Helpful Tips for Launching Your Own Business After Electrician TrainingAugust 23, 2018
The benefits of running your own business are obvious, but a much broader skillset is needed to make this courageous move. These entrepreneurs require excellent foresight to spot potential opportunities and pitfalls, and must also contend with the complex web of red tape facing them. However, lots of electricians overcome these challenges to develop excellent careers as their own bosses.
As a self-employed professional, you can dictate the direction of the business, fulfilling the needs of a country that’s crying out for skilled electricians. Job website Indeed lists it among the most in-demand trades in Canada at the moment, recording a 17% increase in vacancies between 2016 and 2017. You can help to fill this skills shortage by developing a successful business with your own employees or going it alone as an independent contractor. Here are some helpful tips on what to consider beforehand.
Develop a Clear, Viable Business Plan
Becoming a business owner isn’t a decision to be taken lightly. It’s a long-term call and it could be a few years before you see a worthwhile return on your investment. First, you need to make sure that there’s a market for your own venture by developing a comprehensive business plan.
Closely assess the viability of your idea in a business plan
Estimate the amount of money needed to get the business off the ground, set realistic income targets and devise a marketing plan to attract new clients. Going it alone during an electrician career in construction also means pinpointing a unique selling point (USP), whether it’s a particular skillset, geographical location or service fee offer.
Ensure your Business Complies with Official Requirements
Once you’ve gained certification and experience as an apprentice or fully-fledged construction electrician, you’ll feel confident that you have the technical skillset to complete projects under your own name.
Setting up your own business also means complying with official regulations, so make sure to secure the necessary permits or licences from provincial or national authorities. Register your business for taxes too, so that you won’t face an unwanted and hefty bill shortly after your establishment.
Secure Financing to Cover Start-up Costs
A comprehensive business plan is essential in convincing banks to provide you with a loan for your start-up costs. Even if you can’t secure financing this way, check out online lending opportunities. Be wary, however, of the potentially high interest rates attached.
The government has also developed useful revenue streams for budding entrepreneurs, such as the Canada Small Business Financing Program. Successful applications can help to secure loans for land, buildings or new equipment.
You’ll Need Professional Equipment to Become a Maintenance Electrician
A career in the trades involves lots of different tools, and business owners must make sure they are procured and maintained adequately. This can be an expensive undertaking, and suitable storage facilities are also needed to keep them safe.
Budget for the purchase and upkeep of necessary electrical tools
You’ll be spending a lot of time driving on the road between jobs after you become a maintenance electrician, so you may need to invest in a van or other suitable vehicle, too. However, your company vehicles can also double as portable billboards if you get your business name and contact details on the side to build awareness about your service, making them a wise investment.
Be Prepared for Regular Office Duties as a Business Owner
A lot of the added responsibility taken on by business owners is about balancing the books, so make sure that your accounts are given regular attention. This may mean outsourcing the task to a dedicated accounting firm, which can free up additional time for conventional electrician duties. You will probably also need to spend some time behind the office desk to make sure that invoices, contracts, and other paperwork is up to date.
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