How to Start a Small Electrical Contractor Business by Ian Linton - Updated September 26, Small businesses dominate the electrical contracting marketplace with around 80 percent of firms employing less than 10 people, according to First Research. To start a company, you must have the skills, experience and licenses to handle a wide range of electrical installation, upgrading and maintenance projects for residential and commercial customers, plus the ability to manage a business. Hire Qualfied Employees Customers want to know your firm can provide a safe, reliable, quality service.
Individuals and households Our Competitive Advantage Surviving in the business world as an electrical contractor services business or installation, maintenance and repair company requires more than, your expertise, knowing how to deliver standard electrical installations, repairs and maintenance jobs but also how to network with key people that matters; decision makers that can decide who will get an electrical installation, repair and maintenance contract.
There are favorable conditions for growth in the electrical contractor services industry and as a result of this, survival in the industry will require that you build on existing knowledge of the services you offer to your customers and broaden your skill base in order to be able to compete favorably.
More electrical contractor services companies are coming up and they are using the services of existing franchise in the business to boost their competitive edge and exposure in the industry. We are quite aware that to be highly competitive in the electrical contractor services industry means that you are not only expected to be able to deliver consistent and highly reliable electrical installation, repair and business plan for electric company jobs, but you must be able to meet set targets.
Our competitive advantage lies in the power of our team; our workforce. Aside from the synergy that exists in our carefully selected workforce, our services will be guided by best practices in the industry.
Lastly, all our employees will be well taken care of, and their welfare package will be amongst the best within our category startups electrical contractor services cum installation, maintenance and repair businesses in the United States in the industry.
It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives. Promptness in bidding for electrical installations, repair, and maintenance contract from construction companies, real estate companies, the government and other cooperate organizations Advertise our business in relevant business magazines, newspapers, TV stations, and radio station.
We have been able to critically examine the electrical contractor services cum installation, maintenance and repair market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to similar startups in Little Rock — Arkansas.
Please note that the above projection might be lower and at the same time it might be higher. In addition, we will also offer special discounted rates to all our customers at regular intervals.
We are aware that there are some one — off jobs or government contracts which are always lucrative, we will ensure that we abide by the pricing model that is expected from contractors or organizations that bid for such contracts.
Here are the payment options that we will make available to our clients; Payment by via bank transfer Payment via online bank transfer Payment via check Payment via mobile money Payment with cash In view of the above, we have chosen banking platforms that will help us achieve our plans with little or no itches.
Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash. General Electrical Contractor Business Plan — Publicity and Advertising Strategy We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market.
We are set to become the number one choice for both corporate clients and households in the whole of Little Rock — Arkansas and beyond which is why we have made provisions for effective publicity and advertisement of our electrical contractor services company.
Ensure that all our staff members wear our branded shirts and all our vehicles are well branded with our company logo et al. General Electrical Contractor Business Plan — Financial Projections and Costing In setting up any business, the amount or cost will depend on the approach and scale you want to undertake.
If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.
This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business. The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked.
As for the detailed cost analysis for starting a standard electrical contractor services company; it might differ in other countries due to the value of their money. James Guttmann and his immediate family members. They are the sole financial of the business which is why they decided to restrict the sourcing of the start — up capital for the business to just three major sources.
These are the areas we intend generating our start — up capital; Generate part of the start — up capital from personal savings and sale of his stocks Generate part of the start — up capital from friends and other extended family members Generate a larger chunk of the startup capital from the bank loan facility.
All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
Sustainability and Expansion Strategy The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. We know that one of the ways of gaining approval and winning customers over is to offer our electrical installation, maintenance and repair services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Completed Opening Online Payment Platforms: In Progress Securing a standard office facility, renovation and equipping of the facility inclusive: Completed Application for business license and permit: Completed Purchase of All form of Insurance for the Business: Completed Conducting Feasibility Studies: Completed Generating part of the start — up capital from the founders: Completed Writing of Business Plan: Completed Drafting of Contract Documents: In Progress Design of Logo for the business:What is a 'Business Plan' A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals.
A business plan lays out a written plan. NEED HELP PAYING YOUR BILL? LIHEAP provides a cash grant during the heating season.
Small businesses dominate the electrical contracting marketplace with around 80 percent of firms employing less than 10 people, according to First Research. To start a company, you must have the skills, experience and licenses to handle a wide range of electrical installation, upgrading and maintenance projects for.
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