When you are considering opening a new business, you may consider starting a plumbing company. In many ways, this makes perfect sense as the industry recorded more than $107 billion in revenue for 2018. Plus, as someone who is self-employed, you can set your own rules and develop relationships with your customers and suppliers. This gives you some flexibility about your schedule and how your operation works. As long as you have the necessary certifications, it can be a nice business to own and operate.
1. Creating Your Own Path
Plumbers with their own businesses can create the type of company that they want. They can focus on residential projects or solely on big construction jobs. When you work for yourself, you call the shots from the services that the business offers to how you prefer to market it to the public and potential partners. This also lets you decide how and when to expand your business.
2. Developing a Revenue Stream
As a small business owner, a plumber is in complete control of the money. At its basics, this means that a plumber can accept as much work as needed to bolster the business’s money. You are not limited by what a corporate superior feels is necessary. However, it does mean that you need to know how much needs to be raised to cover supply costs, payroll, and other business expenses. One downside is that if you decide to partner with someone, statistically over 70% of partnerships ultimately fail. So being the owner of a small business comes with a lot of responsibilities. This includes setting a pricing system, covering payroll and supply costs, as well as, monitoring the documentation and taxes associated with owning a small business.
3. Developing a Customer Base
Being a small business owner, though, does allow you to directly interact with your customers and suppliers. These can develop into long-term relationships. This includes residential clients and contractors that you work with. With these relationships, you can adapt to the needs of each new project so that the job gets done right the first time. This establishes your reputation and can create new business in the future.
4. Working as a Small Business Owner
As a sole proprietor, a plumber can set their own schedule and decide which projects they want to take on. Having the ability and flexibility to determine the schedule can be very freeing, especially when you love the work and the customers. If a job doesn’t seem to be a good fit, the independent plumber can turn it down or refer it to a colleague. However, when a job is accepted, it needs to be finished on time and on budget. This is what develops repeat customers. While flexible scheduling is attractive, paying attention to the actual schedule will ensure that no one is overloaded or does the work poorly.
5. The True Nature of Owning a Business
In the United States, more than 21 million homes use septic systems. This means that they are not connected to a public sewage system to handle their toilet waste. The bottom line is that if a plumber is attentive to their business and customers, there will always be work. Good customer service is at the core of running a business.
When the business is up and running with a core customer base, many consider expanding their businesses to drive revenue. This gives the small business owner the opportunity to hire additional employees, expand their service area and truly focus on the work they enjoy.
While every day may not be ideal, having the option to make your own decisions as a plumber and a small business owner is what brings many people to the field. If you are looking for a new career path, this may be the right one for you.
