electrical accessories business plan

Free Electrical Business Plan PDF Download | Electrical Shop Business Plan

How to Start an Electrical Business - Free Electrical Business Plan PDF Download

Are you considering starting an electrical business and are in need of an electrical business plan? if yes, you'll find this free book to be extremely helpful.

This is a practical guide that will walk you step by step through all the essentials of starting your business. The book is packed with guides, worksheets and checklists. These strategies are absolutely crucial to your business' success yet are simple and easy to apply.

Don’t Start a New Electrical Business Unless You Watch This Video First!

Checklist for Starting a Business: Essential Ingredients for Success

If you are thinking about going into business, it is imperative that you watch this video first! it will take you by the hand and walk you through each and every phase of starting a business. It features all the essential aspects you must consider BEFORE you start a business. This will allow you to predict problems before they happen and keep you from losing your shirt on dog business ideas. Ignore it at your own peril!

Here’s a Valuable Free Gift for You This is a high quality, full blown business plan template complete with detailed instructions and all related spreadsheets. You can download it to your PC and easily prepare a professional business plan for your business. Click Here! To get your free business plan template

The Single Most Important Ingredient for Business Success

The first and most important thing you need to acquire in order to succeed in a small business is... knowledge.

Sounds exaggerated? Listen to this...

According to research conducted by Dun & Bradstreet, 90% of all small business failures can be traced to poor management resulting from lack of knowledge.

This is backed up by my own personal observations. In my 31 years as a business coach and consultant to small businesses, I've seen practically dozens of small business owners go under and lose their businesses -- not because they weren't talented or smart enough -- but because they were trying to re-invent the wheel rather than rely on proven, tested methods that work.

Conclusion: if you are really serious about succeeding in a business... If you want to avoid the common traps and mistakes... it is absolutely imperative that you acquire the right knowledge.

"Why Invent Mediocrity, When You Can Copy Genius?"

That's an excellent quote I picked up from a fellow business owner a few years back. What this means is that you should see what is working and try to duplicate it. Why go through all the trouble of inventing something new, that you don't even know will ever work, when you can easily learn from and duplicate something that has been a proven success?

[ Note: One of the BIGGEST mistakes almost all new businesses make is that they WASTE tons of valuable time, energy and money on trying to create something "new", that has never been tested or proven... only to find out later that it was a total loss. Don't make the same mistake! ]

Hi! My name is Meir. I'm the founder and president of BizMove.com, a successful Internet based information business. I'm also the author of numerous books, mostly in the area of small business management.

I've been involved in small business for the past 31 years of my life, as a business coach, manager of a Electrical firm, a seminar leader and as the owner of five successful businesses.

During my career as a business coach and consultant I've helped dozens of business owners start their businesses, market, expand, get out of troubles, sell their businesses and do practically every other small business activity you can think of. You see, I have been there .... done it ... and bought the Small Business t-shirt! -- This free book contains techniques and strategies I've learned during my 31 year small business career.

Here's what you'll discover in the 'How to Start a Electrical Business' book:

Success Tip: Setting Goals

Good management is the key to success and good management starts with setting goals. Set goals for yourself for the accomplishment of the many tasks necessary in starting and managing your business successfully. Be specific. Write down the goals in measurable terms of performance. Break major goals down into sub-goals, showing what you expect to achieve in the next two to three months, the next six months, the next year, and the next five years. Beside each goal and sub-goal place a specific date showing when it is to be achieved.

Plan the action you must take to attain the goals. While the effort required to reach each sub-goal should be great enough to challenge you, it should not be so great or unreasonable as to discourage you. Do not plan to reach too many goals all at one time.

Establish priorities. Plan in advance how to measure results so you can know exactly how well you are doing. This is what is meant by "measurable" goals. If you can’t keep score as you go along you are likely to lose motivation. Re-work your plan of action to allow for obstacles which may stand in your way. Try to foresee obstacles and plan ways to avert or minimize them.

Click here! to download your Electrical Business Plan book for free (PDF version)

Management Skills Video: How to Become a Great Manager and Leader

Learn how to improve your leadership skills and become a better manager and leader. Here's how to be the boss people want to give 200 percent for. In the following video you'll discover 120 powerful tips and strategies to motivate and inspire your people to bring out the best in them.

For more insightful videos visit our Small Business and Management Skills YouTube Chanel .

Here're other free books in the "how to start a business" series that may interest you:

Here's a Sample 'Executive Summary' for a Electrical Business plan :

COMPANY NAME ADDRESS CITY, STATE, ZIP CODE Tel.  Fax: Email:

COMPANY NAME is an Electrical Sub-Contractor, primarily doing commercial, industrial, medical and residential. COMPANY NAME offers value engineering for energy evaluation & efficiency. The purpose of the company's plan is to grow in the fields mentioned above as well as branch out into Nevada, Arizona & New Mexico. COMPANY NAME also wants to further the company's market share in the solar/energy and the service industry.

1.1 Objectives

1. To fund growth of existing business & increase market share of our service business 2. Expand into the field of energy/solar 3. With additional capital the ability to bid larger projects.

1.2 Mission

COMPANY NAME 's sole purpose is to establish a profitable and well managed company while at the same time designing to please the local residents with excellent service in California.  COMPANY NAME’s near future plans are to grow the company's electrical contracting business in California and other states such as Nevada, Arizona and New Mexico.  The company will seek to provide these services in the timeliest manner and with an ongoing comprehensive quality control program to provide 100% customer satisfaction.

1.3 Keys to Success

1.  Servicing and maintaining our existing client base 2.  Having employees that understand and implement our high standards 3.  Reliability and communication with clients from beginning of each job to end.

COMPANY NAME is in the city of Orange and has been in the county of Orange since 1994, servicing Los Angeles, Riverside, San Bernardino and San Diego counties. We provide electrical contracting services to a wide range of clients, including owners and general contractors, mainly in the medical field. COMPANY NAME's current corporate office is at [INSERT ADDRESS].   The company's corporate office is a 4,650 sq ft concrete tilt up building. This corporate office houses all administrative operations, with warehouse space used for inventory and service vehicles. All of the work is done at many off-site locations.

2.1 Company Ownership

COMPANY NAME is a privately held C Corporation where OWNER’S NAME is president & secretary and CO-OWNER’S NAME is Vice President.

2.2 Company History

In 2006 and 2007 COMPANY NAME experienced a decrease in sales due to California budget cuts for the company's voice and data division that had provided services to Employment Development Departments.   The decrease in sales was also due to existing clients who were very slow in paying for services rendered.  COMPANY NAME had also made the decision to focus more on the medical field and their primary client base. The company had cut ties with three general contractors and proceeded to establish new contacts within the medical field. The year of 2008 was a great year and COMPANY NAME was on track to double sales; however the economy was starting to slow. 2009 was a respectable year, however, again, due to the economy COMPANY NAME re-evaluated again to expand into solar/energy industry.

Table: Past Performance

3.0 Services

COMPANY NAME 's products are: 1) Design build which is based on a per square foot price. 2) Contract work which is specific to a certain set of blueprints/drawings. 3) Service work that is based on an hourly rate.

COMPANY NAME will focus on four main markets within the industry such as: MEDICAL This field is a viable source of business now and due to ever changing technology a great source of future business that will sustain us long term. SERVICE There will always be a need for service and this is an area that we have never taped into and believe there is great potential. COMMERCIAL/INDUSTRIAL This has been the company's main focus; COMPANY NAME has built great long term relationships with building owners who now look for our guidance in directing their energy improvements. SOLAR/ENERGY We feel we always need to look at new trends and stay ahead of change in our approach to long term sustainability.

How to Organize Paperwork for Business

We must all be efficient and productive in today's business world. Being organized helps you handle tasks quickly so that you have more time and space to do what you truly want to do.

1. One-time mail system.

Have an In Box on your desk for new mail/information. Look at your mail once a day. Review each piece of mail once to decide whether to do it, delegate it or dump it. If it adds value to your business or is required for doing business, do it or delegate it. If not, then dump it. If you keep it, then categorize it using the A, B, C system. Use your time wisely.

2. Categories for performing your work.

Set up desk trays labeled A, B, and C. Items in category A must be handled today. Category B items must be handled this week. Category C items are generally filing that must be kept because they have some value, such as invoices, tax returns, and statements.

3. Prioritize your work within categories A and B.

Sort the categories into 1, 2, and 3. A1 must be done NOW, it is "hot" or "urgent." A2 can be done this AM. A3 can be done by the end of the day. B1 is done on Monday. B2 done by Wednesday. B3 done by the end of the week. Make the decision once, then do the work.

Set a day and time each week for filing. Don't let it stack up. Give yourself space to work.

5. Purge your files on a regular schedule.

For example, purge files every six months. Send these documents to storage. This gives you more space to work.

6. Storing records.

Store documents in boxes. Mark the contents of each box. For instance, clients A-F2013. Mark the destruction date on the box, D = June 02. Base your destruction date on the legal requirements for your industry.

