So, you want to start your own plumbing business? That’s a great choice. Plumbing is one of the fastest-growing industries in Australia, and there is a growing demand for plumbers in the country. Starting your own plumbing business can help you build a highly stable career.
But what about profits? To run a successful plumbing business in Australia, you need to take specific steps that can help you become lucrative. Here we discuss ten essential tips that you should implement right now to build a profitable and stable plumbing business:
Develop a compelling business plan to get financing
If you require money to start your plumbing business, you may have to contact venture capitalists or banks for funds. Be sure to create a strong business plan. This plan should contain information such as:
- Why you started a plumbing business?
- Your target market’s demographic and income characteristics.
- What services do you plan to offer, and why they’ll be successful with your target market.
- How do you plan to use the money you get from financers.
- Projected incomes & expenses for the next five years.
- You forecasted the breakeven point for when you’ll bring in profits.
- The business plan will help your prospective financiers understand how your business works and decide whether to invest in you or not.
Register your plumbing business and get your business license
Once you receive the money you want, you can set up your plumbing business.
Australia has a very entrepreneur-friendly landscape. Before you start offering your services, you will have to register your plumbing business with the Australian Securities & Investment Commission through their Australian Government’s Business Registration Service. The Government may ask you to submit the following documents to register your business:
- Certificate of Compliance
- Notice of Work
- Completed Sewer Service Diagram
- Certain relevant Council documents
Depending on which state you plan to start your plumbing business in, you may need to get a Qualified Supervisor Certificate. Or you may have to obtain a Contractor Licence, Tradesperson Certificate or Endorsed Contractor License to legally practice your trade.
Decide what plumbing niche you wish to serve
Once your business is set up, figure out which niche of plumbing you want to specialize in. Some plumbers do only residential work. Others work exclusively for commercial/industrial set-ups. Others do a mix of all types of plumbing.
Choosing a specific industry niche can help you seek the education and training you need to get started. Additionally, it enables you to build a brand of repute within your target customer group because of this specialization.
Build an online presence
Research indicates that 46% of Australians shop online extensively, with the 18-35 age group being the most frequent online shoppers. This means most of your clients will be looking for plumbers online as well. If you intend to reach all these people, you’ll need to be online too.
Developing a website is highly crucial to the success of your plumbing business. Additionally, it would be best if you also were on social media. Invest in content development and get premium-quality content written for your website. From How-to posts to plumbing tricks to safety instructions, you can share different content with your prospects. As they read your content, they’ll be able to see how knowledgeable and experienced you are and will be more likely to contact you for a plumbing job.
These blogs will leverage keywords and other SEO tools to make your website more visible to your prospects. So, for example, you use the keyword “plumbers near Bondi Beach” in your content. If a customer uses a similar set of keywords to look for plumbing services, your website will become visible to them in the search list.
Have a business card & brochure designed
With services like plumbing, it’s usually convenience that determines who is contacted for help. You can use business cards and brochures to promote your business in your locality actively.
A business card and a brochure with your plumbing business logo on it can help you introduce your new business to others. You can list out your essential services, inform them about any discounts/offers and generate interest.
You can drop them in their mailbox or share them during local events, to get noticed quickly.
Choose parts vendors you can trust
As a plumbing company, you will often have to fit new parts for your customers when their plumbing system is faulty. The quality of details you provide and the longevity of service they offer will determine if your customers return to you in the future. Additionally, it will also impact whether they will recommend your company to others.
So, don’t purchase low-quality parts to save a penny. Instead, consider the long-term benefits of a slightly expensive part, but which lasts significantly longer.
Offer emergency services
Plumbing issues can happen at any time. The plumber who offers immediate emergency plumbing repairs will often gain the trust of customers. It’s also best if you do offer 24/7 emergency repairs. That way, your customers will remember who saved them from a complicated mess and will always come back to you for other plumbing requirements.
Maintain your books of accounts with care
Every business in Australia has to pay taxes to the Government. By maintaining a clear book of accounts, you’ll be able to know if you are eligible for any tax rebates, refunds or other financial benefits. It’s always an excellent choice to hire a qualified chartered accountant to maintain your books of accounts for you.
Keep yourself updated about your industry developments
The plumbing industry in Australia is constantly developing. Monitoring what these changes are can help you stay abreast with your customers’ requirements. Plumbing trade associations in Australia publish newsletters and magazines with trends and other pertinent information. Subscribing to a few of these can help you keep track of industry transformations.
Indemnify your business
Finally, every business is vulnerable to risk. When it comes to plumbing, the client may take risks slipping and injuring themselves while you’re doing your work. Or, the parts you have used may not function well according to the promised timeline. In either case, it can create challenges for your business. Consider getting business insurance to help protect your business. Find out more here.
Summary
Starting a successful plumbing business in Australia need not be a challenge. Follow the tips we’ve recommended above and you’ll find that your business is profitable in no time.
References:
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Taluspay.com. 2021. Tips for Having a Successful Plumbing Business – Talus Pay. [online] Available at: <https://taluspay.com/blog/tips-for-having-a-successful-plumbing-business/> [Accessed 14 July 2021].
Small Business – Chron.com. (n.d.). Tips for a Successful Plumbing Contractor Business. [online] Available at: https://smallbusiness.chron.com/tips-successful-plumbing-contractor-business-41664.html [Accessed 14 Jul. 2021].
Housekeeper, B. (n.d.). Plumbers are in High Demand in Australia and Here’s Why – Better HouseKeeper. [online] Available at: https://betterhousekeeper.com/2020/05/25/plumbers-are-in-high-demand-in-australia-and-heres-why/ [Accessed 14 Jul. 2021].
c=au;o=Australian Government;ou=Australian Government Australian Securities and Investments Commission (2011). Steps to register your business name | ASIC – Australian Securities and Investments Commission. [online] Asic.gov.au. Available at: https://asic.gov.au/for-business/registering-a-business-name/steps-to-register-your-business-name/.
Lawpath. (2019). What Documents Do I Need To Start A Plumbing Business? [online] Available at: https://lawpath.com.au/blog/what-documents-do-i-need-to-start-a-plumbing-business [Accessed 14 Jul. 2021].
Marketing Magazine. (n.d.). 2020 changed the way Australians shop. Can your store keep them in 2021 and beyond? [online] Available at: https://www.marketingmag.com.au/hubs-c/opinion-2020-changed-the-way-australians-shop-can-your-store-keep-them-in-2021-and-beyond/.
