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Things to Know Before Starting A Plumbing Business

March 12th, 2015 by gtowsley Leave a reply »

Guest Blog Post From Patricia Bonacorda Spartan Plumbing

Guest Blog Post From Patricia Bonacorda Spartan Plumbing

Starting a plumbing business, just like any other entrepreneurial venture, can be incredibly exciting. But it can be a bit scary as well. If you’re ready to become your own boss, it will take careful planning for you to have the best chance of success.

Do Your Homework

Skilled plumbers who get into business for themselves already know the demand for their services will always be high. They also know, however, they need to do a great deal of research before striking out on their own.

One of the first things you should do is determine whether you want to buy an existing-business franchise or if you’re going to start from scratch. There are advantages to each approach: if you purchase a franchise, it will probably come with equipment and possibly a vehicle. More than likely, your business will already have name recognition.

If you start from scratch, however, you may find that start-up costs are substantially lower because you won’t have to pay a franchise fee, which could be very expensive. You probably already have a lot of the equipment you will need — and you can always rent equipment if you occasionally get a job requiring special tools.

The Nuts and Bolts

You’ll need to put together a business plan if you want to get financing for your new venture. The most effective plans have several components:  the executive summary will provide a brief synopsis of your plan as well as your goals, while the company description will be an opportunity to tell lenders what makes your business different from others in the field.

Your plan will also need to contain detailed market analysis that includes information on the overall business environment as well as the competition. Detail what type of specific services you will offer and how they will benefit your customers. In addition, you will need to include your marketing plans and provide financial projections.

It will also be critically important to become as familiar as possible with all local requirements when setting up a plumbing business. You probably already have an idea of local regulations if you’ve been working in the area for a while, but you may not, for example, know the steps needed to obtain a general business license.

Another major step you’ll need to take is to purchase liability coverage for any injuries that may occur, either to you or any employees hired down the road. This insurance will also need to cover damage you or your workers may cause. Most customers feel much more comfortable allowing plumbers into their homes who are fully insured and bonded.

Location and Marketing

If you want to keep expenses as low as possible at the beginning, consider a home office where you can set up a telephone, desk and filing cabinet. Or, rent a small space where you can take care of paperwork if you’re not comfortable working out of the house.

One of the most important keys to success is properly marketing your new venture. Purchase ads online and in the local newspaper if the prices fit your budget. You will need a lot of business cards, of course — pass them out to everyone you encounter to spread the word. Consider joining business-networking groups in your area and come armed with plenty of cards at each meeting. Create a website and, if you can afford it, consider hiring a marketing professional who can help that site be found on search engines. Most of all, though, do great work so that satisfied customers will help your business grow through word of mouth.

Starting a plumbing business will likely mean working very long hours, but it could ultimately be one of the best decisions you ever make.

Author Bio

Patricia Bonacorda is the President of Spartan Plumbing, Heating and Air Conditioning, a plumbing and HVAC company. Since 1964, Spartan Plumbing has assisted commercial restaurants and residential homes. It is a licensed, bonded and insured business that has provided professional plumbing, heating and air conditioning services throughout the DC Region. 

Spartan Plumbing is a featured plumbing company on Grow Plumbing. 

 

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