7. Toss out stored documents on a regular schedule.

For example, two times per year, visit the storage area and remove boxes that are beyond the destruction date. Depending on your industry, they may need to be shredded rather than put in the trash.

8. Color code your records.

For example, clients with first names beginning with A-F are in Orange folders; G-K Yellow; L-P Blue; Q-Z Green. This will save you time when you are searching for a file. You can also apply this to AP, AR, Payroll, and Taxes. This can also be done by year. For example, 2012 AP is blue; 2013 AP is purple.

9. Hot files.

Put a red cover on files that you consider "hot." These could be urgent projects, legally or financially sensitive, or important VIP clients. Keep these visually at your fingertips.

10. Use out guides.

If you work with other people and share files, create a check-out system so that files are not lost. Put the file name, taken-by name, and date on a card and place it in an out guide box. When you can't find what you want, check the box to see if your co-worker is using the file. Be sure to remove the card from the box when you return the file.

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How to Start an Electrical Business in 11 Easy Steps

These 11 easy steps will reveal how to start an electrical business and guide you down the path to success.

At first, starting an electrical business might seem like a daunting task. However, even with all of the natural uncertainty of building a business from scratch, the steps in this article will reveal a simple process for you to follow with as little stress as possible.

Let’s explore the basic fundamentals of how to start an electrical business:

• Use the best marketing strategies
• Choose the right insurance for the business
• Competitively price electrical services for maximum profit
• Consistently meet with a Certified Public Accountant to stay on target
• Create a detailed business plan to evaluate your strategy as a whole
• Invest in the best electrician software to help streamline everyday operations

Essential business strategies like the ones listed above are what develop the secret sauce to establishing a prosperous business with consistent, sustainable growth. Take advantage of the pro tips in this article to minimize worries and mitigate risk.

1. Choose Electrical Service Offerings

Before exploring how to start an electrical business, it’s crucial to have several years of field experience.

Before getting started, at a minimum, you should be a journeyman, or preferably a master electrician. The prior experience you’ve gained as an electrician will help in thinking through your business model.

Before choosing the electrical services to offer, consider the target market, and ask yourself:

• Will you serve commercial, residential, or both types of customers?
• Are you offering services for new or existing constructions?
• What services do your customers need the most?
• Which services are your specialty?

Many businesses start with a few basic services for specific markets (e.g. residential homes) and then grow from there. This saves them from buying exorbitant amounts of tools and equipment all at once.

Even though you may want to serve both residential and commercial customers in the beginning, different equipment and licenses are often required for commercial accounts. For this reason, many businesses start in the residential space first before expanding into the commercial space.

2. Get Certified and Licensed Prior to Starting

As you’re likely already aware, both you AND your team need to be certified in order to complete jobs in the field. Depending on the type of electrical work being performed, you’ll need to look into your state’s requirements to cover all bases.

Also, keep in mind, in the U.S., many states have licensing requirements for starting an electrical business. Licenses and certifications are issued at the state level. For this reason, it’s important to stay up-to-date with local laws and regulations.

As a refresher, here are a few different types of electrician specializations :

• Residential
• Maintenance

3. Decide on the Best Electrical Business Name

Even though the electrical business name is important, it doesn’t have to be overly thought out or complex to be a great business name.

Take a look at a few simple elements to keep in mind when choosing the right name:

• Make it simple
• Choose two to three words related to offered services
• E.g. dallaseletricalservices.com

Keep in mind, it’s unnecessary to include:

• Excessive details
• [Your Name’s] Electrical Services
• Save it for your slogan

4. Consult With a Trusted CPA

Consulting with a CPA (i.e. Certified Public Accountant) is downright necessary to ensure a successful, financially-sound business.

Prior to starting the typical business ventures, establish factors such as:

• Business plan
• Bank accounts

CPAs evaluate all assets to determine how to launch the business, weigh costs, decide if a loan is necessary, determine when to start full-time, among other factors difficult to see at the outset. Additionally, CPAs will flag any financial obligations you haven’t thought about yet.

The best CPAs clear the path to success and mitigate potential risks, which might interfere. Before registering your electrical business, ALWAYS meet with a CPA first.

5. Get the Electrical Business Registered

After speaking with a trusted CPA, you’re ready to register the business. Fortunately, it’s relatively inexpensive to register businesses with your state. Plus, some states only require a little paperwork to complete registration.

Since becoming a registered business is easy, mitigates legal implications, and secures your personal assets, there’s no excuse to skip this crucial step in becoming a legal business!

In addition, registering your electrical business as an S Corp (i.e. S Corporation) or LLC (i.e. Limited Liability Company) protects personal assets in the unfortunate event of getting sued or receiving a dispute. Plus, it helps with filing taxes.

NEVER WAIT to register your electrical business. It needs to be done before getting started.

S Corp vs. LLC

Due to tax purposes, the IRS classifies businesses as sole proprietorships, partnerships, C corporations or S corporations. Since the LLC doesn’t have an IRS classification, it gets taxed as another type of business.

In short, registering as a sole proprietorships LLC requires you to pay self-employment taxes (e.g. social security and Medicaid). Which means, the entire business profit is taxed for that year.

As a result, many businesses choose to register as an S Corp. By registering as an S Corp or LLC, you (the business owner) can get a set salary. In other words, your salary will get a self-employment tax – instead of your total profits paying for it.

As always, consult with an excellent CPA before deciding how to register.

6. Create an Electrical Business Plan

After meeting with a CPA and registering the business, it’s time to create a business plan with the financial information you’ve gathered so far.

Both new AND established electrical businesses alike should have an official business plan. In fact, almost anyone providing financing to the business (e.g. loans, grants, investors, etc.) will ask to review it.

However, even if you don’t seek financial assistance, business plans keep everyone within the company focused and aligned on the right goals and vision. In addition, a great business plan helps with staying organized as well as preparing for unexpected events.

Take a look at how a basic outline of your electrical business plan should appear:

• Executive Summary
• Business Overview
• Electrical Services
• Market Analysis Summary
• Business Strategy
• Implementation Summary
• Management Summary
• Financial Plan

Remember, your electrical business plan is one of the most essential steps to becoming successful. The best ones are detailed, minimize stress, and set the business up to thrive. In turn, a great business plan takes time to create.

Though, it’s important to regularly update the plan with new contact information, financial updates, and more. Which means, it’s not a one-and-done document. Typically, monthly financial revisions and complete annual revisions are performed.

Before finalizing the business plan, have your CPA review it to ensure everything looks great.

Plan your prices in a few minutes using this FREE electrical pricing calculator to increase profits now!

7. Establish a Business Bank Account

Unfortunately, many new start-ups make the mistake of using their personal bank account for the business. This is a huge mistake, which can produce some complications when getting audited or filing taxes.

By keeping personal and business finances separate with a business bank account, it’ll simplify things for your CPA and mitigate confusion and potentially prevent costly mistakes.

The best thing you can do for your business’ finances is to establish a business bank account early on. If you’re wondering how to set up a business bank account, your CPA and bank are the most valuable resources in this process.

8. Get Bonded and Insured Before Working

While adequate business insurance presents upfront costs, getting bonded and insured will protect the business from financial liabilities when inevitable mishaps occur on the job. Most states require this before issuing a contractor license, which is required before accepting any work from clients.

As a result, business insurance protects the business from going bankrupt if a customer tries to sue. Get the best insurance which reasonably fits within the budget. Though, there’s no one-size-fits-all insurance policy. Choose the best insurance policy that meets your business’ needs.

9. Start Marketing to Win Customers

Quickly win customers through marketing . Use your marketing budget to help to establish the business’ brand, build credibility and expand the public’s awareness of your services.

Here’s a look inside the top 10 marketing strategies for electrical businesses:

• Freelancers can be a great resource for this
• Take advantage of email marketing
• Start PPC (i.e. Pay Per Click) marketing
• Discover how to leverage all reviews
• Explore content marketing
• Develop a video marketing strategy
• Actively use social media
• Place physical ads
• Use truck wraps to expand brand visibility
• Provide leave-behinds to receive fantastic referrals

By developing a marketing strategy as early as possible, you can increase brand awareness and win new customers fast.

Always remember, it’s crucial to build a website, and as the business grows, continually shift more focus onto SEO (i.e. search engine optimization). Create content on your website that prioritizes local industry keywords to improve your site’s rank in Google’s search results (E.g. “Dallas Electrician”). Ultimately, ranking higher in Google makes your company’s website more discoverable to leads.

Though, you don’t necessarily need a website to start your electrical business, it will help to quickly expand reach, build credibility and increase conversions. When you have space in the budget, consider hiring a freelance web developer . Meanwhile, Wix and Squarespace are simple, user-friendly website builders with easy-to-follow tutorials accessible to novices.

10. Begin the Electrician Hiring Process

After verifying the business plan with a CPA, you’ll likely already know if you need to hire another electrician to help you get started.

