N3 Business Advisors
Things To Know Before Starting Or Buying A Plumbing Business
Updated: Mar 4
Being an employee of a plumbing business and running it as the owner are two very different situations. When you become the owner of a business, deciding on behalf of the whole team can be very challenging but also very fruitful. You are not just a technician anymore, you may be required to wear many hats including, sales, marketing, operations, human resources etc. Starting from having a business plan for your plumbing business, having technical skills and building a reliable team are all essential things that should be considered thoroughly.
With the booming real estate and construction industry in Canada, it’s a great time to start or buy a plumbing business that has already been successful. Everyone who knows the value of good plumbing inside the house knows a day gone without the setting that leaking pipe is a day closer to all the pipes bursting at once.
Things to do before stepping up your plumbing business
You must use a few things to step up your game before stepping into your plumbing business. The business requires a few things that include certification, experience and a reliable team with authentic approaches. Without them, you might not see your business thrive in the future.
How to run a plumbing business without certification? Well, that’s not possible in the books of Canadian laws. Plumbing is a regulated trade in Canada. You need to have practical and theoretical experience in order to build a legit and thriving plumbing business. It also shows the credibility and seriousness towards setting up your future business.
Serve As an Apprentice
Work before earn. Like I mentioned before, a little theoretical experience alongside practical will help you hone your skills. The professional world comes with a lot of challenges. The internship as an apprentice under someone experienced and getting hefty knowledge of plumbing could get you ready for challenges. This practical experience will also help you decide if there is any niche that you enjoy working in like property management, pipe fitter, pipe-layer etc.
Setting Goals for Your Plumbing Business
Are plumbing businesses profitable? The short answer is yes, if they are managed properly, after all if you think about it, plumbing is an essential service. Investment in a plumbing business goes a long way. The plumbing business market is already thriving. Set up a plan to define how you will make it unique from others and build a saleable and profitable plumbing business. Set up a financial goal, saving goal and time goals. Remeber most businesses fail due to financial mismanagement, in building a successful business managing cash flow is an important factor. Also, most businesses fail due to lack of revenues, have a sales plan, know where is that next client going to come from, how much is your client acquisition cost etc.
A Plumbing Business Plan
Give your business some time before it starts to live up to the mark of the potential customers. If you see a plumbing business that has earned customers a trustworthy reputation, remember all that glitters is not gold. The owner devised a plan and followed it before anybody could take the position. What may seem like an overnight success story might have paid their dues already.
Build Your Online and Offline Presence to Attract Customers
Traditional and digital marketing; these two aspects need your special attention when you are trying to attract customers. You must know that any plumber who is just a call away will be preferred over others in the world of technological advancement. You also need to know who your target client is, remember any advertisement for everyone is an advertisement for none. Have a plan in place to reach out and be in front of your target client, but you need to know who your target client is, first.
Stay Up To Date with Plumbing Education and Technology
I won’t tell you how to run a plumbing business but if you must know, remember, educational and technology implementation will take you high over the moon. The advancements have made it easy for plumbers to invest their finances to save time and customer.
A Final Verdict
Devising a plumbing business plan before setting it up saves you from making a lot of mistakes. A plumbing business needs your attention not just as a technician but more so an owner. You should be able to work on the business and not in business. If you have enough experience configuring the technicalities, your business will thrive in this industry.