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What You Need to Know Before Starting a Plumbing Business

You've always enjoyed fixing little problems around the house. You’ve thought about what kind of career path you would like to pursue that will allow you to support your family. Owning a plumbing business seems to be right up your alley, as you'll never have to be stuck in a cramped office and will be able to help folks with all their problems. 
But before you embark on this great adventure, there's a lot of hard work and knowledge you'll need to accumulate along the way.

Industry Qualifications and Completed Apprenticeship

You will need to complete training courses for plumbing qualifications. It might seem that you're able to learn everything on YouTube, but the reality is you need experienced mentors to really teach you all the tricks of the trade. After completing your courses, it's a great idea to also enter into an apprenticeship with a successful plumber. Before you start taking your own customers, you really should be looking at four years of classes and hands-on training.

Understanding Liability

Of course, having the tools to do the job is only part of running your own business. You will also need to learn what kind of liabilities you face as a professional contractor working in the public sector. You will need to research various kinds of tradesman insurance that can protect you, your employees, and your customers against unforeseen accidents and incidents.
No matter how many safety precautions you might take, at some point you are likely going to face the reality of a flood or fire on the job.  A good tradesman insurance policy can take care of your clients while protecting the assets of your business and the future well-being of your employees.

Who Will Your Customers Be?

A good business person studies the local neighbourhood to determine who is likely to call for their services. Your marketing campaigns can then be targeted to large businesses and commercial properties, residential dwellings or industrial applications. You will want to take additional classes and work to add the type of jobs your clients will likely need done to your background. If you learned how to install a sewer system for a block of flats, it won't necessarily help you to repair a bathroom faucet and vice versa.

Basic Accounting Knowledge

You can't run a successful business without some good accounting knowledge. You need to be able to keep track of hours worked, cost of materials, employees, and any business loans. You will need to ensure that you don't overspend on the business leaving no cash to pay your own salary. You might need to hire an accountant who has an understanding of tax codes to make sure that the government gets their share. While there are several excellent software bundles that can "do it for you," nothing beats actually knowing how it all works to help you build your business toward success.

Upgrade Tools and Transportation as Time Goes By

It might be tempting to open your new plumbing business with a brand new transit van and a glistening set of tools, but if you're just getting started don't hesitate to buy used. You can save thousands of pounds and put the extra cash into a greater variety of tools, or hire an extra assistant for a more challenging job. Your customers are paying for your service, not the pretty van. Repeat business will allow you to expand your customer base and upgrade into the bigger van after a few years.
In the end, running your own plumbing business requires more than an understanding of fixing pipes. You'll need good money handling knowledge, tradesman insurance, a large collection of tools, a few reliable employees and the determination to build your reputation over time.