Now, let’s talk about the necessary steps in the electrician hiring process:

Conduct a Complete Background Check

Even if they’re a trusted referral, it’s vital to complete background checks on ALL employees before hiring.

After the ideal candidate has passed their phone screening and in-person interview, it’s time to conduct a complete background check. You’re looking for any potential liabilities or red flags they could present to the business if you should hire them.

For example, if the electrician has been caught stealing, then they’re probably not an adequate candidate for hire. Since they’ll be working in customers’ homes and offices and will operate expensive tools and equipment, both you and your clients need to be able to trust your team’s integrity.

Also, don’t forget to follow up with every candidate’s provided references – at least two recent professional and two personal references. This helps verify the information they’ve given you as well as provide insight about them as a potential employee.

If everything checks out, then it’s time to verify the candidate is legally ready to work – including any certifications or visas. Depending on the position being filled, make sure the candidate is willing to put in the time and effort into any training or additional credentials they may need to perform their job duties.

Obtain an EIN

In order to legally begin hiring employees, you’ll need to get an EIN (i.e. employer identification number) in the U.S. and a SIN (i.e. social insurance number) in Canada.

For those in the US, this is as simple as filling out an online application at IRS.gov . Likewise, if you’re in Canada, then there’s a similar process at Canada.ca .

Explore how to hire the best electricians for your business by downloading our FREE hiring guide !

11. Ignite Sustainable Growth With the Best Electrician Software

FieldEdge is the best electrician software to ignite long-term, sustainable growth. Plus, it’ll benefit your business EVEN MORE when using it from the start.

The best electrician software helps you to:

• Get paid faster
• Create instant estimates on-the-go
• Invoice clients with the touch of a button
• Create efficient routes to quickly dispatch electricians
• Access job history and customer information from anywhere

The #1 electrician software has the ultimate power to streamline your everyday business operations – allowing the business to grow even faster with all of the time and money saved. Plus, FieldEdge has helped THOUSANDS of businesses just like yours to become efficient, successful operations.

Explore how the best electrician software will transform your business growth. Book a demo of FieldEdge for free today!

How to Start an Electrical Business That’s Successful

In this article, we’ve discussed key components that lay the groundwork to starting a successful electrical business, including:

• Meeting with a CPA to discuss finances and liabilities
• Seeking outside specialist help when necessary
• Developing a strategic business plan

These actions will set you up for success as you explore how to start an electrical business.

Plus, if you want to maximize profits and optimize time as much as possible, then choose the best electrician software .

Follow these pro tips to help start an electrician business that thrives for many years to come!

Related: 10 Ways to Supercharge Your Electrician Marketing

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Improve Your Electrical Sales Strategy in 4 Steps

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How to Start an Electrical Business

Starting an electrical business can be very profitable. With proper planning, execution and hard work, you can enjoy great success. Below you will learn the keys to launching a successful electrical business.

Importantly, a critical step in starting an electrical business is to complete your business plan. To help you out, you should download Growthink’s Ultimate Business Plan Template here .

Download our Ultimate Business Plan Template here

14 Steps To Start an Electrical Business :

• Choose the Name for Your Electrical Business
• Develop Your Electrical Business Plan
• Choose the Legal Structure for Your Electrical Business
• Secure Startup Funding for Your Electrical Business (If Needed)
• Secure a Location for Your Business
• Register Your Electrical Business with the IRS
• Open a Business Bank Account
• Get a Business Credit Card
• Get the Required Business Licenses and Permits
• Get Business Insurance for Your Electrical Business
• Buy or Lease the Right Electrical Business Equipment
• Develop Your Electrical Business Marketing Materials
• Purchase and Setup the Software Needed to Run Your Electrical Business
• Open for Business

1. Choose the Name for Your Electrical Business

The first step to launching an electrical business is to choose your business’ name.  

This is a very important choice since your company name is your brand and will last for the lifetime of your business. Ideally, you choose a name that is meaningful and memorable. Here are some tips for choosing a name for your electrical business:

• Make sure the name is available . Check your desired name against trademark databases and your state’s list of registered business names to see if it’s available. Also check to see if a suitable domain name is available.
• Keep it simple . The best names are usually ones that are easy to remember, pronounce and spell.
• Think about marketing . Come up with a name that reflects the desired brand and/or focus of your electrical business.

2. Develop Your Electrical Business Plan

One of the most important steps in starting an electrical contracting business is to develop your business plan. The process of creating your electrical contractor business plan ensures that you fully understand your local market and your business strategy. The plan also provides you with a roadmap to follow and if needed, to present to funding sources to raise capital for your business.

Your business plan should include the following sections:

• Executive Summary – this section should summarize your entire business plan so readers can quickly understand the key details of your electrical business.
• Company Overview – this section tells the reader about the history of your electrical business and what type of electrical business you operate. For example, are you an electrical contractor, electrical manufacturer, or an electrical wholesaler?
• Industry Analysis – here you will document key information about the electrical industry. Conduct market research and document how big the industry is and what trends are affecting it.
• Customer Analysis – in this section, you will document who your ideal or target customers are and their demographics. For example, how old are they? Where do they live? What do they find important when purchasing services like the ones you will offer?
• Competitive Analysis – here you will document the key direct and indirect competitors you will face and how you will build competitive advantage.
• Marketing Plan – your marketing plan should address the 4Ps: Product, Price, Promotions and Place.
• Product : Determine and document what products/services you will offer 
• Prices : Document the prices of your products/services
• Place : Where will your business be located and how will that location help you increase sales?
• Promotions : What promotional methods will you use to attract customers to your own electrical contracting business? For example, you might decide to use pay-per-click advertising, public relations, search engine optimization and/or social media marketing.
• Operations Plan – here you will determine the key processes you will need to run your day-to-day operations. You will also determine your staffing needs. Finally, in this section of your plan, you will create a projected growth timeline showing the milestones you hope to achieve in the coming years.
• Management Team – this section details the background of your company’s management team.
• Financial Plan – finally, the financial plan answers questions including the following:
• What startup costs will you incur?
• How will your electrical business make money?
• What are your projected sales and expenses for the next five years?
• Do you need to raise funding to launch your business?

Finish Your Business Plan Today!

3. choose the legal structure for your electrical business.

Next you need to choose a legal structure for your own electrical business and register it and your business name with the Secretary of State in each state where you operate your business.

Below are the five most common legal structures:

1) Sole proprietorship

A sole proprietorship is a business entity in which the business owner and the business are the same legal person. The owner of a sole proprietorship is responsible for all debts and obligations of the business. There are no formalities required to establish a sole proprietorship, and it is easy to set up and operate. The main advantage of a sole proprietorship is that it is simple and inexpensive to establish. The main disadvantage is that the business owner is liable for all debts and obligations of the business.

2) Partnerships

A partnership is a legal structure that is popular among small business owners. It is an agreement between two or more people who want to start an electrical business together. The partners share in the profits and losses of the business. 

The advantages of a partnership are that it is easy to set up, and the partners share in the profits and losses of the business. The disadvantages of a partnership are that the partners are jointly liable for the debts of the business, and disagreements between partners can be difficult to resolve.

3) Limited Liability Company (LLC)

A limited liability company, or LLC, is a type of business entity that provides limited liability to its owners. This means that the owners of an LLC are not personally responsible for the debts and liabilities of the business. The advantages of an LLC for an electrical business include flexibility in management, pass-through taxation (avoids double taxation as explained below), and limited personal liability. The disadvantages of an LLC include lack of availability in some states and self-employment taxes.

4) C Corporation

A C Corporation is a business entity that is separate from its owners. It has its own tax ID and can have shareholders. The main advantage of a C Corporation for an electrical business is that it offers limited liability to its owners. This means that the owners are not personally responsible for the debts and liabilities of the business. The disadvantage is that C Corporations are subject to double taxation. This means that the corporation pays taxes on its profits, and the shareholders also pay taxes on their dividends.

5) S Corporation

An S Corporation is a type of corporation that provides its owners with limited liability protection and allows them to pass their business income through to their personal income tax returns, thus avoiding double taxation. There are several limitations on S Corporations including the number of shareholders they can have among others.

Once you register your own business, your state will send you your official “Articles of Incorporation.” You will need this among other documentation when establishing your banking account (see below). We recommend that you consult an attorney in determining which legal structure is best suited for your company.

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4. Secure Startup Funding for Your Electrical Business (If Needed)

In developing your electrical business plan, you might have determined that you need to raise funding to launch your business. 

If so, the main sources of funding for an electrical business to consider are personal savings, family and friends, credit card financing, bank loans, crowdfunding and angel investors. Angel investors are individuals who provide capital to early-stage businesses. Angel investors typically will invest in an electrical business that they believe has high potential for growth.

5. Secure a Location for Your Business

When starting an electrical business, you’ll need to find the right location. There are a few things you’ll want to keep in mind when choosing a location:

• The area should be zoned for commercial businesses.
• The location should be accessible and easy to find.
• It’s important to find a space that’s big enough to accommodate your business operations.
• Check the cost of rent and utilities in the area.
• The neighborhood should be safe and have good infrastructure.
• Make sure you have enough parking available.

