The plumbing industry can be extremely lucrative, particularly if you start your own plumbing business. No matter what type of buildings people live or work in, water is essential – at some point, a plumber is going to be required. Why not be the one providing the service?
However, to be successful, you need to do more than just start.
Here are a few tips on how to set up and run a successful plumbing business:
- Focus on One Specialty
Rather than spreading your resources, focus on one area where you and your business fit in the plumbing landscape.
As a plumbing business, there are numerous sectors that you can focus on – day to day residential plumbing issues, maintenance plumbing or larger commercial jobs.
By knowing your ideal audience, you’ll understand how to target your customers, build a database, set yourself apart from your competition and become an expert in that area.
- Complete Your Business Plan
When ensuring the success of your business, it is critical to have a business plan in place. A well thought out business plan acts as a roadmap to keeping your business on track and successful.
As a guide a business plan should include and confirm:
- Business Name: Settle on a business name, once you have checked it’s available, then register it. Make sure to check that the domain name is available as well.
- Ideal Customer: Write down who your ideal customer is and make sure that you are always keeping them in mind when promoting your business.
- Budget and Cash Flow: Identify what capital you have available and budget accordingly. A strong understanding of your project costs and income are important in building growth.
- Competitor Analysis: Understand who your competitors are, how they are positioned in the market and what your unique selling proposition is.
- Product/ Services: Know what your products/ services are and what you are selling.
- Pricing: Establish your rates and analyse where your pricing will sit in the market compared to the market.
- Operational Strategy: Where will your office be located, what areas will you service, company structure?
- Staffing Needs: What full-time staff members will you have and what will you outsource? Who will be the one hiring and verifying the creditability of those who apply?
- Forecasts and Revenue Goals: Targets and projections are important to make sure that the company can grow and that a profit is in focus.
- Legal: You’ll need to secure the necessary insurances, have a contract looked over and that you’re complying with regulations. Be up to date with paperwork including council inspection forms & fees.
- Marketing Plans: With a clear idea of who your market is and what your product is, you’ll need to be promoting your services.
- Equipment: Purchase all necessary equipment for your time and to complete the services.
Once you’re all set in terms of the direction of the business, logistics and operations, then you’ll need to start generating business and showcasing projects.
Some ways to do this include creating a professional and polished website that advertises your business, having a social media presence or promoting your services through more traditional methods like print ads or flyers.
Generating repeat business is very important so once you have a new client, it is critical to make sure they are receiving the very best service. A strong focus on customer communication is key. Word of Mouth marketing will also result from this and testimonials.
It’s important to continually market your business as jobs may not always be consistent and your competitor might have more to offer, for example, better prices. In this instance, it is a good idea to price everything that is in your niche and open for tender.
If you’re not looking to make hires in the first stages of your business, consider outsourcing some of the work. This way you know you are receiving a professional standard of work and are on track to winning business.