If you have been working as a plumber for a while now, setting up your own business may seem like the next logical step. After all, you already have the knowledge and the tools, and you could make a lot more money working for yourself than someone else. You may think that you don’t have to pay a lot of money to set up, but it might be more costly than you think. Here are four hidden costs to consider when setting up a plumbing business.
You will need transport when you set up a plumbing business. Many plumbers opt for vans so that they can carry tools and supplies more easily which can be costly. Gas can also become expensive if you are covering large distances for work.
A great way to promote your business is through signage. Many businesses get their company name, logo, and telephone number put on the side of their vans to attract attention and this can be expensive. However, if it gets you a lot of business, it could work out quite cost-effective.
As with most businesses, you will need insurance to run your own plumbing business. Firstly, you will need to insure your vehicle for commercial use. This can be considerably more expensive than your personal car insurance as it is assumed that you will be on the road more. You may also need to make a bigger claim if your car is off the road as you may not be able to work.
Things can go wrong with any business and most savvy entrepreneurs make sure they have business insurance to cover themselves if customers decide to sue. Shop around to make sure you get a fair price for your business coverage but set this up before you start.
A website is a must-have for any business, and it is important to set this up before you start so that you can direct potential customers to your service. You can set this up yourself or pay someone else to do it which can cost you more but could make your business look more professional.
You will need to advertise to attract customers, especially when you are starting. It is worth looking at whether you can advertise for free as some social media groups will let you do this on certain days or times. Once you have established your business, you can ask customers for reviews or recommendations.
You will need to consider your IT and telephone needs so that it is easy for potential customers to contact you. You might need to update your computer hardware if your equipment is old or slow. You may also need to upgrade your internet speed and telephone equipment. Your business will come through your phone and email, so it is worth making sure these work well.
Setting up your own plumbing business can be incredibly rewarding but don’t make the mistake of ignoring the hidden costs as this will eat into your profits before you even start. It could even be the difference between success and failure in your venture.