6. Register Your Electrical Business with the IRS

Next, you need to register your business with the Internal Revenue Service (IRS) which will result in the IRS issuing you an Employer Identification Number (EIN).

Most banks will require you to have an EIN in order to open up an account. In addition, in order to hire employees, you will need an EIN since that is how the IRS tracks your payroll tax payments.

Note that if you are a sole proprietor without employees, you generally do not need to get an EIN. Rather, you would use your social security number (instead of your EIN) as your taxpayer identification number.

7. Open a Business Bank Account

It is important to establish a bank account in your electrical business’ name. This process is fairly simple and involves the following steps:

• Identify and contact the bank you want to use
• Gather and present the required documents (generally include your company’s Articles of Incorporation, driver’s license or passport, and proof of address)
• Complete the bank’s application form and provide all relevant information
• Meet with a banker to discuss your business needs and establish a relationship with them

8. Get a Business Credit Card

You should get a business credit card for your electrical business to help you separate personal and business expenses.

You can either apply for a business credit card through your bank or apply for one through a credit card company.

When you’re applying for a business credit card, you’ll need to provide some information about your business. This includes the name of your business, the address of your business, and the type of business you’re running. You’ll also need to provide some information about yourself, including your name, Social Security number, and date of birth.

Once you’ve been approved for a business credit card, you’ll be able to use it to make purchases for your business. You can also use it to build your credit history which could be very important in securing loans and getting credit lines for your business in the future.

9. Get the Required Business Licenses and Permits

In order to start an electrical company, you will need a business license, a trade name registration, and a general contractor’s license. You may also need a specialty contractor’s license, depending on the services you plan to offer.

10. Get Business Insurance for Your Electrical Business

The type of insurance you need to operate an electrical business will depend on the scope of business operations. 

Some business insurance policies you should consider for your new electrical business include:

• General liability insurance : This covers accidents and injuries that occur on your property. It also covers damages caused by your employees or products.
• Auto insurance : If a vehicle is used in your business, this type of insurance will cover if a vehicle is damaged or stolen.
• Workers’ compensation insurance : If you have employees, this type of policy works with your general liability policy to protect against workplace injuries and accidents. It also covers medical expenses and lost wages.
• Commercial property insurance : This covers damage to your property caused by fire, theft, or vandalism.
• Business interruption insurance : This covers lost income and expenses if your business is forced to close due to a covered event.
• Professional liability insurance : This protects your business against claims of professional negligence.

Find an insurance agent, tell them about your business and its needs, and they will recommend policies that fit those needs. 

11. Buy or Lease the Right Electrical Business Equipment

To run your electrical business, you will need a variety of equipment, including tools, testing equipment, and safety gear. Ensure everything you need before starting your business. You may also want to consider purchasing a vehicle or trailer to transport your equipment.

12. Develop Your Electrical Business Marketing Materials

Marketing materials will be required to attract and retain customers to your electrical business.

The key marketing materials you will need are as follows:

• Logo : Spend some time developing a good logo for your electrical business. Your logo will be printed on company stationery, business cards, marketing materials and so forth. The right logo can increase customer trust and awareness of your brand.
• Website : Likewise, a professional electrical business website provides potential customers with information about the services you offer, your company’s history, and contact information. Importantly, remember that the look and feel of your website will affect how customers perceive you.
• Social Media Accounts : establish social media accounts in your company’s name. Accounts on Facebook, Twitter, LinkedIn and/or other social media networks will help customers and others find and interact with your electrical business.

13. Purchase and Setup the Software Needed to Run Your Electrical Business

You’ll need electrical estimating software to help you price out jobs and materials. You’ll also need a Computer-Aided Design (CAD) program to create wiring diagrams and other designs. Billing and invoicing software can help you keep track of payments and customers. Finally, a project management tool can help you stay on top of jobs from start to finish.

14. Open for Business

You are now ready to open your electrical business. If you followed the steps above, you should be in a great position to build a successful business. Below are answers to frequently asked questions that might further help you.

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How to Start an Electrical Business FAQs

Is it hard to start an electrical business.

No, it is not hard to start an electrical business. You will need to have a good understanding of the electrical code, and how to safely install and repair electrical systems.

How can I start an electrical business with no experience?

There are a few ways to start an electrical business with no experience. One way is to find an experienced electrician who is willing to mentor you. Another way is to take classes or attend seminars that will teach you the basics of the trade. You can also watch instructional videos online or read books about electrical work. Make sure you are well-informed and prepared before starting your own business.

What type of electrical business is most profitable?

The type of electrical business that is most profitable is a business that provides services such as repair, installation, and maintenance. Providing these services can be a lucrative business, as there is a lot of demand for them. Additionally, other small business owners that provide residential electrical services often have low overhead costs, which can help to increase profits.

How much does it cost to start an electrical business?

The cost to start an electrical business varies depending on the size and scope of the business. However, on average, starting an electrical business can cost between $10,000 and $30,000. This includes licensing, permits, insurance, and equipment costs .

What are the ongoing expenses for an electrical business?

The ongoing expenses for an electrical business can vary greatly, depending on the size of the business, the services offered, and the location. Some of the most common expenses include utilities, labor costs for electrical workers , materials and electrical supplies, marketing and advertising, and insurance.

How does an electrical business make money?

Professional electricians make money by completing electrical jobs for their customers. This could be by installing or repairing electrical equipment, or providing a consultation service.

Is owning an electrical business profitable?

Yes, owning an electrical business can be profitable because there is a consistent need for these kinds of services. Electrical businesses are necessary for both residential and commercial properties, so they are always in demand. Additionally, as technology advances, more homes and businesses will require updated electrical systems, providing greater opportunities for electrical business owners.

Why do electrical businesses fail?

There are a number of reasons some electrical businesses fail. One reason may be that the business does not have a solid business plan and marketing strategy. Other reasons may include competition from larger businesses, bad customer service, lack of qualified electricians, or not enough capital to sustain the business.

Other Helpful Business Plan Articles & Templates

Electrical Contractor Business Plan Template

Written by Dave Lavinsky

Electrical Contractor Business Plan

You’ve come to the right place to create your Electrical Contractor business plan.

We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Electrical Contractor companies.

Below is a template to help you create each section of your Electrical Contractor business plan.

Executive Summary

Business overview.

Oak City Electric, located in Raleigh, NC, is a newly established family owned and operated electrical contracting company. The company provides electrical contracting services to the local metropolitan area and its surrounding communities. With an emphasis on customer service and rapid response time, Oak City Electric is set to establish itself as one of Raleigh’s most trusted and reliable electrical contractors.

Oak City Electric was founded by Randy Wallace. Randy Wallace has been an electrician in the community for over 40 years. Although he has worked for several local competitors, Randy Wallace has always wanted to own and operate his own electrical contracting company. He finally saved up enough money and built up a large enough client base to make his dream come true. Randy’s education, experience, and skill set will quickly make Oak City Electric the #1 electrical contracting company in the area.

Product Offering

Oak City Electric will provide a variety of different electrical contractor services. These services include:

• Residential Electrical
• Commercial Electrical
• Industrial Electrical
• Safety Inspections
• Fixture, Smoke Detector, And Carbon Monoxide Detector Installation
• Smart Home Installation
• Security Systems
• Home Theater Installation
• Camera Systems

Pricing for all services will vary depending on the complexity and size of the project.

Customer Focus

Oak City Electric will primarily serve the residents living within Raleigh, NC, and the surrounding areas. About 51% of the city owns their own homes and will likely need electrical work at some point. There are also thousands of businesses in the area and over 1 million square feet of industrial/warehouse space. Many of the city’s residents and businesses are underserved when it comes to electrical services, so our services will be in high demand.

Management Team

Oak City Electric is led by Randy Wallace, a local electrician who has worked for the largest electrical contractor companies in Raleigh for over 40 years. Randy Wallace is fully licensed and bonded and has gained an impressive reputation as the most reliable and trustworthy electrician in the market. As a project manager that oversaw hundreds of projects, Randy has the proper knowledge and experience to own, manage, and operate his own electrical contracting company. He also has built a loyal client base, with many clients promising to use his services once the company is fully running.

Success Factors

Oak City Electric will be able to achieve success by offering the following competitive advantages:

• Technology: Oak City Electric will be able to provide the latest advancements in electrical contracting.
• Price: Oak City Electric is able to offer their services at the best and most competitive price.
• Community Relations: Oak City Electric will be a pillar in the community and be heavily involved in family-related activities in the area. It will sponsor events and provide free electrical services (for small jobs) to non-profit organizations and area schools.
• Highly Trained and Experienced Staff: Oak City Electric will be led by Randy Wallace who has decades of experience as an electrician and project manager.

