Are you an electrician looking to start your own electrical contracting business? Or maybe you’re thinking about becoming an electrician and want to know what it takes to start your own electrical business. Either way, we’ve got you covered.
Starting your own electrical business can be a very lucrative endeavour. According to Skills Training Group, the average annual wage for electricians was £32,805, which is considerably more than the national minimum wage. Also the industry is growing faster than the average for all occupations.
So, if you’re interested in starting your own electrical business, here’s what you need to know.
- 1. Get experience on the job
- 2. Main services you can offer
- 3. Sole trader or limited company?
- 4. Getting insured
- 5. What tools you will need
- 6. Whats the average salary?
- 7. Setting goals
- 8. A business plan
- 9. What qualifications will you need
- 10. Working out finances
- 11. Hiring staff
- 12. Getting a business coach
- 13. Marketing your electrical business
- 14. Building and scaling your business
Get experience on the job
Become an apprentice or work for an electrical business. The best way to get started in the industry is to learn from people already working in the trade. A great way to get started is by working at a local electrical firm or becoming an apprentice. This way, you will get to know the daily operations of a local electrical business.
There are several ways to do this, but the most common route is to take an accredited electrical course at a college or training provider. Many local employers might even pay for your courses to get you qualified. Once you have completed your training, you will need to pass a practical and theory examination to become fully qualified.
The main services you can offer as an electrician
As an electrical contractor, there are several services that you can offer your clients. These include:
- Installing and maintaining electrical systems
- Installing and repairing wiring
- Testing electrical equipment and components
- Troubleshooting electrical problems
- Electrical safety certificates
- Electrical repair work
- PAT Testing
- 24hr emergency electrical work
- Alterations and extensions to circuits
- EV charger installation
- Energy efficiency upgrades
- Inspecting homes and businesses to ensure that their electrical systems are up to code
If you’re thinking about starting your own electrical business, then be sure to keep these main services in mind. By offering a variety of services, you’ll be able to attract more customers and grow your business more quickly.
Decide whether to work as a sole trader or limited company
One of the first decisions you’ll need to make when starting your own succesful electrical business is whether to work as a sole trader or a limited company.
There are a number of benefits to working as a sole trader. These include:
- You have full control over your business
- You can decide how much you want to work
- You don’t have to worry about paperwork and red tape
However, there are also some drawbacks to being a sole trader. These include:
- You’re personally liable for any debts or damages that your business incurs
- It can be harder to attract bigger customers and grow your business
If you’re thinking about setting up as a limited company, then there are a few things you need to keep in mind. These include:
- You’ll need to register your company with Companies House
- You’ll need to register as a company director
However, some advantages to setting up as a limited company are also. These include:
- Limited companies can be easier to attract customers and grow your business
- You’re not personally liable for any debts or damages that your business incurs
So, which is the best option for you? Ultimately, it depends on your circumstances and what you want from your business. If you’re looking for more flexibility and control, then working as a sole trader might be your best option. However, setting up as a limited company might be the better option if you’re looking to attract bigger customers and grow your business more quickly.
Get insured
No matter which business structure you choose, it’s important that you get insured. Be sure to shop around and compare policies before you make a decision. This will protect you and your business in case anything goes wrong. Some electrical insurance companies to considerWhat tools will you need?
As an electrician, you will need a few of the essential tools to help you with your work:
- A multimeter
- A wire stripper
- Insulated gloves
- Fireproof clothing
- Safety goggles
- Wire cutters
- Electrical tape
- A screwdriver
- A hammer
- A level
- A drill
- A saw
- An electrician’s knife
- Pliers
- Tape measure
- Cable ties
- Heavy-duty cable cutters
- Fish tape
- Coax connector
- Cable lugs
- Terminal block
- Flashlight
- Conduit bender
- Splicing connector
These are just some of the tools you will need as an electrician. Make sure that you have all of the tools that you need before you start your next project.
What is the average salary of an electrician?
Electrician salary varies greatly based on experience, skill level, and geographical location.
- Electricians in the United States earn an average salary of $51,480 per year.
- Electricians in Australia earn an average salary of $73,752 per year.
- Electricians in Canada earn an average salary of $61,842 per year.
- Electricians in the United Kingdom earn an average salary of £30,348 per year.
- Electricians in New Zealand earn an average salary of $79,152 per year.
Salaries for electricians can vary significantly based on experience and skill level. Electricians with more experience and higher skill levels can expect to earn more.
Setting goals for your electrical business
It is essential to set goals for your electrician business. Doing so will help you stay on track and ensure success. Some plans that you may want to set for your business include:
- Increasing your revenue: You can do this by finding new clients or upselling existing clients.
- Decreasing your costs: You can buy in bulk or negotiate better prices with suppliers.
- Hiring new employees will help you expand your business and take on more work.
- Opening a new location will help you reach new customers and grow your business.
Whatever goals you set for your business, make sure that they are realistic and achievable. Setting goals will help you measure your success and keep your business on track.
A business plan
As an electrician, you will need to create a business plan. This document will outline your business goals, strategies, and financial projections. Starting a business plan will help you get organised and attract investors. Here are some tips for creating a business plan:
- Define your business: Write down what your company does and what services you offer.
