You’ve successfully made it through your electrician apprenticeship, and everyone in your life is asking what you’re going to do next. You know that working for an established electrician is one great option.
However, you want to forge your own path and realize the dream of owning your own business. Before you look for office space and have thousands of business cards printed, it’s vital to know whether you’re ready to take on this massive responsibility. Here are a few signs you are ready to own your own electrical business.
You Are Financially Stable
In addition to a lot of hard work and dedication, you will also need start-up capital and financial security. Remember, building your small business will take a long time, especially because you are up against more established electricians with a firm client base.
If you’re not sure whether you should consider yourself financially stable, here are a few signs that beginning a small electrical business is economically feasible:
- You don’t stress over money. As a matter of fact, all of your friends and family come to you for your sage financial wisdom.
- You don’t bounce checks, max out credit cards, or live paycheck to paycheck.
- You have a healthy savings account.
- You’re a pro at budgeting.
These are only a handful of the attributes you should possess to be a successful small-business owner. Remember, in order to start the business, you will need to secure a small-business loan, and that can be
tricky, if you’re not prepared.
You Have a Rock-Solid Business Plan
In order to secure that all-important small-business loan, you will need to show the bank a rock-solid business plan. This plan will outline your future goals for your small business, your profit projections, and your plan for competing within your market.
If you’re never written a business plan before, here are a few points you need to address:
Your Financial Plans and Needs-The lender will want to see a detailed financial plan. This includes how much you will initially need to start your small business, how you will spend this money to establish and further your business, and how much you expect to earn in the first one to five years.
An Analysis of Your Customer Base-Because you will be entering into a competitive business, the lender will want to know how you will both obtain and retain your customers.
An Analysis of Your Competition-Once again, you will have competition. The lender will want to understand the perceived weaknesses of the other businesses and what services you will provide that will keep
Your Marketing Plan-The lender will want to know how you will get your name out there. This could include anything from utilizing social media to word of mouth or a more traditional campaign.
You Have an Amazing Support System
Finally, in order to not only start your own electrical business but also succeed, you will need something that many entrepreneurs overlook: a support system. You will need people around you who believe in your
vision and will be there to support you as you begin this venture. If you have a spouse, they will need to not only help you financially but also look the other way while you spend nights and weekends focusing on
your electrical business and customers.
Starting your own small electrical company can seem like a daunting task. However, if you truly want to work for yourself and be an independent electrician, you will need to secure the proper training. For continuing education, look no further than the skilled individuals at the Independent Electrical Contractors (IEC) of Greater Cincinnati.