Financial Highlights

Oak City Electric is seeking $400,000 in debt financing to launch. The funding will be dedicated to securing office space and build-out and purchasing the necessary equipment and tools. Funding will also be dedicated toward three months of overhead costs, including payroll, rent, and marketing costs. The breakout of the funding is below:

• Office space build-out: $100,000
• Equipment, tools, and supplies: $50,000
• Three months of overhead expenses (payroll, rent, utilities): $150,000
• Marketing costs: $50,000
• Working capital: $50,000

Company Overview

Who is oak city electric.

Randy Wallace has saved his wages for the necessary down payment to receive local bank financing. He has also located a prime spot for the lease of the company headquarters where the equipment and vehicles will be kept. Due to his experience and reputation in the electrical contractor industry, Randy has been able to receive written commitments from large development companies in Raleigh for them to be the preferred electrical subcontractor for their upcoming projects.

Oak City Electric’s History

Once his market analysis was complete, Randy began surveying the area for an available office space with plenty of surface parking to house the company’s large fleet of vans and trucks. Randy incorporated Oak City Electric as a Limited Liability Corporation in April 2023.

Once the lease is acquired for the space, light construction can begin to build out the company’s headquarters and small office.

Since incorporation, the Company has achieved the following milestones:

• Located an office space that would be ideal for the company
• Developed the company’s name, logo, and website
• Hired a general contractor for the build-out of the warehouse, small office, and parking area
• Determined equipment and necessary supplies
• Determined how many vehicles necessary for the fleet
• Began recruiting key employees

Oak City Electric’s Services

Industry analysis.

The electrical contractors industry has had healthy revenue growth over the last five years. This is mostly due to the increase in new construction activity and an uptick in renovations. Demand for nonresidential and residential construction projects is high, primarily due to low interest rates and access to credit. In addition to growing per capita disposable income and corporate profit, rising demand for construction projects requiring electrical work has boosted demand for industry services from corporations and individuals alike.

Over the next five years , industry revenue is expected to grow at a faster rate, largely as a result of pent-up demand. As the economy booms, the value of nonresidential construction and per capita disposable income are both anticipated to increase and contribute to industry revenue growth. In addition, the industry is projected to benefit from continued renovation and retrofitting activity, particularly green upgrades, such as energy-efficiency projects and smart home technologies. According to Arizton, these factors are expected to help boost the electrical contractor industry by a CAGR of 3.94% from now until 2028. Therefore, this is the perfect time to establish a new electric contracting company as there is a great demand for these services.

Customer Analysis

Demographic profile of target market.

Oak City Electric will serve the community residents of Raleigh, NC, and its surrounding areas.

The community of Raleigh has thousands of single family homes that will likely require electrical work. There are also a number of businesses and industrial parks that require regular lighting and other electrical services.

The demographics of the area in which we will operate are as follows:

Customer Segmentation

The Company will primarily target the following three customer segments:

• Contractors

Competitive Analysis

Direct and indirect competitors.

Oak City Electric will face competition from other companies with similar business profiles. A description of each competitor company is below.

Wallmore Electrical Contractors

Established in 1977, Wallmore is Raleigh’s largest and most requested electrical contractor. The company has grown itself to be the premier electrical contractor as it has completed dozens of projects over the years and has grown its workforce to over 100 employees and electricians.

The company was formed as a small family company and later acquired another electrical company in the area to allow itself to grow and add more services. They also have a very capable fleet of vans and trucks that are able to travel not just around the city, but across the state as well.

The company specializes in electrical lighting systems, such as LED retrofit, residential, commercial, industrial, and landscape lighting. They are also a preferred subcontractor to numerous large general contractors to complete their electrical projects for them. The projects range in size from residential developments to commercial remodeling and warehouse improvements.

We-Do-It-All Electrical & Mechanical Contractors

We-Do-It-All Electrical & Mechanical Contractors offers a complete electrical company to commercial industrial customers. The company offers a quick response to proposals and system installation services. Their team of well-trained and experienced electricians are capable of performing complicated projects with precision under tight time constraints.

The company has a lead industrial electrical contractor and commercial electrician that provides the design and implementation that is required for the project. He focuses on communicating with the client through the entire process; from initial planning and design to final implementation and testing. We-Do-It-All also places an emphasis on safety as they offer incentives for safe performance for all of their licensed electricians on staff.

Gamma Ray Electrical & Mechanical Contractors

Gamma Ray is an HVAC contractor that provides all electrical and mechanical services for any and all projects. The Gamma Ray electrical and mechanical team includes proficient electricians that are able to fix any electrical issue that can be found in the client’s living room, kitchen, or fuse box. The company’s electrical contractor services are open to both commercial and residential clients and can handle everything from troubleshooting to installing electrical systems for commercial buildings.

Gamma Ray’s complete list of electrical services include troubleshooting, infrared electrical testing, hookup and power supply, lighting and security lighting, wiring and connections, energy-use evaluation, 24-hour emergency services, preventive maintenance, electrical installation, diagnosis repair, updates and maintenance, equipment power supply, generator installation, electrical panel upgrades, and circuit installation.

Competitive Advantage

Oak City Electric enjoys several advantages over its competitors. These advantages include:

Marketing Plan

Brand & value proposition.

Oak City Electric seeks to position itself as a respectable, upper-middle-market competitor in the electrical contracting market. Customers can expect high-quality electrical work and customer service.

The Oak City Electric brand will focus on the company’s unique value proposition:

• Complete list of electrical services
• Licensed with the latest technology
• Highly trained and capable staff of electricians
• Large fleet of vehicles that is ready to be dispatched at a moment’s notice 24/7
• Affordable pricing

Promotions Strategy

The promotions strategy for Oak City Electric is as follows:

Website/SEO  

Oak City Electric will invest heavily in developing a professional website that displays all of the services the company will be able to provide. It will also invest heavily in SEO so that the brand’s website will appear at the top of search engine results.

Social Media Marketing

Social media is one of the most cost-effective and practical marketing methods for improving brand visibility. The company will use social media to develop engaging content, such as educational content about electrical work and about the services the Company offers.

Word of Mouth Marketing

Oak City Electric will encourage word-of-mouth marketing from loyal and satisfied clients. The company will use recommendations and word-of-mouth marketing to grow its customer base through the network of its existing customers. The company will incentivize its existing customer base to encourage friends to call Oak City Electric to help them with all their electrical needs.

Special Offers

Offers and incentives are an excellent approach to assisting businesses in replenishing the churn in their customer base that they lose each year. The company will introduce special offers to attract new consumers and encourage repeat purchases, which will be quite advantageous in the long run.

Oak City Electric’s pricing will be moderate so clients feel they receive great value when utilizing the company’s electrical contracting services.

Operations Plan

Operation Functions:

The following will be the operations plan for Oak City Electric.

• Randy Wallace will be the Owner, President, and Manager of Oak City Electric. He will be in charge of the general operations of the company. He will also provide customer service and provide electrical work for his customers until he hires a large staff of electrical contractors.
• He is assisted by his long-time friend, Jack Taylor, who will be the Vice President of the company. He will assist with the marketing and administrative aspects of the business.
• Randy will also hire several electrical contractors to provide electrical services to his long list of clients.

Milestones:

Oak City Electric expects to achieve the following milestones in the following months:

• 7/202X Finalize lease agreement
• 8/202X Design and build out
• 9/202X Hire and train initial staff
• 10/202X Kickoff of promotional campaign
• 11/202X Launch Oak City Electric
• 12/202X Reach break-even

Financial Plan

Key revenue & costs.

Oak City Electric’s revenues will come primarily from its electrical contracting services. The company will provide a range of electrical contracting services to the community and its surrounding areas. As the company’s revenues increase, it will look to gain a wider distribution area.

The warehouse lease, equipment, supplies, fleet of vehicles, and labor expenses will be the key cost drivers of Oak City Electric. Ongoing marketing expenditures are also notable cost drivers for Oak City Electric.

Funding Requirements and Use of Funds

Key assumptions.

Below are the key assumptions required in order to achieve the revenue and cost numbers in the financials and pay off the startup business loan.

• Monthly rent: $1,500

Financial Projections

Income statement, balance sheet, cash flow statement, electrical contractor business plan faqs, what is an electrical contractor business plan.

An electrical contractor business plan is a plan to start and/or grow your electrical contractor business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your Electrical Contractor business plan using our Electrical Contractor Business Plan Template here .

What are the Main Types of Electrical Contractor Businesses?

There are a number of different kinds of electrical contractor businesses , some examples include: Commercial Electrical Contractor, Residential Electrical Contractor, and Industrial Electrical Contractor.

How Do You Get Funding for Your Electrical Contractor Business Plan?

Electrical Contractor businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start an Electrical Contractor Business?

Starting an electrical contractor business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop An Electrical Contractor Business Plan - The first step in starting a business is to create a detailed electrical contractor business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your electrical contractor business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your electrical contractor business is in compliance with local laws.

3. Register Your Electrical Contractor Business - Once you have chosen a legal structure, the next step is to register your electrical contractor business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your electrical contractor business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Electrical Contractor Equipment & Supplies - In order to start your electrical contractor business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your electrical contractor business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful electrical contractor business:

• How to Start an Electrical Business

• Sales & Support (888) 902-0304
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• Refer & Earn

How to Grow & Run a Successful Electrical Business

Starting an electrical contracting business is one thing, and running it is another.

