Starting any business carries some risks but there are ways to minimize and sometimes eliminate those risks. A plumbing business is no exception. Starting a new business is an exciting idea but you should educate yourself about the business part as well and not only the trade part. Having plumbers insurance is a necessity in a plumbing business. The following steps will help minimize business risks when starting your own plumbing company.
Get the Training and Some Experience
Plumbing is a technical job that requires an excellent knowledge of plumbing parts and how different plumbing systems work in residential, commercial and industrial buildings. There are many trade training institutes that offer plumbing courses. Just passing this training is not sufficient. First you should work as a trainee plumber to gain some experience. Next, you should work with an established plumbing company to gain some experience about the business aspect of this trade. Once you are confident of your plumbing skills and have some knowledge of running this type of business, you can think of starting your own plumbing business.
License, Laws, Rules and Regulations
You must have a plumber’s license to work in this trade and offer your plumbing services. You will need a separate business license to run your business. As a plumber, you are required to know certain laws related to the plumbing parts, connections and installations. You should know how to connect a building’s supply line and wastewater pipes with the city’s supply and wastewater systems. Your licensing authority and local plumbing trade association may slap penalties against you if you fail to comply with these rules. Your license may be canceled. Now that you have decided to start your business, you should also know some small business laws applicable to your business.
Types of Works You Can Handle
It can be tempting to take up all types of plumbing works, but you should know your limits. Offer only those services you can handle. Plumbing works are needed for residential, commercial, industrial, and public buildings and places. Take into account the location where you plan to start your business. You can afford to work in a plumbing niche in a large city but that may not be a good idea in a small town. Learn about the local plumbing demands when determining the plumbing services, you should offer.
Work with a Plumbing Company
Before starting your own business, you should learn the business part of this trade. You may be an experienced plumber but lack the business knowledge. A few months or years of working at a plumbing company will help you learn the secrets of running this business. Learn what tools, equipment, office infrastructure, licenses, contracts, services, products and other things are needed to run this business successfully.
Get Insurance Coverage
A small mistake and you will be ruined financially. A plumbing insurance coverage is an important safety net that will protect you from this risk. Even when you have insurance coverage, you should work carefully to avoid any damage and paying from the insurance policy. Such mistakes will increase the premium of your plumbing insurance policy.
Marketing Your Business
This is an important aspect of any business. If people do not know about your plumbing business, they will not contact you. Do not depend on a single channel to market your services. Use both offline and online marketing strategies to market and advertise your business. Think from the perspective of your prospective customers. What places will they search to look for a plumber? Establish you business presence across all such places.
Avoid mistakes and deliver high-quality services to your customers. Satisfied customers lead to more business and referrals.