If you're dreaming of starting your very own electrician business one day, where do you start? You'll need to become an electrician first. Wondering why you should become an electrician? Read on to find out.
Why Run An Electrician Business?
Becoming an electrician is a career path that's attractive to many people. This is as:
- Electricians make an average annual salary of around $52,720. This is higher than the average salary in the country, which is about $37,000.
- The BLS expects that the number of electrician jobs between 2016 and 2026 will increase.
- There are construction projects that want to hire electricians. Buildings sometimes need old wiring to be replaced. With so many jobs for electricians, the demand for this profession is expected to rise.
- To start your career as an electrician, you don't need to have a bachelor's degree.
All these factors show that if you do start your very own electrical business, you're likely to find regular work. Over time, you can hire employees who enable you to offer a greater number of services to a greater number of people.
What You Should Know About Starting Your Electrical Business
There are several advantages associated with starting your very own electrical business. But you're likely to encounter certain challenges as well. The industry is very competitive, and even as you're starting your business, you'll need to face stiff competition. This is why you should do a market and competition analysis before you decide to open your business in a certain area. If the market for electricians in a certain locality is saturated, you're better off opening your business in a different area. There, you're likely to find a higher demand for your services.
When you're running an electrical business you'll need to both find clients and then deal with them. You'll find yourself working long hours. You could also be called by the client late in the evening. If there are emergencies, you could be called in late at night as well.
It's true that you don't need to have a degree to become an electrician. But you will need to complete an apprenticeship, and also complete the required classroom hours at a technical school or vocational college. Note also that electricians face danger at their work from time to time. They could need to work with live wires or even high voltage.
What You Need To Start Your Electrical Business
Before you can start your electrical business, you'll need to become an electrician first. You should also consider getting insurance for electrician. This is as running a business leaves you open to certain risks, such as getting sued by clients. When you have insurance for electrician, you can protect not just your career, but your finances as well. Interested in learning more about insurance for electrician? Then click here.
Here's everything you need to start your electrical business:
1. Education And License
Before you can apply for your electrician apprenticeship, you'll need to get your high school diploma. You could also choose to get a GED equivalent. An apprenticeship typically lasts around four years. You'll need to complete the required classroom hours as well, where you'll train to become an electrician. You'll learn how electrical circuits work, how you can read blueprints, and more.
After you complete your apprenticeship, you'll need to secure your electrician license. This is legally required in most states. You'll need to take an exam, fill out the necessary paperwork, and also pay a fee.
As you gain experience through the years, you'll learn what you need to know to run your electrical business. You'll also need to secure a business permit as well as a business license before you can start your own business.
2. Writing Your Business Plan
Your business plan helps you learn more about the ins and outs of your electrical business. It's a corporate dossier that contains essential information about your business. As you fill out the different sections of your business plan, you'll find yourself learning everything you need to, about your business. The information you gather about your business to make your business plan, will help you learn essential business related information. A business plan is a handy guide that you're likely to find useful for years to come.
3. Registering Your Business
Do you want to run your business as a sole proprietor? Or do you have a partner? There are several legal structures that you can choose for your business, so knowing what these are is essential. This is as the legal structure of your business has tax implications as well.
When you register your business, you'll also need to provide a name for your business. Provided you have all the permits and licenses that are necessary, you'll be able to start your electrical business.
4. Hiring New Employees
You may not want to hire employees initially, but as your business grows and expands, this could become necessary. When you hire employees, choose people who can prove they are good at their job. You can also take on apprentices when you become a master electrician.
5. Marketing Your Business
It's essential that you market your business if you want to find regular work. Ask your existing clients for referrals, and also ask them to leave behind a testimonial. If they are happy with your work, they will usually gladly do this. You should also build business social media profiles, create a website for your business, and develop a brand identity as well. Attending electrician events in your area to give speeches or even writing a blog related to your field, can help you build authority in your field.
Conclusion
To start an electrical business, you'll first need to gain skills and experience working as an electrician. You'll need to secure the right permits as well as licenses before you can start your electrician business. Use this guide to learn everything you need to know to start your own electrician business.
Do you want to start an electrician business? This guide shows you what you have to do.
Sources:
Staff, January 18th 2018, 'Starting An Electrician Business: Key Tips', viewed October 26th 2022, https://www.nextinsurance.com/blog/starting-electrician-business/
Staff, October 8th 2022, 'How To Start An Electrician Business', viewed October 26th 2022, https://howtostartanllc.com/business-ideas/electrician
Hazelden, BH, March 16th 2019, 'How To Start A Small Electrical Business', viewed October 26th 2022, https://smallbusiness.chron.com/start-small-electrical-business-2424.html
Staff, June 30th 2019, 'How To Start An Electrical Business', viewed October 26th 2022, https://www.hiscox.co.uk/business-blog/how-to-start-an-electrical-business