As an entrepreneur, you’d obviously want your enterprise to grow into a successful electrical business. Business growth can mean many different things. For your electrical company, growth might translate into the following achievements:

• Increasing your market share
• Branching out to new service locations
• Increasing sales, cash flow, and profits
• Employing more workers
• Partnering with other electrical contractors
• Increasing efficiency, business operations, and overall productivity
• Diversifying your range of electrical services
• Acquiring assets

Growth is simply advancing toward set goals or success. It hinges on how you define business success and goals.

Understandably, growth is a top priority in the business world. You should consider growing your electrical contracting business too.

So, what’s the magic formula for growing an electrical business?

First off, there’s nothing magical about growing a business. It takes real hard work, commitment, and careful planning to grow a business. And this article will tell you all about it.

Let’s discuss how to grow a small electrical business by answering these five questions:

• What’s your business’s growth potential?
• How do you set achievable goals for business growth?
• How does your brand stand out among other electrical businesses?
• Which marketing strategies work for electrical contractors?
• What are the best ways to boost sales?

Get ready to put your business on a success-oriented growth trajectory.

FROM ONE OF OUR PARTNERS: How to Start a Small Electrical Contractor Business

What Is the Growth Potential for an Electrician Business?

If you’re worried about growing your business, you can rest assured knowing that the electrical industry is future-proof. Plus, it’s teeming with growth opportunities.

For starters, the US electrical services market was valued at $225 billion in 2022 and is only growing.

Second, most homes in the US use electricity as their main energy source. In fact, 26% of US households are all-electric. And with over a million new housing units going up every year, there’s quite a lot of work for electrical contractors.

Additionally, there’s an ever-growing list of new opportunities for electricians. For instance, demand for commercial and domestic solar PV installations is at an all-time high. The country needs skilled electricians to build and service solar PV systems.

Electric vehicle (EV) charging is another area of emerging opportunities. The US needs more EV charging stations to keep up with EV demand. Many EV owners are opting to install domestic charging stations in their homes. And they need professional help to install 240V Level 2 EV charging points.

The world will never run out of electricity. And we are always finding new ways to use electrical energy. So, you can’t go wrong with deciding to expand your electrical business. Actually, growth might be the only way to survive in this industry.

Opportunities and competitors will pass you by if your business stagnates too long.

FROM ONE OF OUR PARTNERS: Commercial Electrical Work vs. Residential Electrical Work

Determine Where Your Business Is Today

In order to move forward, you must know where you stand. Take a hard look at your electrical business and determine where it is and where it’s headed. A SWOT analysis is the best way to do this.

SWOT stands for S trengths, W eaknesses, O pportunities, and T hreats. It’s a popular business evaluation framework dating back to the 1950s . A SWOT analysis paints a clear picture of the internal and external factors affecting your business performance. From there, you can develop a suitable growth strategy.

Let’s go over the four components of a SWOT analysis:

Strengths refer to what your electrical business is really good at. These are the advantages that set your brand apart from competitors. Strengths can be your unique selling points or a favorable business position.

Your electrical business strengths may include:

• Superior residential electrical services
• Low service prices
• Loyal customer base
• Unique electrical skills or qualifications
• Cutting-edge technologies
• Ample funding
• Minimal competition

Identify your strengths so you can leverage them for business growth. For instance, you can base your value proposition on your unique electrical skills or superior services. Do not waste any of your strengths.

Weaknesses are the opposite of strengths—your Achilles’ heel. A business weakness is anything that stands in the way of performance and success.

Many local service businesses face the following weaknesses:

• Poor market penetration
• Fierce competition
• Cash flow problems and low sales volume
• Narrow and monotonous revenue streams
• Trouble scaling

As an entrepreneur, you shouldn’t think of these weaknesses as failures or bad luck. Instead, see them as areas of improvement. Be glad to learn what can make your electrical business better.

Opportunities

An opportunity is a chance to capitalize on a situation or your strengths.

Earlier, we touched on emerging business and expansion opportunities for electricians. Say there’s a demand for residential EV charging stations or solar PV systems in your service area. You can take advantage of such opportunities by incorporating solar and EV charging installation in your offering.

The trick is finding lucrative opportunities to begin with. You must study the market and industry as a whole to identify exploitable trends, untapped niches, and unaddressed customer pain points.

But some opportunities are more specific to your business. For instance, signing a new investor or business partner can be a growth opportunity.

Threats are factors that can potentially harm your electrical service business. These are actions or scenarios, both internal and external, that can disrupt your normal business operations.

They may include:

• Competition pressure
• Quitting or retiring employees
• Legal liabilities
• Outdated skill sets
• Low supply of electrical components
• Poor service quality
• Dwindling income

The idea is to identify and anticipate these threats. For instance, if your sales are falling, it might be time to add more revenue streams. Is competition pressure threatening your survival? Fight back by raising your marketing game.

How to Make Your Electrician Business Stand Out from the Competition

To grow your business, you must differentiate it from other electrical service providers. In other words, set your business apart to make it more recognizable. Doing so largely involves branding.

Branding means giving your business an identity. It represents how your electrical business presents itself and how customers perceive it.

Here are 5 branding tips guaranteed to help your electrical business stand out from competitors.

Define Your Brand Identity

Who are you as a company? Many people assume branding means coming up with a catchy name, logo, slogan, and color scheme. While all that is part of your brand image, branding goes even deeper. Your company is certainly more than a name or logo.

Your electrical company’s values, mission, goals, work ethics, and service standards are all part of the brand. Think of branding as your business’s personality. All these attributes make up that personality.

Be Different

“Be different” is such a cliché phrase, but true nonetheless. Your electrical business must be different to get recognized.

So, what new ideas or electrical services do you bring to the market?

Perhaps your business reaches an underserved niche, offers better services, or introduces a new way of doing things. It’s important to set yourself apart in ways your potential customers can recognize and appreciate. Provide people with a reason to give your business a chance.

Don’t just mimic your competitors. Mimicry will only get you so far. Uniqueness is what sharpens your competitive edge and makes your brand recognizable. Otherwise, you’ll just be another entry in the yellow pages.

Create Memorable Brand Association

What do you want your customers to think, feel, or picture at the mention of your brand? It’s probably along the lines of “excellent electrical services,” “trustworthy brand,” and “completely reliable.”

Unfortunately, such associations don’t come by chance. You have to build them by affiliating your brand with the business image you want to portray. For instance, if your brand message is “value-added electrical services,” customers will naturally associate your brand with value.

Tell Your Story

Every good brand has a story. A brand story is a concise narrative about the brand’s origins, its inspirations, and what it stands for.

Storytelling humanizes your brand. That way, audiences can relate to your business at a human level. The brand story breaks the business-customer wall, exposing the real human creativity, reasoning, and inspiration behind the business.

Embrace Consistency

Consistency is an important aspect of branding. It fosters trustworthiness, credibility, reliability, and authenticity. Customers won’t bond or relate to your electrical business if its branding keeps changing.

Ensure you maintain a consistent brand identity, style, message, and voice. You can’t relay one message on your website and say something totally different on your Facebook page. You’ll come out as a company that’s unsure of itself.

Plus, you don’t want to burden your customers with keeping track of all the different branding approaches. Pick one branding strategy and stick with it.

FROM ONE OF OUR PARTNERS: How to Create a Positive Brand Reputation

How to Market Your Electrical Service Business

Marketing is a great way to grow your electrical business. When implemented correctly, marketing leverages every chance to attract and retain customers. That essentially boosts your client base, market influence, and sales.

Here are the top 5 growth-focused marketing strategies you should try out.

Create an Electrical Service Website and Optimize It for Search Engine Marketing

Did you know that 86% of consumers rely on the internet to find local businesses? And that over half of those searches end with a site visit?

Capitalize on this opportunity with a branded electrical service website. A website establishes your online presence and is a powerful lead magnet. But keep in mind that the site must be prepared for online searches using search engine optimization (SEO) techniques.

Get on Social Media

Social media is another great source of leads. About 90% of the total US population is on social media. And globally, over 200 million small businesses use social media to reach new customers and grow. Do not get left behind.

Open business accounts on Facebook , Instagram , Twitter , Nextdoor , and LinkedIn . These will enable you to connect and engage with large groups of potential customers.

Fill Out Your Google Business Profile

Google Business Profile is a free online directory that lists local businesses with Google. Once listed, your business becomes eligible to appear in the Local 3-Pack for electrical services in your area.

The Local 3-Pack is a coveted position in Google’s search engine results pages (SERPs). It lists the top three businesses related to the queried keywords and location.

You’ll also get a Google Map location pin and a platform where customers can leave public reviews.

Build Your Online Reputation

Good online reviews are essential for building your brand reputation and attracting customers. 97% of consumers read online reviews for local businesses. Positive reviews foster customer trust.

