Professional traders are always in demand, so starting your own electrical business may be a great idea. The UK private sector comprises 5.6 million SMEs, so whether you’re looking to be a sole trader or join forces with other electricians, you’re not alone in starting your own business.
Whether you already work for a business or you’re just getting qualified, we’ve got the simple steps you need for a successful enterprise.
Get the right qualifications
Before you start thinking about starting your own business, you need to make sure you hold all the right qualifications. To become an electrician, you need to hold a Level 2 diploma in electrical installation or a Level 3 diploma in electrical and electronic engineering.
As the UK strives for net zero carbon emissions, becoming qualified in green energy or smart home installation could be a USP for you. And the sooner you start, the more ahead of your competition you’ll be.
Create a business plan
Once you’ve got your qualifications, you’ll need to start putting together a business plan. Regardless of what sector you want to work in, a business plan is essential. Not only will it help you focus on the short and long-term goals, but it can help when applying for business loans.
Your business plan should outline what it is you want to do and how you’ll do it. You should also draw up financial scenarios to help keep you on track. This is where having some industry experience will prove invaluable.
Check out the competition
You should check out your competition before you launch your business. What do they do well and what could be improved upon? This is your turn to transform an industry and put your own twist on it. Whether you want to specialise in period properties or work on renovations, maybe you’ll have a next-day call-out guarantee.
By looking at your competition, you can get a feel for what the local market looks for in an electrician as well as how much they charge. After all, you don’t want to under or overcharge for your services.
Make it legal
Before you start trading you must make your business legal, whether it’s registering for self-assessment or contacting Companies House. You should also make sure you have adequate electrician public liability insurance, especially if you plan on working in residential or commercial buildings.
If you’ve never run a business before, it’s also worth speaking to an accountant to help keep your finances in order.
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