How to Grow Your Electrical Business in 2024? 10 Simple Tips to Follow

As an electrician, you are obviously fascinated to learn how to grow your electrical business

You definitely had your education, training, apprenticeship, and experience in the field as a worker. Now, you have started your own electrical business and are keen to learn how to run it. 

So, if you have kick-started your new electrical business anytime recently, then this article is for you. Learn how to grow your electrical business with the most evident tips. 

10 Simple Tips to Grow Your Electrical Business

The electricians’ industry has experienced a massive demand in the residential sector since 2016. The annualized growth rate for the industry is recorded at 2%, with a revenue of around $202.3 billion from 2016 to 2021. 

This explains how profitable this industry is for aspiring entrepreneurs to start their small electrical businesses and thrive. 

With the intent to make your small electrical business successful, here are the 10 simple tips on how you can run your electrical business:

1. Set the right goals for your electrical business and register it

You need to be pretty sure about why you started your electrical contracting business in the first place. If you are not clear on your goal, you will find it difficult to take the first step. 

Whether you want to grow your income or manage your own business instead of going to the field jobs by yourself, all you need is motivation to continue. 

When you decide on that, you can get into more practical stuff and register your company. 

In the USA, you can register your small electrical business as an LLC or under sole proprietorship. You got to check all the details mentioned on the official registration websites to understand the clauses and conditions of registration. 

2. Make a proper electrical business plan

After you have registered your company, it is time to get a business plan to start acting on it. Irrespective of what you planned when commencing with the electrical business idea, remember that it might change very quickly. 

It means, suppose you got an insight about a new residential community built near your planned business location. In that case, it would be best to open an electrical business as the demand would increase once the community is ready. 

But, at the same time, your plan can get violated if one of your competitors shows up with the same plan and opens up another electrical contracting business near the same community. 

Therefore, you must be ready with multiple plans to act immediately if the primary one fails. 

It is better to adapt SWOT analysis while planning for a business. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. When you readily identify them, it will be easy for you to create or update your business plan and marketing strategy. 

Apart from that, your electrical contracting business plan should also include:

Yes, it takes time, but it is worth it to grow a successful business. 

3. Put all the contact details in a database

After the electrical business plan is ready, it is time to execute the operations. When you were practicing electrical services or were working under a company as an electrician, it is obvious that you have the contact information of most of your customers. 

It is time to feed them all into a database. Now, you might need digital scheduling software or a management application to do the needful. In 2022, you need to take digital assistance to handle most of your business operations. 

Store all of your business contacts in a database so that you have somewhere to start from. Make it your central database. 

Use the contact details to update your customers about your new business, electrical services, location of service, and any discount you are offering. 

For instance, if you are opening up an electrical business for a new residential community, you can propose a discount for owners who give you the complete electrical installation project of their house. 

Moreover, the most important part is to keep updating the contact database. When you get new information about existing customers, care to update it. Apart from that, when you meet any new customer, update their information over the database. 

4. Hire qualified electricians to your team

You have experience of being a proficient electrician and have ample skills to judge who has the right training and expertise to be on your team. 

So use it and hire qualified electricians who can deliver quality service to meet the customers’ expectations. 

Note down the basic electrician skills you demand from your employees as a business owner. Take interviews and filter out the candidates based on their expertise. 

In this way, you will know what job to assign to which electrician. 

Over time, if the need arises, you can also train them from experts to work on bigger projects such as solar panels and electric vehicle charge stations. 

The more electrical services you can offer, your business exposure will improve. You will be getting bigger projects if you have the right support team. So be specific about whom you hire to be part of your small electrical business. 

5. Price the electrical services right

The next important thing you should consider is pricing the electrical services right. You have a big responsibility to price the service within the customer’s budget and have a good profit margin. 

Do your market research and competitor analysis. Get insight into how the competitors are pricing their services. Based on that, you can compare what you offer over it and how you can convince your customers to compensate for that. 

Remember to be moderately competitive while pricing your services. If you are being less competitive, you will miss out on business opportunities. But if you become too competitive while pricing the services of your small electrical business, you will lose money. 

Suppose you are not getting the projects and are losing to some competitor, then it is your duty to find out what went wrong. It might be pricing, or it might be your marketing strategy. Identify the loopholes and get back on track. 

6. Build a relationship with your team

Being a small electrical business owner with a limited staff, it is important for you to get along with all of your team members. Make sure everyone is acknowledged, appreciated, rewarded, and empowered to contribute their best to your business growth. 

With a good team bond, you can be sure that they will work for your customers’ satisfaction. You can do that by being open to them with suggestions or doubts. Have regular meetings to discuss their experiences with different customers and work on improving them. 

