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Is It Worth Starting My Own Plumbing Business?
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People who work in the plumbing industry typically have two options when it comes to work — seeking employment with a plumbing company or opening their own business. With over 27,000 plumbing businesses in Australia, many plumbers chose to go the route of operating their own business. This decision isn’t right for everyone. It’s important to evaluate if starting your own plumbing business is right for you.
Is A Plumbing Business Worth Starting?
There are a lot of positive aspects to starting and operating your own plumbing business. As the owner, you will have plenty of risks and challenges, but there are also many rewards. Here are some key things that make owning a plumbing business worth it.
- Simple Business Model - Compared to other business types, plumbing has a relatively simple business model. You don’t need a big, fancy office or a complex inventory supply chain. To get started you need the appropriate training, a work vehicle, and some basic plumbing tools.
- Low Start-Up Costs - Starting a plumbing business can cost as little as $10,000 (possibly even less if you already have all the tools and equipment you need). The best part is that you won’t have to be in business very long to see a return on your investment.
- Higher Wages - In Australia, the average plumber can expect to take home about $76,000 (or $38.97 per hour). While this is a great income, being a business owner allows you to keep all of the company’s profits.
- Control Of Your Schedule - Owning a plumbing business allows you to have full control over your schedule. You can work the number of hours that you want and can take off any days you like. However, the plumbing trade is prone to emergency calls that can pull you away from your personal time.
- Flexibility - Plumbers who operate their own business have the flexibility to choose which clients or projects they want to accept. There is no obligation to take on work from clients who are difficult to work with.
- Scalable - If you get to the point where you have more work than you can handle, you can scale your business by hiring more workers (both plumbers and administrative staff). While this can make the business more profitable, it may create additional work for you as the owner.
Lowering The Risk Of Owning A Plumbing Business
The obvious perk to starting your own plumbing business is that you get to control how your business operates. However, that also means that you are fully responsible for when things go wrong. Let the experts at upcover help you find the right insurance policy to protect you from worst-case scenarios. Check out our instant quote generator where you can get an estimate on market-leading insurance in seconds! Simply enter your occupation and expected revenue to get started.
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