Starting a company is hard work as there are many things that can go wrong, and growing a company in a highly competitive market is even more difficult. An electrician's job can be lucrative, productive, and thrilling, though, which is often the initial motivator. So, whether you want to start a new business or expand your current one, 2023 is the year to do it. There is a lot to learn about starting and developing an electrical company. We've put together a quick guide below to help you learn and succeed.
1. Do: Get a Business Plan
If you are just starting a business or want to grow an existing one, the first step is to make or update your business plan. Without a solid strategy, the electrical company may not be able to get off the ground. It does take some time, but it is time well invested. It enables you to plan out how your company will run, function, and expand in order to navigate a preset path to growth.
Practical decisions such as your electrician quote process, price strategy, and management policy will be part of your electrical business plan, but it will also include strategic plans for expansion, an overview of the market, and outline areas in which you expect to work. Also, include financial projections, growth opportunities and ways to achieve them. Staying current on developments is essential for maintaining a positive reputation and integrity, as well as showing that you know where your industry is heading in the future. Successful companies devote hours each day to keeping up with the latest news and developments in their market so that they can stay ahead of the curve and adjust their plans to match them. The key to success is to constantly learn new knowledge and adapt to the current world.
2. Don’t: Compromise on Tradies and the Right Equipment
The easiest way to grow a business is to hire more tradies to work with you. This way, you can pick up more jobs and increase your revenue. So, first and foremost, make sure you get all of your paperwork in order, including licences, insurance, and so on. People do not want to hire unqualified electricians. As a result, only employ licensed electricians for your business.
You can also hire an apprentice and give them the chance to practice and learn under your supervision. As you are aware, there are many specialisations available as an electrician. You can use this opportunity to expand your market. For instance, if you were mainly a residential electrician, you might employ a commercial electrician. This will support you in entering into a new market and increasing your revenue. Alternatively, you might employ an electrician who offers different services than you, such as solar panel systems installation and repairs.
Confirm that you and all of your electricians have the essential tools for completing the jobs that are assigned. Since it's a mobile business, you'll want to have everything you need on hand when you visit your customers' locations. Although this can often need an initial financial commitment, it is a requirement that is worth taking the time to get correct so that you are not trapped at work without the right resources to get the job done.
3. Do: Have an Online Presence
You are at a serious disadvantage if you do not have a website. Every company should have a website that lets them generate leads, provide positive feedback, and highlight previous work. You can also promote current offers, including free electrician quotes. 56% of people say they would not trust a company that does not have a website. A high-quality website not only makes a strong first impression but also immediately increases your reputation as a legitimate business.
Outside of your working hours, when you are not around to answer the phone or respond to emails, your website will provide the customer with the necessary details. Remember to optimise your website's local SEO so that it appears when anyone searches for an electrician in your service area. In 2021, 54% of social media users used platforms like Facebook, Instagram, and Pinterest to research goods and services. And with more people than ever going online and using social media, there is no easier or more effective way to capture the interest of potential customers.
It also makes it easier to promote purchases and discounts by displaying social media advertising to the right audience at the right time. Use social media to drive more traffic and links to your website, which will help you draw more visitors. If you don't have a social media account, you're majorly missing out.
If you want an electrician to look at a problem you’re having in your house or workplace, we have another guide to discover how much an electrician costs.