Encourage your customers, site visitors, and social media community to review your business. Gather as many reviews as possible on your Google Business Profile, website, social channels, and other online directories.

Run a Paid Advertising Campaign

You can buy ads to boost your electrical business’s local and online presence.

Buy ad time on your local TV or radio station and print ads in local publications. These can quickly spread brand awareness within your service area. And couple that with digital pay-per-click (PPC) and Local Services ads to supplement your online visibility.

FROM ONE OF OUR PARTNERS: 7 Marketing Strategies for Contractors That Actually Work

5 Ways to Improve Your Sales

Marketing tells the general public about your electrical business. It also brings potential customers to your door. But converting leads into buying customers is a whole other ballpark.

Follow these 5 tips to become a better electrical services salesperson:

Build Customer Trust

In the 2019 Edelman Trust Barometer study , 81% of consumers said trusting a brand to do what’s right was a key consideration in making purchase decisions. Trust is particularly essential in local service businesses.

Establish trust by building a reputable electrical service brand.

Prioritize Quality Customer Service

Always put the customer first. That means prioritizing quality over quantity. And remember, customer service begins with first impressions.

How you approach and address a customer is enough to win or lose a sale.

Up-Sell and Cross-Sell Electrical Services

Find opportunities to up-sell and cross-sell your electrical services. These are effective strategies for maximizing sales opportunities.

Plus, up-selling and cross-selling encourage repeat business and customer retention.

Polish Your Price Presentation

Many people are understandably skeptical about contractors’ pricing models. You’d be skeptical too if you had no idea how the pricing works.

Put your customers at ease by devising a reasonable and transparent pricing strategy. Ensure each customer understands exactly what they’re paying for and why. Pricing transparency builds trust, which subsequently leads to sales.

Develop Loyalty and Referral Programs

A loyalty program makes sense if your business deals with repeatable (rather than one-off) electrical services. It’s a way to lock in repeat clients by offering exclusive perks.

A referral program is an effective way to attract high-value leads. And it doesn’t matter the kind of electrical service you offer. Nearly 90% of consumers trust brand recommendations from people they know. That alone should get you excited about starting a referral program.

FROM ONE OF OUR PARTNERS: The Electrician’s Guide to Creating Repeat Customers

The Takeaway: Quick Tips to Grow and Run a Successful Electrical Service Business

Granted, all this is a lot to take in. You might be wondering where to even start in growing your electrical business. Or how to run it successfully. So, here’s a list of proven business growth strategies broken down into more digestible tips:

• Draft an electrical contracting business plan, complete with realistic growth projections/goals and a SWOT analysis. And tweak the business plan regularly to align with market and business dynamics.
• Hire only qualified and experienced electricians to guarantee high-quality electrical services. Working with qualified professionals also eliminates the risk of labor-based liabilities.
• Brand your electrical company to stand out among competitors. Position your brand as a unique, reputable, trustworthy, and reliable electrical service provider.
• Develop a marketing strategy aimed at generating convertible leads and spreading brand awareness.
• Leverage all your business strengths, work on your weaknesses, and mitigate risks. Growing a business is about seizing the available opportunities and overcoming challenges.
• Maintain consistency throughout your branding, marketing, and service delivery.
• Running your own electrical contracting business means being an electrician, marketer, and customer service rep at the same time. Balance those three responsibilities equally.

And with that, you’ll have all it takes to grow your enterprise into a successful electric contracting business .

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Electrician Business Plan PDF Example

• February 28, 2024
• Business Plan

Creating a comprehensive business plan is crucial for launching and running a successful electrician service. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your electrician service’s identity, navigate the competitive market, and secure funding for growth.

This article not only breaks down the critical components of an electrician service business plan, but also provides an example of a business plan to help you craft your own.

Whether you’re an experienced entrepreneur or new to the service industry, this guide, complete with a business plan example, lays the groundwork for turning your electrician service concept into reality. Let’s dive in!

Our Electrician Business Plan is strategically crafted to encapsulate all crucial elements necessary for a comprehensive approach. It delineates the company’s operations, market strategies, competitive landscape, team management, and financial forecasts.

• Executive Summary : Offers a snapshot of the electrician business, underscoring the array of electrical services for residential, commercial, and industrial clients, market insights, management expertise, and financial strategy.
• Services & Prices: Enumerates a wide range of electrical services, including installations, maintenance, emergency services, energy-efficient solutions, and safety inspections, complemented by a transparent pricing model.
• Key Stats : Details the market size , growth trends, and electrician demographics in the U.S.
• Key Trends: Discusses the growing demand for smart home technologies, renewable energy integration, LED retrofitting, and the evolving regulatory landscape.
• Key Competitors : Reviews major competitors, assessing their service offerings and market stance.
• Differentiation: Illustrates the unique selling propositions such as tailored electrical solutions, focus on energy efficiency, advanced technological applications, competitive pricing, and a robust online presence.
• SWOT Analysis : Conducts a comprehensive analysis of strengths, weaknesses, opportunities, and threats.
• Marketing Plan : Crafts strategies for outreach and client acquisition, leveraging digital platforms, content marketing, community engagement, and strategic partnerships.
• Timeline : Sets forth pivotal milestones and objectives for the business’s developmental phases and market penetration.
• Management: Introduces the leadership team, accentuating their extensive experience in electrical services and business management, underscoring their roles in steering the company towards its goals.
• Financial Plan: Forecasts the financial trajectory, outlining revenue targets, profit margins, and essential financial metrics, underpinned by assumptions regarding service contracts, pricing strategy , and customer loyalty. Discusses funding initiatives to fuel startup and expansion phases.

Electrician Business Plan

Fully editable 30+ slides Powerpoint presentation business plan template.

Download an expert-built 30+ slides Powerpoint business plan template

Executive Summary

The Executive Summary introduces your electrician business’s business plan, offering a concise overview of your company and its services. It should detail your market positioning, the range of electrical services you offer, including installations, maintenance, and repairs, its location, size, and an outline of day-to-day operations. 

This section should also explore how your electrician business will integrate into the local market, including the number of direct competitors within the area, identifying who they are, along with your business’s unique selling points that differentiate it from these competitors.

 Furthermore, you should include information about the management and co-founding team, detailing their roles and contributions to the business’s success. Additionally, a summary of your financial projections, including revenue and profits over the next five years, should be presented here to provide a clear picture of your business’s financial plan.

Make sure to cover here _ Business Overview _ Market Overview _ Management Team _ Financial Plan

Dive deeper into Executive Summary

Business Overview

Briefly describe your electrician business’s service offerings, emphasizing the breadth and quality of electrical services provided, including residential and commercial installations, maintenance, and emergency repairs.

Mention your business’s location, highlighting its strategic positioning to serve a broad area effectively, the ease of accessibility for your teams to reach clients and any logistical advantages it provides. Explain why this location is beneficial in ensuring prompt and efficient service, which is crucial in emergency electrical situations.

Market Overview

Industry size & growth.

Analyze the electrical services industry’s size and its potential for growth, focusing on opportunities in residential and commercial sectors due to new constructions, renovations, and the shift towards energy efficiency and smart technologies.

Key Market Trends

Highlight the trend towards energy-efficient solutions, the integration of smart home systems, and the increasing need for reliable electrical maintenance. Emphasize the rising demand for electric vehicle charging installations.

Key Competitors

Examine the competition, ranging from large contractors to local electricians. Distinguish your business by emphasizing customer service, specialization in areas like smart technology, and a commitment to safety and compliance.

Make sure to cover here _ Industry size & growth _ Key market trends _ Key competitors

Dive deeper into Key competitors

First, conduct a SWOT analysis for the electrician business, highlighting Strengths (such as certified expertise and a broad range of electrical services), Weaknesses (including market saturation or limited brand recognition), Opportunities (for example, the growing demand for smart home installations and renewable energy solutions), and Threats (such as regulatory changes or economic downturns that may impact construction and renovation projects).

Marketing Plan

Next, develop a marketing strategy that outlines how to attract and retain clients through targeted advertising, promotional offers, a strong online presence, and participation in local community events.

Finally, create a detailed timeline that outlines critical milestones for the electrician business’s launch, marketing initiatives, client base development, and expansion goals, ensuring the business progresses with clear direction and purpose.

Make sure to cover here _ SWOT _ Marketing Plan _ Timeline

Dive deeper into SWOT

Dive deeper into Marketing Plan

The Management section focuses on the electrician service’s management and their direct roles in daily operations and strategic direction. This part is crucial for understanding who is responsible for making key decisions and driving the electrician service towards its financial and operational goals.

For your electrician service business plan, list the core team members, their specific responsibilities, and how their expertise supports the business.

Financial Plan

The Financial Plan section is a comprehensive analysis of your financial projections for revenue, expenses, and profitability. It lays out your electrician service’s approach to securing funding, managing cash flow, and achieving breakeven.

This section typically includes detailed forecasts for the first 5 years of operation, highlighting expected revenue, operating costs and capital expenditures.