7. Impose a marketing strategy

You ought to have a website to promote your successful electrical business online. In 2022, it is the best way you can reach out to potential customers through digital marketing measures. 

With a website in hand, you can try content marketing, search engine optimization (SEO), email marketing, pay-per-click marketing, and social media marketing to open up your business to more potential customers. 

Everyone looking for an electrical service within your state will be able to connect directly to your electrical company. 

As you start as a small firm, you can focus more on local SEO by listing your business over the Google My Business portal. It will help your business climb up the top search results every time your potential customers search for a local electrical business. 

Along with all the other marketing measures, you can also sign up for the Google Local Services Ads, a pay-per-lead strategy. Google Local Services Ads put your business ads of selected services in the chosen areas over the top of Google’s search results. 

The potential customers can click on the ad to contact, email, or place a service request with your electrical contractor company

Digital marketing comes at a cost for which you need to plan a specific marketing budget for your business. 

8. Offer good customer service

There are more than 31,549 electrical contractors in the USA, and you will be competing against them to get your projects. So you won’t miss any chance of getting projects or retaining customers. 

Offering satisfactory customer service is one of the major scopes of running a successful electrical company. 

You need to work on your response time to your customer requests, show professionalism while dealing with them, explain the costing factors, and provide them with an efficient service. 

After completing the service for your customers, make sure to thank them for choosing your business over other local businesses. Request feedback and, if possible, send them an incentive offer or a discount coupon for their next service. 

Remind your potential customers about any service warranty you are offering them, and guide them to follow your social media channels to stay updated with new service updates. 

Customers might have complaints with the electrical companies as well. If such a situation arises with your company, then ensure that your customer support team is well trained to attend to the queries and give relevant solutions to them. 

Customer experience, whether positive or negative, needs to be attended to with a generous approach. It is because word-of-mouth is the cornerstone for every business. 

9. Keep sufficient working capital for your electrical contractor business

The owners need to have sufficient working capital in hand in order at all times to run their electrical companies at all times. Lack of operating cash can lead to expensive downfalls for a company. 

Imagine a trending technology introduced to the electrical industry that could simplify several service operations. All of your other competitors have bought the same, and you are short on working capital, for which you postponed the purchase plan to next year. 

It will eventually impact your business as you won’t be able to match the marketing efficacy of other electrical contractors in your competition. As a result, you might lose your hard-earned customer base.

Even if you don’t want to invest your liquid funds as working capital, you can always take loans or use small business financing options to deal with such business investment situations. 

10. Buy a subscription to a scheduling software

A scheduling software is the powerhouse for electrical contractors to handle their business operations from the palm of their hands. 

Integrating business over such software will allow you to easily schedule the job requests as per the time and availability throughout the day. You can send instant updates to customers right after they place the request. 

Not just that, but you will be able to prepare service invoices and process the payments easily through such software. You can digitize almost all of your business operations over such management tools. 

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The electrical contractors running their own business can make it successful by following a specific plan of action. A haphazard approach to winning over projects will not work well, as many competitors in this industry are working hard to get new projects and hold onto the existing clients.
You can impose traditional and digital marketing strategies, post Local Services Ads, add your Google My Business listing, and follow all the other tips listed above to attain profitable success for your business.
Yes, electrical businesses are profitable as they grow rapidly with modern technology adaptations. The need for installation, repair, replacement, and maintenance of electrical works will never be outdated. Therefore, the industry will thrive unconditionally in the coming times.
Moreover, as the real estate sector is growing, more residential and commercial building constructions are being executed. With this, the demand for electrical installations will increase simultaneously. As a result, the electrical industry will also experience profitability.

FieldCamp is the Modern-Day Digital Tool for Managing Your Electrical Business Operations

FieldCamp is a proficient digital tool with impeccable features to help your electrical business grow. 

We are offering you job scheduling, job dispatching, invoicing, payment processing, and business report analysis services. 

Apart from that, you can also count on storing your customer details over the admin portal of this tool to plan out your business practices. 

If you are keen to digitize your electrical business operations, it is time you take FieldCamp’s to explore its features and efficacies. When satisfied, we can proceed further on integrating it permanently into your business.

Author Bio

Gaurang Bhatt

Gaurang Bhatt is a techie in himself with an ability to solve problems technically and present solutions in the form of a product. He is one of the pioneers to curate FieldCamp with his 15+ years of knowledge and expertise in providing solutions to home service industries. Gaurang aims to overcome challenges faced by service business owners through software solutions and blogs.