10 Important Steps to Take When Starting a Plumbing Company
Are you looking to start your own plumbing company but don’t know what to do first? Building any kind of company can be an intimidating and frustrating process. This is especially so if you don’t know what you’re doing.
For starters, we’ve compiled 10 important steps you can use to guide you along the way. From the legal documents and technical aspects to all the best marketing tactics. So keep on reading and find out how to build a successful plumbing company from the ground up.
Create a Business Plan
One of the most essential steps to creating any successful business is a good business plan. It’s what helps you lay out all the specific details of your business. Doing so helps you visualize how you intend to manage your company and reach your company’s goal.
You’ll want to have all the important information about your business ready. This includes a list of objectives and strategies that you want to play out. Prepare things like plumbing company names or your chosen demographic.
You’ll also want to include a unique selling point to differentiate your business. Plan finances such as startup costs and service charges to help track expenses. Make sure that you have all these important areas covered to hasten operation.
Complete All the Legal Requirements
Starting a proper business requires a lot of technical steps. Setting up a business permit and declaring your company name is just the beginning. You have to be comfortable with complying with your state laws to operate without problems.
You’ll want to start a business structure in the form of either a corporation or an LLC. Plan by looking for a registered service agent to help you and protect your assets and privacy.
Another important step to legally opening a business is registering for taxes. There are many federal, state, and local taxes you need to cover before starting any business. You can check here for all the tax information you’ll need for your area.
Open a Business Bank Account
Along with establishing a separate entity for your business is establishing a separate bank account to do the same thing. If your business gets sued, you don’t want your assets and valuables to be at risk. This is a common practice that mitigates the loss of any of your assets if you’re business is unsuccessful.
People commonly call this the corporate veil and this protects you when worst comes to worst. It also makes any kind of accounting and taxing with the business’s costs and income easier.
In line with this, have a separate business credit card so that all your expenses for the business stay in one place. It also lets your business begin with good credit history for any future investments. Make sure that you record and keep track of your business’s finances while you’re at it.
Get the Right Licenses and Certificates
The next step in starting a proper business is getting all the required licenses and certificates. You can’t legally become a plumber and offer any services without the right licensing. Doing this will result in big fines and even have your business shut down.
You can apply for all the licenses you need depending on your state from the SBA. Check out all the licensing requirements and permits that you’re going to need ahead of time.
For local requirements, you’ll have to visit your city’s clerk’s office. Here, you can get more information on whether you require additional proper permits or documents.
Finally, ensure that your plumbers have certificates from a school or a certification program. Certification will vary from state to state so research on your local area requirements. This not only certifies the credibility of your business but also serves as free advertising for future clients.
Buy the Right Equipment
Since you’re just starting, you don’t need to spend all your money on the newest equipment on the market. All you need are reliable tools that get the job done right. Focus on getting the essentials and any extra tools if you offer specialty jobs.
Other efficient items include a complete plumber’s toolkit for your business. A professional uniform along with a business card and CRM is also a great investment. These help track your services and ensures that your business looks professional.
Set Up Your Business’s Backend and Administration
A business backend refers to how your business operates behind the scenes. It’s an essential department of your business that helps it function efficiently. The first thing you need to tackle is a centralized place for all your backend and administration.
This is where you schedule appointments, make calls, store information, and take payments. You don’t necessarily need a rented out office space as this can be expensive when you’re starting. If you don’t have somewhere to operate you can do all of this through management software.
Get Business Insurance
Along with your business’s licenses and certificates, insurance is another thing you need to prepare for. If ever you have to deal with financial loss, you’ll want to protect your company’s financial wellbeing. Getting plumbing contractors insurance will keep your company’s assets safe and prevents bankruptcy.
As a new business, it’s important to expect the worst to happen. In the event of other tragedies, there’s a wide variety of insurance types available to protect you and your business. When in doubt, read more about the important ones you need when starting a business.
Promote and Market Your Business
The best way to start getting customers interested in your services is by promoting your business. The first thing you want to do is to define your brand. Decide the public image that you want to portray to your target consumers.
If you’ve had a lot of experience in the plumbing field then you should have contacts in the industry. Build a reputation if you’ve worked under master plumbers and market your experience.
You can also market through online ads or send direct mail to a mailing list of clients who’ve paid for plumbing services before. Set aside some funds in establishing a marketing strategy as this is an important factor in bringing in business.
If you don’t have too much money to spend, you could also ask friends and family to refer your business to others. If you’re taking this approach, make sure that you give the best customer service. This is to ensure that you get more referrals out of the job and build a network from your reviews.
Build an Online Presence
With more and more people going online to look for services, you’ll want to build your online presence. The first thing you can do is to start up your business website. There are plenty of website building services that don’t require any kind of coding background at all.
Your site doesn’t have to be anything fancy as long as it looks clean and has all the necessary information. Once you have everything set up, focus on search engine optimization to attract more visitors to your site.
Aside from making a website for your business, you can also set up social media accounts. This is a great way for others to discover your business. Here, you can engage with customers, and they can review your services if you have an accessible account.
Stay Informed on New Plumbing Innovations
The final step for your plumbing company is to keep consistent with the times. To do this, you’ll want to stay up to date with all the new plumbing education and technology. Keep yourself informed on any trends to ensure that your company stays alive.
You can start simple, get on the net, expand your clientele, and start marketing. Finding new ways to market your business and engage with your customers will help your business grow and improve.
Keep track of what other local plumbing companies are doing and improve from them.
Find ways to differentiate your business from the rest of your competitors and get ready to accommodate innovations in the field. With enough time, your company will grow and become a trusted service provider.
Launch Your Plumbing Company Today
There are a lot of steps and processes to go through when starting your own business. You mustn’t miss out on anything to ensure success. You don’t want to be running into any problems due to negligence.
While you’re building a plumbing company, remember that it’s alright to not be successful from the get-go. Take time to see what works for you and more importantly, adapt accordingly.
We hope that reading this article’s given you a better understanding of what goes into making a business. Don’t hesitate to use this as a guide to achieving you’re goals and run a successful plumbing company.
Of course, running a business doesn’t stop here. If you enjoyed this article and found it helpful and informative, check out the rest of our content for more business guides today!