If you’re good at fixing, repairing, or installing Plumbing fixtures, you’re probably considering starting your own plumbing Business. Perhaps you’re the go-to person among your friends and family for those kind of services, or maybe you’ve just had an inclination towards the hobby of fixing things.
The fact is, the plumbing business is a booming one. According to IBIS World, the plumbing industry generated $108 billion in revenue, with annual growth rate clocking at 2.3% per year between 2013 and 2018. In the US alone, there are 120,004 plumbing businesses that collectively employ 506,176 people.
The numbers prove that plumbing is a lucrative business. Here are a few ways to launch your business with your budget in mind:
Register Your Business
Assuming you’ve already had the proper training, and either worked in the plumbing field or were previously an apprentice, the next step is to register your business. Accepting work without an official business registration can result in serious legal issues, especially if something goes wrong on the job. When you register your business, you certify that you can adhere to regulatory standards in the industry and can safely operate as an independent business. Once you have become a legal entity, you can:
You can register your business using cost-effective services like LegalZoom, which handles all paperwork and processes for you, cutting your time dramatically and saving you hundreds in the process.
Choosing A Niche
With so many plumbing businesses around, it’s easy to see how the competition stacks up. One way to help yourself stand out is by choosing a niche. Here are a few niche services to consider:
Selecting a niche is important because you can stand out by pinpointing your focus on a particular service and excelling in that area. With a niche, you’re also able to separate yourself from the competition. Furthermore, you’ll also be able to hone in on the most relevant keywords when you’re creating ad campaigns and marketing campaigns.
Work Out A Budget Plan
Part of starting any business on a budget is creating a cost-effective business plan. Once you have selected your niche, you can focus and pen down a blueprint of possible costs. To start with, make an exhaustive list of costs that you will incur at the beginning. Your equipment will be the most important investment.
Fix It Right Plumbing—a team of Geelong plumbers—says that in today’s tech-forward industry, the tools you use to service your customers is more important than ever. “In the olden days, the only real tool for cleaning drains was a cable drain machine (electric drain eel),” the team says. “These would come in various sizes and brands but the main one most plumbers would use would be a K1500 made by Rigid. They were a robust, relatively inexpensive, and reliable go-to tool for clearing and removing blockages from domestic and commercial drains.”
Once you’ve chosen the best plumbing equipment, some of the other items on the list will be:
Now that you’ve made your list, you have to consider financing. In most cases, you don’t have the cash to cover total upfront costs, and financing can help round out the bill. Here are some financing options to consider:
Choose The Right Location
Your business location can have a tremendous impact on costs, and is often one of the most costly investments of running a business. Operating from your house can save money on rent and taxes. If you’re just starting out, this is likely the most ideal situation, as your overhead costs will be severely reduced. As you grow, you can start reconsidering location options. For example, if you intend to serve corporates and government offices, you might need a separate facility where you can accommodate your employees.
Marketing Your Business
Your online business presence is critical. Fortunately, starting a website for your business is easier and more cost-effective than ever. You can purchase a web domain and web hosting for as little as $20 per month, and the learning curve for using platforms like Wix and WordPress is very small. You don’t even have to be a web designer to launch a great site, either.
With so many pre-made templates on the market, there’s no shortage of options. Check out this list of best WordPresstemplates for plumbing businesses to get you started. Here’s a roundup of other marketing items you should add to your to-do list: