How to make a profitable plumbing business?
Making a profitable plumbing business relies on many factors. Our plumbing experts who have run successful plumbing businesses put their success down to a few factors. Planning your day is essential to avoid wasting time and money, this will also allow you to start early as most of your money will be earned in the first half of the day. Using a fast and reliable same-day delivery service like CoLogic offers can ensure that you are not wasting money searching and travelling to get parts avoiding unnecessary down time. This also allows you to keep your employees busy rather than at merchants queuing for parts.
Analysing previous jobs to see what parts you did well and made money and equally areas that didn’t work so well and therefore need to be improved. Also if you are employing other plumbers it is vital that you set a good example by being good with time and standards.
Finally, repeat business is the best recommendation you can get so ensuring you do a good job and don’t cut corners is vital, water never lies. Always plan and be flexible for your customers, this will help to ensure a good recommendation and hopefully repeat business. Profit in business is based on time, money, skill and knowledge. These all allow you to build a better and more profitable business.
How much does it cost to open a plumbing business?
Opening a plumbing business can be scaled depending on your situation. If you have lots of cash it allows you to build as you can make larger investments in the business earlier on. Alternatively if you have less money you will have to build your business more slowly.
One of the main costs early on can be buying all the plumbing tools that you require, take a look at our post on the best tools of 2022 where we outline some of the best plumbing tools around at the moment for your business.
How much money can you make having a plumbing business?
Working for yourself can lead to unlimited earnings, generally these will start around 40k-50k per year. Then bringing on employees can add to your profits but also your costs so it is important to get the timing of this right.