After years in the industry, countless electricians come around to the same question: “Should I start my own business?”
If you’re an electrician, chances are, you’ve thought about being your own boss. After all, the surging construction industry and economic growth are pushing the electrical services market above $171 billion, and you want a slice.
Fortunately, starting your own electrical services business may be easier than you think:
Electrical Services and Business Regulations
Naturally, electrical services is a highly-regulated industry. Therefore, starting your own business means you will have to not only register your business, but acquire necessary licenses, permits, and insurance. Liability insurance is a must in the electrical industry, and you will need to cover yourself, your equipment, technicians, and clients.
As a business owner, you will not only need to think about your own operating certifications, but those of your employees and technicians. Depending on the level of work, ensure your electricians have the proper licenses, including Electrical Installation Certificates (EICs), Minor Electrical Installation Works Certificates (MEIWCs), and more.
Identify Your Services, Market, and Leads
For any new company, drafting the business model is one of the most important steps of the entire process. This blueprint will help you identify (and stick to) your chosen services, market, budget, pricing, labor, and more.
Residential services represent an excellent revenue stream for electrical contractors, but that doesn’t mean you have to stop there. Commercial clients and organizations such as remodeling or construction companies are also excellent sources for high-paying leads.
Perhaps you want to specialize in eco-friendly services such as EV station installation or photovoltaic systems, or maybe there’s a gap in quality electrical services in your locality you wish to fill. Identify these early, and use them to decide on your market — and how to reach them.
Franchising and Business Success: Discover Mr. Electric
For some, transitioning from an electrician to a business owner requires learning a new set of skills. Fortunately, you don’t have to go it alone. One of the best resources for support is a franchise, which may take your invaluable industry experience and turn it into business success by supplementing your company where it needs it most.
A nationally-recognized leader in electrical services, Mr. Electric has offered success to hundreds of franchisees with support in business operations such as marketing, networking, budgeting, and much more.
To learn more about how Mr. Electric can make your dreams of owning your own electrical services business come true, contact a franchise developer today!