Are you running a D.I.Y Plumbing Business?
So you've got all the gear you need to start your own plumbing biz, everything from CCTV pipe camera's, water jet drain cleaners or eels, electronic locators, every power tool you can fit in your truck. You need a lot of expensive gear these days to be able to solve your customers plumbing problems with the least amount of damage to a property and in a competitive time frame don't you?
How much money have you spent on all of your tools to start your plumbing business?
Thousands, tens of thousands? Let's face it...by the time you add up all this gear and put it on a reliable truck, stocked with plumbing parts and materials, you're not going to see a lot of change from $100K are you? And you've also spend the best part of a decade or more, working hard to get the knowledge and the qualifications you need to legally start your own plumbing business. You've probably done thousands of plumbing jobs right, so you should have the plumbing side all sorted.
Ok, so how many small businesses have you run up to this point?
How much time, and or money have you invested in the knowledge and your ability to start and profitably run a real plumbing business? Why is that? Why do we think that just because we're good plumbers and tradesman that we'll be successful in our own business, even though we have almost zero training in how to run a business.
If you want to be successful you need to have the knowledge to make that possible.
Just because you can legally start a plumbing business with no business knowledge at all, doesn't mean you should.
Let's think about this.....Imagine for a minute that you didn't need a plumbing licence to do plumbing...how many stuff up's and crappy plumbing systems would there be out there? There would be alot of unhealthy, dangerous, and malfunctioning plumbing systems wouldn't there? Lets face it, most of us have come across enough DIY home plumbing to realise that if people don't know what they're doing they can really make a massive mess of their plumbing installation or repair and cost themselves alot of extra cash.
Getting to my point....that's probably why 80% of small plumbing businesses go broke and/or stop trading within the 1st 3 to 5 years.
And when you think about it, it makes perfect sense doesn't it.
If most DIY people stuff up their plumbing repair because they have no clue about what they're doing......Then it makes perfect sense that most plumbers and small business owners stuff up their business for no other reason than not having training in that area, and they're usually armed with just enough knowledge to be dangerous. It's really just common sense....isn't it?
Are you running a DIY plumbing business?
Or are you getting fantastic results because you know what you're doing? Here's a quick quiz to see if you have the basic knowledge you need to almost guarantee success in your plumbing business. If you know the answers to all these questions without having to do piles of work to get the answers, then you have your finger on the pulse and know your stuff.
- What's your average $ sale?
- How many calls came into your business last month?
- How much money do you need to generate just to break even?
- Do you know how much money it costs you to get a new client?
- Do you pay yourself superannuation?
- Do you have investments......property or shares that will fund your retirement instead of having super? (Other than your own house that you live in)
- Is your partner or family member doing your bookwork for free?
- Did you work out your current charge out/hourly rate by:
A) basing it on the going rate in your area
B) using the available time and associated costs of doing business, and then adding a profit margin.
Got any questions?.... Feel free to write a comment or send us a message.