The role of electricity in running commercial and residential dynamics is amply known to all. With the speed at which urbanization is taking place, electricity is here to stay for a long time to come, if not for eternity. While this seems an important insight to set up an electrical business, but there are many other facets of this industry that need to be weighed in.
If you have successfully climbed the ladder of your apprenticeship as an electrician and amassed a wealth of experience in this field, then starting your own electrical business is a tailor-made proposition for you. It is given that embarking on the path of entrepreneurship is always challenging, but the payoffs are worth taking a risk.
Having said that, to run a successful electrical business, you have to cover a lot of ground work in order to understand the nitty-gritties. The electrician business focuses primarily on servicing, installing, and maintaining electrical systems in homes and commercial properties, making it highly specialized. There’s a whole host of things to consider while starting your own electrical business, for example, training, licensing, equipment, a sound business plan, and marketing strategy.
7 Key areas to focus for running a successful electrical business:
- Training and qualifications
The very first step to establish an electrical business is to obtain proper education and training from a certified apprenticeship program. Without the essential official certification, it’ll be hard pressed for you to secure clients; failing which, it could be viewed as putting your client’s interests at jeopardy. So you can obtain your state electrician’s license by clearing certification exam along with filing necessary paperwork.
Resources and finances play a vital role in starting any business. You electrical business will almost always require an initial outlay of cash. As an independent business owner, the majority of your investment will be in manpower, vehicle, and equipment. Procuring enough finances, therefore, is very important because you could be in for some hard times, such as not being paid, losing quotes, and delay in paying staff & bills. To fulfill this crucial need, you have a few options here – you can seek funds from a third party, an investor, or a business partner.
3. Tools and equipment
Without the right tools and equipment, any electrical business cannot see the light of the day. You should have enough electrical tools and equipment that you need to carry out your work. You’ll also need a secure and reliable van or similar vehicle to get you to your customers’ locations. In addition, to have a usual collection of instruments and machinery, you can also deploy modern cloud-based systems for running your day to day business efficiently. Another important tool you can deploy is powerful electrician software for scheduling and dispatching jobs quickly and easily. You can also update your technicians in real time while assigning jobs to them.
3. Business plan
A thorough and polished business plan is key to take your business off the ground. You’ll have to invest a crucial amount of time in this, but once you pull it off, it will give teeth to your venture structure, purpose, and a clear cut strategy. A proper business plan includes all key business details, such as financial projections, growth opportunities, marketing strategies, financing, short/long term goal outlines and so on.
4. Marketing strategy
Without profound marketing and promotional strategies in place, your business will find a hard time to get to the clients. In order to reach as many audiences as possible, you need to focus on what works best in the industry. Referral marketing will likely be the largest source of new clients. You can also hand out business cards and send direct mail promotions to build a strong customer base. To beef up your marketing strategy, you need to be your creative best.
5. A dedicated team of technicians
Like any other business, you need to recruit the right people to grow your company. As an electrical business owner, you need to employ skilled technicians that can effectively represent you. It is important to be aware of what qualities you need your employees to possess. From giving high level of customer experience to scaling your business in a sustainable way, it is paramount to add a dedicated workforce in your team. So for roping in experienced and talented individuals, you need to develop a foolproof recruitment procedure. It will help you select those candidates that perfectly fit to your culture.
6. Establish a strong web presence
The way you establish your brand is very crucial to the success of your business. As a budding entrepreneur in electrical industry, your clients need to trust your brand. They should be comfortable in welcoming trustworthy team technicians. So to build your brand, you have to establish a strong web presence. An engaging business website allows customers to learn more about your company and the kind of services you offer. In view of this, social media is one of the most powerful weapons that can turn the tide in your favor. Facebook, Twitter, LinkedIn, YouTube, Instagram, etc. can help you immensely in this regard. When you provide informative and relevant content through these platforms, your audience will start considering you as a trustworthy brand.
Electrical business needs proper specialization, necessary legal considerations, and effective management in order to run successfully. If you have mustered a team of individuals who are good with their hands and knowledge, the road is quite promising for you.
Guest post courtesy of Smith Willas