Write a Plumbing Service Business PlanBy My Service Depot on Friday, July 12, 2019
A thought-out business plan can help you determine your business objectives and help you acquire startup capital.
Although many traditional business plans go on for dozens of pages, you don’t necessarily need to become a wordsmith or write an entire novel to get your own plumbing business plan down on paper. In most cases, you can sketch out the basics of your business in under an hour and get on your way.
The key? Simply starting. Once you’ve got something down, you can always refine it as the landscape changes. So, let’s do it! Grab a pen and paper or open a new doc on your computer and use this guide to write a quick plumbing business plan.
Why write a plumbing business plan?
Once you have your business plan in place, it becomes much easier to explain your business to others. Banks and other lenders who provide new business loans often ask for a copy of your business plan, so it will help to have one available.
A written business plan can help you focus your energy on the right projects and articulate your business goals. It allows you to hone in on what you really need for your company—whether you have an established business or an entirely new operation.
Plus, you can sketch one out a lot more quickly than you might think. If you don’t know exact answers to every question, you can use estimates and fill in other details later.
Plumbing Business Plan Basics
First, you’ll want to outline the core of your plumbing business. You can create a separate section for each of these areas, or you can write everything down as you think about it. Start with these basic questions:
- What (“Products and Services”): What services and products do you offer to customers? Who are your customers? Will you primarily do residential work, commercial work, or some combination thereof?
- Where (“Location”): Where do you offer these services—out of a “mobile office” such as a truck, from a storefront in town, or from your own home?
- Who and how (“The Team and Management”): Who are the people behind your business and how do they work? Is it just you, or did you hire a team? Do you plan to use your own skills and industry knowledge or rely on someone else’s (or the combined knowledge of several people)?
- Why (“Mission and Vision”): What does this success look like? Happy plumbing customers with fixed issues who spread the word about your business to their neighbors? How do you know if you’re successful at what you’re doing? Set clear targets, expectations, and timelines. How will you pay for everything? When will you become profitable?
Even if you know the answers to all these questions and think about them often, just writing information down can make it more useful and allow you to hold yourself accountable. It also demonstrates your seriousness to others (including potential financial and business partners).
Your Goals for Your Business
What are your goals for the business? If you don’t know where you want to go, you’ll have trouble getting there. Thinking concretely about your business goals can help you set expectations for yourself and reach further. Consider the following:
- Revenue: Consider earnings goals, profits, and gross revenue from your business. You can do additional research to find out what’s typical for plumbers in your area, or you can base these goals off of previous years, quarters, and any changes you’ve made to your business. For instance, if you hire one extra technician, you have additional capacity to serve more customers and can therefore set higher revenue goals.
- Marketing: You don’t always know exactly how much more money you’ll make, but you can almost always increase your marketing spend if you need to. Instead of overwhelming yourself with dozens of marketing methods, keep it simple by trying two or three strategies for a month.
- Hiring: If you plan to hire, think about how many new employees you’ll need and how many of them will work on a full or part-time basis. Also, if you need to increase earnings to hire more employees, write down those goals, too.
- Equipment and purchasing: Think about any purchasing or renting you’ll need to do for your business. Write those goals down.
Changing Your Business Plan
Many of these details will change over time. Revisit your business plan when you have changes to make. It’s a good idea to review your plan at least a couple of times a year. Think about whether or not the plan still works for you. If not, make adjustments or significant changes.
For more information about business plans, you can check out the information provided by the U.S. Small Business Administration.