Whether you’re looking to enter the world of home service or are already an established electrician yourself, you may be thinking: It’s time to work for yourself. Maybe you’ve completed training or simply unhappy with the company you work for now and would rather make your own schedule. Whatever it is, we understand.
When it comes to planning, opening, and operating your own electrical business, it’s important to understand some of the critical components and decide if it’s the best option for you!
Some steps of starting an electrical business include:
- Business Planning – A clear business plan is needed to find success with any new business venture. This helps you plan the specifics and discover things you’ve never thought of, ranging from startup costs to training and marketing.
- Establishing Legal Entity – An LLC is necessary to protect your personal assets. You can either register this on your own or work with a third party to file the necessary paperwork.
- Set Up Finances – Not including building business credit for the future buying power of your company, setting up your company’s finances is an essential component of ensuring future success. This includes registering for taxes and opening a business bank account.
- Obtaining Licenses – Failure to obtain the right licensures, certifications, and insurances can result in fines or closure of your business, so it’s important to make sure you are hiring the best team for the job and everything you do is in accordance with local regulations.
- Purchasing Equipment – From service vehicles to industry-safe tools, you’ll have quite the list of things that need to be purchased. With limited funds and buying power, it can be difficult to obtain everything at once.
When it comes to setting up your own electrical business, things can prove to be a bit tricky. Especially since it’s a trade business, local laws and regulations are strict, requiring all technicians to have the proper licensing and certification. Due to these restrictions, professional electricians are typically high in demand.
How to Set Up Your Electrical Business with Mister Sparky
Many times, both entrepreneurs and established electrical contractors decide that franchise an electrical company is a better option. Mister Sparky Franchise Development continues to be a great option for this due to our proven processes and turnkey solutions, as we assist with completing all of the above steps and so much more.
The steps to ownership with Mister Sparky include:
- Let’s Talk – From discussing your personal goals to answering any questions you have regarding how much a Mister Sparky franchise costs, we’ll get started with a simple phone call to ensure our goals match up and it shows signs of a promising partnership.
- Introductory Session – During our introductory session, you’ll be able to meet face-to-face in person or online with our Business Development Managers. You’ll be able to learn more about the resources we offer and how we can personally help you and your team.
- Discovery Day – Attending Discovery Day gives you the chance to learn everything you need to know about Mister Sparky, while also allowing you the chance to meet successful franchise owners. Our peer-to-peer network will help you learn from the best.
- Begin Your Story – Once you’ve had all your questions answered and both Mister Sparky and you have made a decision, all that’s left is to pay the initial franchise fees and sign!
And just like that, you’re on your way to experiencing the best in electrical franchising with a signature and franchise fees, which is much more cost-efficient than handling the electrical business startup cost on your own. With Mister Sparky’s dedication to our franchisees, proven systems, and your leadership and passion, there’s nothing we can’t achieve!