The Journey ahead
You have decided that you want to run a plumber business – now decide how you will achieve this. Speaking to a good accountant makes the journey much smoother , fruitful and enjoyable in the long run.
Here at KG Accountants, we help hundreds of Electricians, Plumbers and Decorators embark on this Journey and what a massive difference this makes in achieving their goals.
Doing your market research
When you plan your plumbing business, it’s important to think carefully about who your potential customers will be and make an assessment of the level of existing competition. Doing some market research will help you with this.
Pay attention to the type of housing in your area. For example, are houses large or small? Are they old or new? Do they appear well kept or run down? Are some buildings spilt into several flats? Is accommodation mainly owner-occupied or mainly rented? Is some owned by the local authority or by a housing association?
If you intend to offer gas installation and maintenance services, find out which areas in your locality are connected to mains gas and which, if any, are not.
Work for other businesses and organisations
Think about other buildings in your area. Launderettes, shops, pubs, offices, factories, schools and so on will all require the services of a plumber at some point. Identify which are most likely to use your services – a local shop, for example, might be more likely to call in a small plumbing firm than a major supermarket.
Once you have identified who your potential customers are, you can direct your advertising efforts at them.
Find out about any proposed new housing developments and regeneration schemes planned for your area if you decide to tender for this type of contract.
Large organisations who invite firms to tender for contract work may be reluctant to use a newly established business. Also, a young business may have difficulty in funding a large contract, as many things may have to be paid for well before any payment is received. But it may be worth finding out who is responsible for putting plumbing work out to tender in large organisations such as housing associations and local authorities. Try to find out how the tender process works and what you would have to do if you wanted to tender for a contract.
Try approaching other businesses that might be expected to need a plumber’s services. You could, for example, leave your details with local building contractors or even with other plumbing businesses that regularly require sub-contractors. Use a directory such as the Yellow Pages and try searching online to find out about these types of business in your area.
Think about whether there is local demand for specialist services such as solar heating installation and other renewables. These technologies have become very popular, and you may find that there’s demand from householders and/or businesses that specialise in supplying renewables.
Limited Company Registration, Self Employment and all the initial Setup.
Please Let us help you today register your limited company and ensure the legal structure is Tax Efficient!
We shall also help with opening a business Bank Account, Payroll, Staff & Sub Contractor Contracts, Bookkeeping, VAT and End of year Accounts.
And that is just the start!
If you need to speak to a Pro active Accountant about your new venture, please contact us on 0208 679 4690 please Visit our website.