The demand for plumbing services is very high, so why don’t you claim a share in the market? Booming housing markets throughout the U.S. and aging infrastructure are all contributing to the increase in demand for plumbing services.
So if you are thinking of making a decent income out of plumbing, you are making the right decision because there is already a demand for your services. When it comes to starting a plumbing business, you can choose to start your business from scratch or opt for a franchise business. A home service franchises business is more profitable compared to a startup plumbing business. That’s because franchisors are already established brands, and becoming part of it can really help your business hit the ground much quicker.
Additionally, since franchisors have been in the industry for a very long time, they can offer franchisees valuable information that can help grow their franchise plumbing business.
When planning to start a plumbing franchise, there are plenty of things that you need to consider. For instance, you need to have adequate capital, which can be very expensive depending on the franchisor you are planning to work with. In addition to that, you need to weigh the pros and cons of a plumbing franchise. Above all, you need to do your research to make sure that you are choosing the right franchisor that can help you generate significant profits.
Who is suited to a plumbing franchise?
For the longest time, many people used to think that plumbers are chunky middle-aged men in grimy clothes. But this isn’t the case, especially nowadays. Plumbing companies now employ people from a diverse range of backgrounds and ages. This means that nothing is stopping you from entering the field. You only have to decide if you want to do the job and if you will enjoy doing it.
While a home service franchise is a rewarding business, it is also as tough as any other industry. It is physically demanding, it involves heavy lifting, and climbing up and downstairs, and the use of hand-operated tools.
Plumbing franchisees typically aim to employ plumbers to do those tough tasks as they manage the business. However, it is a good idea to gain little knowledge and experience in plumbing so that you can effectively and efficiently manage your plumbing franchise.
How does the plumbing franchise work?
You are probably wondering how a plumbing franchise works. So, here is how it works. The plumbing franchisee [the person who intends to start the plumbing franchise business] buys a license from a franchisor. The franchisee will have the right to trade under the franchisor’s name, use their logo, and benefit from the franchisor’s training and support. The franchisor will introduce the franchisee to the business model, which covers the pricing, taking on staff, handling customers, and so much more.
There are even plumbing franchisors that provide their new franchisees with adequate training to run the business. So you don’t have to worry even if you are not a qualified plumber. Other franchisors just train you to run the franchise instead of actually becoming a plumber. They will teach you how to actually run the business to generate maximum profits. In addition to that, they will provide marketing, advertising, and promotion to your plumbing franchise.
How much can you earn?
Generally, there is no specific amount of money you can make from your plumbing franchise. Your success will depend on how hard you work and also how well you run the business. It is worth mentioning that when you become a plumbing franchisee, you are not only a plumber but also a business owner. You will have to run your business well, know how to handle your clients, and manage your staff. This can be quite hard sometimes, so must know how to hack it.
If you are able to run your business successfully, you will be able to attract many clients in a given territory, and in return, you will maximize your income.
Cost
The cost of buying license for your plumbing franchise varies from one franchisor to another, and it can also be influenced by the packages offered by the franchisor. But the initial investment can be from $20,000 to $30,000. This cost may cover the VAT, full plumbing training, marketing, etc. In addition to that, you have to purchase a vehicle and tools, which can cost more than the cost of the franchise fee itself.
However, do not base your decision on cost alone. If you find a good franchisor, and run the business effectively and efficiently, you are more likely to succeed and recover your initial investment within no time. You should also factor in the cost of rent because you must have a physical store.
If you don’t have enough capital, you can decide to take a loan to purchase your license, tools, and a vehicle. Thankfully, most lending institutions favor franchisees more than new startups when it comes to issuing loans. That’s because they are deemed to be a lower risk. But make sure that you fully understand all the terms and conditions before you sign any agreement with the franchisor of your choice.
But how can you make your plumbing franchise succeed? Well, here are some of the top tips that can help you succeed as a plumbing franchise.
- You must be prepared to work extra hard.
- It would be better if you also generate your own business to get your name and number well known in your local area.
- Make sure you treat your staff well so that you can work with them for long time, and they can serve you well.
- Know your plumbers well as they are an essential part of your plumbing franchise business
- Always listen to your franchisor because they have been in the business for long and understand the market better.
- Be patient because you cannot succeed overnight. It will take time to get to where you want to be.
Angela Spearman is a journalist at EzineMark who enjoys writing about the latest trending technology and business news.