The plumbing industry accounts for approximately $100 billion yearly in the United States alone, so it’s no wonder there are many who wish to enter this lucrative line of work. You can do so as well, but you should first come up with a solid game plan prior to making the leap into small business ownership.
Plumbers generally make more than the median income in most areas of the U.S., making it an enticing professional for those who don’t mind getting their hands dirty. It’s actually one of the highest-paid trade industries, and will likely continue to be so well into the future.
But if you do want to become a part of the plumbing industry, be sure you’re well prepared and not caught off guard by many of the pitfalls that typically plague small business owners.
Develop A Business Plan
This is extremely important for any small business owner, and that includes those starting a plumbing venture.
Think of a business plan as your blueprint, something you put in writing to guide you through the ups and downs of the industry. “We started about 20 years ago, and found this business to be extremely competitive,” says Elisha French, owner of a plumbing company in Frisco TX
This is not a randomly created list, mind you, but a well thought out plan of how you hope to succeed in an extremely competitive industry.
Do your research and determine how you plan on building the business in the next year, the next five years, the next 10 years, and beyond.
Include your financial resources, the number of employees you plan on hiring, office space, needed equipment, marketing budgets and whatever else you think can help you on your journey.
Create A Website
In this day and age, you simply need to have a well designed and functional website. This will serve the purpose of advertising your business, even when you’re not physically available or even awake.
Most people nowadays search for products or services online, so take the time to create the best-looking website you can. There are many guides these days that teach you how to make a website by yourself. And then promote it, make sure it’s Search Engine Optimized (SEO) and even do some advertising.
A user-friendly and informational website can do wonders for your business, as long as you’re making the extra effort of getting it in front of people.
Utilize Social Media
Another must for the 21st century, develop an online presence for your business by creating social media accounts. This includes https://facebook.com, Twitter, Instagram, YouTube and whatever other platforms you feel like utilizing.
Create your channels and post relevant content as often as you can, and then engage with your visitors. You never know who might remember you when a need arises for the kind of services that you provide.
Social media is all about building relationships, so, by all means, do so.
Know Your Market
Going into business for yourself can be intimidating, to say the least, but it will calm your nerves substantially if you realize and accept who your audience and potential client pool is.
For example, if you’re a small operation with only a couple of employees, don’t market yourself to a large corporation that is beyond your capability to service. Save that for another day, after you’ve grown your business to the point where you can handle that type of account.
If there are areas that you specialize in or want to specialize in, develop a marketing plan to target that specific market.
The plumbing industry is very competitive, so identifying your niche in the marketplace and promoting yourself in the right way is essential.
Ensure That You’re Covered Legally
Regardless of which state you’re doing business in, you’ll need the proper licensing and paperwork to ensure that you’re in compliance with all applicable laws and professional regulations.
If you are too busy to get the licensing and paperwork done by yourself, then you can outreach some of the online business formation companies to get the job done for you. There are many competitive options available for you such as Zenbusiness or Northwest.
You’ll also need a tax identification number (TIN) from the Internal Revenue Service, liability insurance, a business license and perhaps even a retail license, depending on your own unique circumstances.
Permits and other licenses could also be required, so be sure you do your homework and know what’s required in the state where you’re doing business.
It’s better to be diligent at the beginning of your venture than to find out later that something fell through the cracks, possibly resulting in major fines.