During the recent covid-19 crisis, many of us have been made redundant. After being taken out of work, most people go looking for another job straight away. However, there is an ever-growing group of people who don’t want to go back into working for other people – they want to work for themselves.
Some of the biggest markets that are growing are the general retail industry, and the health, beauty, and fitness sectors. Electronics might be much further down in the list, but there is sure to be a large market for it soon.
Here are four tips for starting a successful electrical contracting business:
#1 Decide on your business model
The first thing you must decide on is how you are going to operate your business. Two of the best ways you can model your business, in the beginning, is either being a sole trader or a sole proprietorship, which means being self-employed, running the business as an individual.
The alternative is becoming a limited company, meaning the liability of the company with limits of their investment in the company.
73% of businesses in America start out as a sole proprietorship.
#2 Get the right insurance policies
Get the right insurance for your company. Public Liability Insurance, which is the ability to cover costs that the public claim for incidents that may be a result of your business, can be exceptionally useful, especially if you’re dealing with a very difficult customer. It can save your business a lot of money and can help you focus on your work.
It is also heavily recommended that you invest in General Liability Insurance, as this covers costs of any incidents that may be caused by a faulty part, such as a fire or anything that may result in injury to yourself, an employee, or a customer.
#3 Get the right resources and tools
As a contract electrician, you’re going to want the best equipment on the market. The best place to find a range of tools, equipment, and items is Octopart. You’ll find a wide range of resources, tools, and materials you will need for your business and will be introduced to reliable suppliers who specialize in making what you need. Around 15.6% of their customers use Octopart for their consumer products or electronics.
This is a handy tool to have and saves you from wandering around the shops, and makes it easier during the current pandemic for you to get tools in more effectively in preparation for getting your business up and running quickly.
#4 Advertise your business
Advertise your business. Buy a small advertising section in your local newspaper, and get on freelancing websites to show off what you have to offer. You could even use social media to advertise, like Twitter and Instagram. This can be tricky to get going, but you’ll be surprised how easy it is to maintain, especially as you run a small business. As it grows, you may want to employ people to maintain your advertising for you.