For your electrician service business plan, provide a snapshot of your financial statement (profit and loss, balance sheet, cash flow statement), as well as your key assumptions (e.g. number of customers and prices, expenses, etc.).

Make sure to cover here _ Profit and Loss _ Cash Flow Statement _ Balance Sheet _ Use of Funds

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Privacy Overview

How To Open an Electrical Shop? [Step-by-step Guide]

Table of contents.

• Introduction to starting an Electrical Shop in India
• Choosing A Location
• Deciding a Shop Name
• Get all Licenses & Permits
• Get Business Insurance
• Decide on Recruiting Staff
• Purchase all Tools/Equipments
• Digitise your Shop Online
• Market To Target Audience

Things You'll Need For Running An Electrical Business

How to start an electrical business.

If you've ever had thoughts on how to run a successful electrical business or looking out for effective electrical shop business ideas then keep reading. Running an electrical business can be one of the best career moves you can ever make if you own considerable experience in this trade, have a list of loyal customers, and know well how to comply with the rules & regulations.

On top of it, if there's already a demand for an electrician & electrical shop in the area you want to open the shop, nothing can thwart you from running an electrical business you always had dreamt of.

However, no matter how good you are at your work, running an electrical business requires a different level of expertise, and that you may spend your initial years understanding the finer details of managing the electrical shop. But then, if you have done adequate research on electrical business ideas and have a winning blueprint by your side, you could be among those successful electrical entrepreneurs who have aced the job in the first few months itself.

To help you with your research and strategy creation, we have come up with this short & succinct stepwise guide that includes in & out of opening & running an electrical business . So, let's go through the guidelines step by step.

How much money do I need to start an electrical business?

The initial investment required for electrical shop in India can vary anywhere from 3 Lakh Rupees to 20 Lakhs depending on your location (suburban area or metro city).

Step 1- Choose A Prime Location

After you have figured out how much area you will require to accommodate your electrical shop , you should determine the location you will open it in. If your work is based on providing electrical services instead of running an electrical business , then a small shop would be sufficient. Four factors that will decide if the area you are going to open your electrical shop is suitable or not are:

Location Factors#1: There is no electrical shop in the area.

Location Factor#2: There is an electrical shop in the area, but people aren't pleased with its services.

Location Factor#3: There was an electrical shop in the area but has stopped services or has recently relocated to a different location.

Location Factor#4: There are several electrical shops in the area, but a renowned electrical shop in the region has relocated to a different location.

If any of the factors described above is right in your case, opening an electrical shop in the area can be a good idea.

Step 2- Decide a Name for Your Electrical Shop

You must already have a few promising names in your mind for your electrical shop but before you go ahead and settle on one, go through the following factors essential to be considered before naming the business:

Factor#1: Whatever name you choose for your electrical shop , make sure it has a good recall value, i.e. people can recall its name easily whenever they require the services. You don't need a literary masterpiece as your shop's name.

Factor#2: Try to pick a name that will kind of build trust with your potential customers. Believe it or not, but it works, even a trustworthy name influences a lot of people until they have tried the services.

The bottom-line behind both the above factors is choosing a name that will be readily marketable in the future and will effortlessly attract your prospective customers to you.

Also Read: Ceiling Fan Manufacturers in India

Step 3- Get All Required Licenses and Permits for Your Shop

As you know, you need to obtain various licenses and permits to run any business, and an electrical shop is no different. Licensing for opening an electrical shop varies from state to state, so we will only have a sneak peek of the general information and not go into much detail.

Visit your town's municipal corporation office and know your eligibility for obtaining a license. Ask them about all the licenses and permits that are required to run an electrical business and try to get them.

Step 4- Get Your Electrical Business Insured

Once, you have obtained all the licenses and permits; you should get your electrical business insured with an acceptable policy that must cover you, your shop and homes or businesses to which you provide your services. Get in touch with a few insurance companies that offer insurances for electrical business and get a policy. Even a single step without getting your business insured can be risky.

Also Read: Cable Tray Manufacturers In India

Step 5- Decide the Services You Will Provide

There are three options, either you provide electrical services to homes or businesses or both based on the expertise you own. Whichever you choose to provide, commercial, or residential electrical services , there would again be a question as to which all services will you provide. Will you specialise in a few given services or will offer a full list of services?

Step 6- Examine If You Would Require Other Employees

Now when you have decided as to what services you will provide, you should consider whether or not you will need other employees to run your electrical shop . If you wish to offer a whole range of services for residential and commercial purposes both, you will perhaps need to hire someone as doing it all alone wouldn't be possible.

Moreover, a helper will make it easy for you to serve more customers that too in less time. You may also require someone to answer the service call your customers make. As such, initially, you won't need many people. You would require more people as the business grows.

Also read: Transformer Manufacturers in India

Step 7- Buy the Tools and If Possible a Van or a Truck

Now comes the significant primary investments you need to make to run your electrical shop a little more exultantly. Buying the tools and the van or a truck for your electrical shop are the biggest investment you are going to encounter.

As far as a physical location is concerned, you can rent one, but you can't do without a van/ truck or the tools. Initially, you can purchase a used van/ truck as well as used tools. Later on, when your business flourishes, you can always upgrade your tools.

Also read: Cable Manufacturers In India

Step 8- Go Digital! Get a Website for Your Electrical Shop!

Do you know? "The number of mobile internet users in India is estimated to reach 829 million by 2021." It is a digital era now and that no business can easily survive without going online. The customers usually search for all the information online before they consult a service provider.

Tap into all the platforms where your customers are and sell your services easily. Go online. Get a website and optimize it for search engines. Launch a blog, educate your customers about electrical issues and not only bring more traffic to your website but also build trust with your potential customers through it.

Get active on social media where your customers are hanging out and generate more awareness about your electrical shop. As far as social networks are concerned, a recent study depicted that in India, the number of social network users will reach more than 336 million by the end of 2020."

Step 9- Market Your Electrical Shop to Your Prospective Customers

Just now we discussed how you can leverage various online platforms to promote your business, that's a part of marketing itself such as optimising your website for search engines, getting active on social media, and so on.

This is how you can organically endorse your business. Apart from these, you can also run ads on the internet, local newspapers, or radio stations that involve some investments.

This is a list of definite things that you should consider before thinking about electrical shop business ideas:

• Business Licenses
• Professional electrical license
• Lease or Rental Agreement
• Insurance information on Business liability
• Local Permits (if applicable)
• General Contractors List
• Professional liability insurance information
• Sales tax no. information (if applicable)
• Real estate companies and agents list
• Color Ad information
• Ad Rates for Different Marketing Portals

Key Takeaways

• If you are an expert at providing electrical services and there is a need for an electrician like you in the area you are going to start an electrical business, opening an electrical shop is indeed a wise decision.
• While running an electrical business involves a lot of attention, it has its freedom as well.
• You can work in the hours you want, you can run your business the way you want and can earn as much money as possible.
• It is, of course, an excellent step to open an electrical shop; all you need is to abide by the guidelines we have mentioned above.

Stay updated with new business ideas & business tips with OkCredit blogs in English, Hindi, Malayalam, Marathi & more! Download OkCredit now & get rid of your bookkeeping hassles. OkCredit is 100% Made in India.

Q. How do I start a small electrical business?

Ans- These are some of the best tips to grow your electrical business:

• Maintain healthy relationships with clients, vendors, suppliers, and managers.
• Obtain all licenses and permits beforehand.
• Finalise a Prime Location for better business.
• Develop solid marketing plans to promote your business.
• Connect with real estate agents and builders who could provide you with good business prospects.

Q. Is electrical business profitable?

Ans- Yes, with the rapid growth in technology, the electric industry can be easily considered as one of the best business ideas in India. It is also a promising employment opportunity for electrical engineers.

Q. How do electricians get clients?

Ans- Below is some of the simple steps of marketing tips for electricians and electrical contractors:

• Fix your target audience
• Build a client database
• Create an engaging online presence
• Generate, respond to online reviews
• Be visible- online, print, etc.
• Keep your loyal customers closer
• Connect with real estate agencies

Q. Are electrical shops profitable?

Ans- Yes. Depending on your location, and monthly sales average you can earn a handsome profit of around 10%. Generally, people cover their investments in the business within 2 years of operation and tend to generate a steady cash flow with occasional profits.

Q. How do I start an electronic business?

Ans- Follow the simple steps below to clear your doubts on how to start an electrical business:

• Do competitive market research
• Curate a research-based business plan
• Raise sufficient funds via investors or taking a small business loan
• Understand electronic suppliers requirements
• Understand client requirements

Q. How much money is needed to open an electric shop?

Ans- According to the current market scenario, you can expect an initial investment of 5-8 lakh rupees if you're opening a shop in a suburban area. If you're planning to run a successful electrical business in a metropolitan city the investment may increase up to 12-15 lakh rupees.

Read the best of business ideas, tips for small businesses, the latest update on technology & more by OkCredit.

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