- Set your goals: Outline what you want to achieve with your business.
- Develop your marketing strategy: Describe how you will market your business to potential customers.
- Create financial projections: Estimate how much you will make and spend over the next year.
Creating a business plan may seem daunting, but it is essential for any business.
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What training and qualifications will you need?
There are many different training programs and qualifications that you can get as an electrician. Some of these include:
- Electrotechnical Craft (2365)
- The City & Guilds 2391, 2394 and 2395 qualifications
- EAL Level 3 Award in Electrical Installation Inspection, Testing, Certification and Reporting
- Domestic installer
There are many different training programs and qualifications that you can get as an electrician.
Working out finances
It is essential to manage your finances as an electrician. This includes creating a budget, tracking your expenses, and setting financial goals. Here are some tips for managing your finances:
- Create a budget: Track your income and expenses so you know how much money you have to work with each month.
- Track your expenses: Keep track of all the money you spend to see where your money is going.
- Set financial goals: Decide what you want to save for and create a plan to reach your goal.
- Managing your finances is an important part of being an electrician. By following these tips, you will be able to stay on top of your finances and reach your financial goals.
Here are a few expense tracking programs you can use.
- Mint Intuit
- Goodbudget
- You Need A Budget
- Quickbooks
- Expensify
Where to hire electricians
Now that you know what it takes to be an electrician, you need to find some good employees. Here are a few places to look for electricians:
Online job boards: Post a job listing on popular job boards such as Indeed or Monster. Social media: Use social media sites such as LinkedIn or Facebook to find potential employees. Electrician schools: Contact local electrician schools and ask if they have any graduates looking for work. Indeed job site: You can post a job on Indeed and set a daily budget. Creating a job posting on Indeed is simple and only takes a few minutes. Once your job posting is live, potential candidates can apply for the position directly on Indeed.com.
When you’re hiring electricians, it’s essential to check their qualifications and experience. You should also make sure that they are insured and bonded.
Here are a few questions you can ask a candidate in an interview.
- Why would you like to work at our company?
- What skills and strengths can you contribute to this position?
- What is your reason for leaving your current position?
- If your coworkers were to describe you, how would they do it?
- How did you get the job you have now?
- Are you able to manage deadline pressure well?
- How could your current company become more successful?
- Is there a time when you disagreed with a boss or colleague?
- Do you prefer working alone or in a team?
- Five years from now, where would you like to be?
- Have you ever had to overcome a significant challenge in your most recent position?
- Is there anything you would like me to answer?
By researching, you can hire the best employees for your business.
Get a business coach.
As your business grows, you may consider getting a business coach. A business coach is someone who will help you grow your business and reach your goals. They can provide guidance and advice on various topics, such as marketing, financial planning, and time management.
Getting a business coach is a great way to accelerate the growth of your business. By working with a business coach, you can shortcut the process of trial and error and avoid making costly mistakes.
Here are a few coaches within the industry
If you’re looking for a business coach, be sure to seek out one from the industry that you’re in. This way, they will be able to show you the mistakes they have made and how they were able to overcome them. Having this inside knowledge can be invaluable as you grow your business.
A business coach is a massive shortcut to getting to where you want to go. Seek out a business coach from the industry that will show you the mistakes they have made, and they will show you how to grow your business quicker.
Marketing for your electrical business
There are many different marketing strategies that you can use to promote your electrical business. Here are a few ideas:
Create a website: A website is a great way to showcase your work and attract new customers. Make sure to include plenty of photos and detailed information about your services.
Get involved in your community: Attend local events and meetups, and sponsor community programs. This will help you get your name out there and build relationships with potential customers.
Use social media: Use social media sites such as Twitter, Facebook, and Instagram to reach new customers. Make sure to post interesting content that will engage your audience.
Advertise in local publications: Place ads in local newspapers and magazines. This is a great way to reach people who live in your area.
Using these marketing strategies, you can attract new customers and grow your electrical business.
Building and scaling your business
Growing your business takes hard work, dedication, and a bit of luck. However, there are a few things that you can do to increase your chances of success:
Delegate tasks: As your business grows, you’ll need to delegate tasks to others. This will allow you to focus on the most critical aspects of your business.
Hire employees: Hiring employees will help you free up your time to focus on growing your business. Make sure to carefully potential screen employees and only hire those who are qualified.
Market your business: Marketing is essential for any business, but it’s essential for small businesses. Use different marketing strategies such as social media, print advertising, and word-of-mouth to reach new customers.
By following these tips, you can build a successful business that will continue to grow for years to come.
Wrapping up
Being an electrician is a challenging but rewarding career. It’s essential to have the right qualifications and experience and to be able to manage your finances. You also need to find good employees and get a business coach if you want to accelerate the growth of your business. Finally, use marketing strategies such as website creation, social media, and electrical advertising to attract new customers. By following these tips, you can be successful as an electrician.
Contact our experienced team today if you are interested in a new website for your electrical business or advertising advice. In the past, we have helped electrical companies increase their visibility on search engines and generate new leads consistently. For more information, contact our team today.
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Speak to one of our experts today on 01702 668207 or send us a message.