Any place with running water involves plumbing, which in turn requires occasional maintenance. The plumbing business can yield lucrative returns due to its high demand. Here’s how you can ensure the success of your plumbing business in 4 easy steps.
- Start with a Niche
There are already thousands of plumbers who cater to all types of plumbing needs, from inspection to pipe replacement. You need to target a specific segment of the market in which your service stands out from competitors. For example, you might target a certain neighborhood or industry.
- Create a Business Plan
You’ll need to market your niche, whether it’s online, through traditional media, or word of mouth. A marketing plan is usually a subset of a broader business plan that defines the company’s vision, goals, offerings, and target market. Your plumbing business plan should be clear on how you intend to compete for a specific market position.
- Here are other details your business plan should include:
- Business name and logo – Your business name and logo will become your company’s image in your promotions.
- Plumbing services – List the services you offer and emphasize any specialties that can be marketed as superior to competitors.
- Budget and cash flow – Explain how your company will be funded and where the revenue will come from.
- Competition – Evaluate your plumbing competitors carefully and devise ways to acquire more market share.
- Operational strategies – Discuss the equipment you need for your operation and methods for making it as efficient as possible.
- Staffing considerations – List key staff personnel who will be instrumental in meeting your business goals.
- Revenue goals – Forecast earnings based on your company’s abilities and market conditions.
- Invest in the Right Tools and Supplies
Learning how to run a successful plumbing business begins with investing in durable tools that will help you accomplish tasks efficiently. Some of the plumbing supplies that never become outdated are plungers, pliers and wrenches, as well as safety gear and sanitizers.
If you are a sole proprietor, your main competitors will be other plumbers who work independently. It’s important to invest in tools that give you a competitive edge, such as software that provides fast answers to plumbing issues.
It’s further helpful to invest in a customer relationship management (CRM) platform that gives you direct links to your customers. This software lets you build profiles on each customer, allowing you to learn about their plumbing history. The best CRM platforms integrate smoothly with other marketing software.
- Market Your Plumbing Business
The most important step for lead generation and getting orders is marketing your business. These days the easiest way to get started on low-cost marketing for a startup is with an online blog. The more your website provides answers people are looking for online, the more it can attract a loyal community. Pay-per-click (PPC) ad campaigns on popular websites are the fastest way to get online leads.
- Also read: A quick guide to plumbing contractors insurance
Your plumbing business will need protection through legal assistance and insurance policies. An experienced attorney who represents other plumbers can answer questions about legal risks and responsibilities that go along with running a plumbing business. Choosing the right business insurance is important to reduce additional legal exposure. You’ll also need to get a business license from your state.
Use these insights to help understand how to run a successful plumbing business. It can be a very lucrative business if you take proactive steps to reduce liability risks. Our agents at Artisan Insurance Solutions will work with you to secure the most appropriate coverage for your business needs. Contact us today to get started!