The electrician business is really making a strong comeback after the global financial crisis commonly known as the Great Recession.
This is because the electrician business is very closely connected with the housing industry. Therefore, as more and more houses are getting built, more electrician services will be needed.
Furthermore, with more homeowners having more disposable income as the economy moves upward, they are able to spend money on projects they were reluctant to only a few years ago.
In fact, according to the US Bureau of Labor Statistics, the electrician market is expected to grow at a rate of 14% from 2014 – 2024, which is much faster than the average growth rate (7%).
According to the US Bureau of Labor Statistics, the electrician market is expected to grow at a rate of 14% from 2014 – 2024.
In the UK, the National Employer Skills Survey (ESS) identified the electrician market as a hot industry, with many needed. The Australian Department of Employment has also identified electricians as being a member of the occupations skills shortage category.
This means that there is more work for electricians than available electricians. If you’ve ever considered getting started on your electrician business, now is the perfect time to start!
The Different Types of Electricians
There are in general four different types of electricians that require slightly or vastly different skills and experience.
These electricians work in residences (homes, apartments, etc.) and regularly install, maintain and upgrade electrical equipment. They often also install outdoor landscape lighting.
This type of electrician normally works in commercial buildings (offices, shopping malls, etc.), on construction sites, or on mechanical electrical systems.
They normally do installation work, such as installing water heaters, commercial security systems or electronic key systems.
This category of electricians normally works with lighting installations, mechanical connections, power supplies, security systems and communications for both commercial and residential properties. Most of them tend to work in construction and even manufacturing plants.
Journeymen need to pass an exam to receive certification and usually trains apprentices who want to be certified.
These highly skilled electricians are normally involved in the top responsibilities of supervising and even contracting for themselves. In many states in the US, master electricians require 7 years’ experience along with other qualifications.
Today we’ll look at everything you need to know to start your own successful electrician business.
The Advantages and Disadvantages of the Electrician Business
It is important to understand the overall benefits and disadvantages of the electrician business before beginning.
There are many advantages of being a self-employed electrician. While you surely know some of these, it’s important to have a good overview of all the benefits that come with having your own electrical business.
This is a general advantage that applies to all self-employed people, but it is also one of the biggest benefits for you: you’ll be free.
You won’t have a fixed 9-to-5, you won’t have a boss and bureaucracy. You can choose your own clients, when and where you want to work, and all other things.
You’ll have good pay
One of the great things about electricians is that you can make a lot of money, depending on your experience and how much you work.
There is lots of work for electricians, and you can build up a solid reputation with good-paying, loyal customers.
You’ll have job stability
Another important thing to realize, which I sort of mentioned above, is that you’ll have great job security.
While there are many items and services that people cut down if there’s an economic downturn, one of the more solid, necessary services is for electricians.
You’ll have low startup costs
While many larger electrical businesses have lots of high-end tools, in order for you to start your own electrical business, you only need a few things.
This is great news if you want to get started now but don’t have a lot of startup funds. And, with the right work ethic and skills, you can start building up your customer base.
While the advantages surely are important to keep at the front of your mind, you should also be aware of the disadvantages that often come with starting your own electrical business.
You’ll have all the responsibility
Unfortunately, freedom comes at a price. You will be free to choose your clients and working times and locations, but you’ll also have to responsibility for finding those clients, marketing to them, upselling your services, and keeping them happy.
If you don’t work to find them, you won’t have any, and the success or failure of your business rests squarely in your hands.
You’ll need continuing education
Depending on what your education level is now, you’ll probably need more, including certification, in order to start in many places. Becoming an electrician isn’t a breeze, and requires serious commitment and knowledge.
Therefore, before you can even start, you need to take care of those basics. We’ll cover what education and certifications you require later in the guide.
You’ll have difficult, sometimes dangerous work
Working as an electrician means that you’ll have to do a lot of kneeling, heavy lifting and fitting into tight spaces for sometimes lengths of time.
This is fine if you’re younger and in good physical health, but is more difficult the further along you go. Also, there’s a danger of injuries from cuts, falls or, of course, electrical shocks.
You’ll have non-traditional working hours
You won’t be working a 9-to-5 anymore, that’s for sure. While that’s great during the day when you’re free, it is hard when you have to work the other hours.
This includes overtime, late nights, on weekends, and being on-call, meaning you have to work whenever you’re needed.