Electrical Contractors: Things You Need to Know

Have you ever wanted to step into the wonderful and crazy world of being your own boss and becoming an electrical contractor? In today’s episode of Electrician U, Dustin gives his top 8 things that everyone wanting to own an electrical contracting business should know.

00:00 - Intro
00:44 - Work for yourself
01:38 - Keep a balance
04:20 - Hire
07:18 - Stick with what you know
09:43 - Find your niche
14:15 - Stop using paper
18:12 - Use reviews
19:15 - Treat people well

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1. Work For Yourself/By Yourself. When you are first starting out, you will be constantly figuring things out. How to get the work, how to keep the work, how to DO the work, how to collect your money, and how to pay your bills. Not having another person right out of the gate will take the pressure off you of what to do with employees. It will also cut down on your initial expenses.
2. Keep a Balance in Your Checkbook. Maybe it’s $10,000 or maybe it’s $20,000, but you need to keep operating expenses in your account. You will need to buy materials and pay for services BEFORE you get paid for jobs. And if you let your account run dry, you won’t be able to pay for your next job.
3. Hiring. When you DO become ready to hire (when you can no longer bid the work, DO the work, review the work was done properly, and collect for the work) consider a journey worker at first. This type of employee will bring in revenue as opposed to an apprentice that’s still learning and only costs money. A journey worker is also a much smaller drain of your time, which is already at a premium! The time will come when apprentices are needed, but at first it should be a skilled employee.
4. Stick With What You Know. Don’t go too far out of the realm of what you know. If you are great at Industrial electrical work, don’t open a residential wiring business. The learning curve while you are figuring the business aspect out is tough enough without adding to that stress!
5. Find Your Niche. The electrical industry is VAST. Find what you are good at and enjoy doing and stick with it. Try to not answer EVERY call that comes in and do EVERY job. Be the best at what you do. You can charge more and work less and be that stellar electrician that folks want to use and don’t mind paying the premium for the excellent service that you are known for.
6. Stop Using Pen & Paper. There is so much technology available in today’s contracting world. There is software available and Apps that help you develop quotes, schedule your work, and even help track the metrics of the work so that you become more proficient the more you do.
7. Use Reviews to Your Benefit. In today’s world, people have an unbelievably large number of places to search for contractors and see reviews of how they perform. Be the contractor that is in the top searches and has the most stars of their performance.
8. Treat People Well. Respect the customer. When the phone rings, answer it pleasantly, not like you are over stressed and busy. Be friendly with your customers and interact with them in a friendly way. Ask them about their lives and conversate with them in lieu of them being a simple monetary transaction.