbing Software
The more calls you receive in a day, the more successful your business will become. But growth normally means that it is challenging to meet the increasing demands from clients.
Fortunately, plumbing software QuickBooks integrations may lighten the load. Your software will not keep everything organized. It will also drive more revenue.
3. Price the Services Well
After your business is up and running, now can be the right time to price your plumbing services. Most business owners provide a flat rate for plumbing projects, which they normally generate depending on their preferred hourly income. Ensure you factor in the operating costs when setting those rates.
Apart from the normal rates, you may have a special rate for weekends, evenings, and emergency calls. You may charge for projects outside the regular working hours.
You need to also have call-out fees, which customers will pay to have you come over and look at their plumbing system’s situation. The fees can start from $45 to $95.
It is recommended to as well check what other plumbing businesses charge for their call-out fees. This will help know the right rate in the market or industry.
4. Contract Some Projects
Find out if there are new regeneration schemes and proposed housing development within your area if you choose to tender some plumbing projects.
Big organizations that invite companies to tender for contract projects can be hesitant to use newly established businesses. Plus, young businesses might have the challenge of funding big contractors as a lot of things need to be paid before receiving payment.
However, determining who is tasked with putting plumbing projects out to tender in big organizations, like authorities and housing associations, can be worthwhile. Know how the process of tender works and what you must do if you want to get a tender.
The Bottom Line!
Being your own business can sound scary at first. Though knowing what to expect will alleviate your anxiety. For you to get started, you will have to research thoroughly. Then choose a niche to focus on and use tools to make your business grow or expand.