Electrical Contractor Business Plan, Marketing Plan, How To Guide, and Funding Directory
The Electrical Contractor Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start an Electrical Contractor business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.
Your Business Planning Package will be immediately emailed to you after you make your purchase.
Product Specifications (please see images below):
- Bank/Investor Ready
- Complete Industry Research for the Industry
- 3 Year Excel Financial Model
- Business Plan (26 to 30 pages)
- Marketing Plan (24 to 28 pages)
- 425+ Page Funding Directory
- PowerPoint Presentation
- Loan Amortization and ROI Tools
- Three SWOT Analysis Templates
- How to Start a Business Guide
- Easy to Use Instructions
- All Documents Delivered in Word, Excel, and PowerPoint Format
- Meets SBA Requirements
Electrical contractors are one of the most economically secure types of business to operate. These days, almost everything requires electricity. As such, the demand among electricians and electrical contractors is significant. Unlike most other types of contracting businesses, an electrical contractor is really a specialized professional that renders a service that only someone that is properly licensed can do. Most homeowners stay away from dealing directly with their own electrical systems given the potential risk of shock or fire. As such, these businesses are almost always able to remain profitable in any economic climate. The barriers to entry for starting a new electrical contracting business are very high given the extensive amount of experience and licensure required by the owner of the business. Generally, the startup costs for a new electrical contracting business range anywhere from $50,000 to $200,000 depending on whether or not the individual is going to have an apprentice or journeyman electrician working with them on a day-to-day basis. These companies also benefit by being able to provide not only repair services but also new residential/commercial development services. The revenues generated from installing wiring in a new development can be very substantial and highly lucrative.
A bank, financial institution, lender, or private investor is almost always willing to put up the necessary capital to launch this type of business. Given that these businesses are highly economically secure, the demand among lenders took place capital with these types of businesses is also extremely high. Of course, as with any company that is looking to raise capital a business plan is required. This business plan should include a three-year to five-year profit and loss statement, cash flow analysis, balance sheet, breakeven analysis, and business ratios page allows the investor or lender to properly understand the anticipated cash flow of the business. The business plan should also include an examination of the local market, population size, population density, average home value, average home net worth, and the number of other electrical contractors or electricians operating within the specific target market. As it relates to competition, there is usually a significant number of electricians that operate in any specific area. However, most areas currently are facing a shortage of electricians as these entities frequently are looking to focus on larger scale industrial and commercial development projects. Within the business plan, and analysis of the industry should be focused on as well. Currently, electrical contractors generate approximately $135 billion of revenue each year among approximately 200,000 licensed electricians within the United States.
Once the business plan is complete, it is time to develop electrical contractor marketing plan. This is an important document to develop given that will assist the business in developing its initial client base. Once established, many people use the same electrician for years on end. Of utmost importance to a new contracting business is the development of a proprietary website that can be used to market services to the general public. It is no secret that most people now find specialized local services – like electrical contractors – the online means. As such, having a well-developed website that showcases the service rendered, hours of operation, preliminary per hour costs, and licensure information is very important. Most electrical contractors will also maintain a presence on social media in order to ensure that people can find the businesses way. On popular platforms such as FaceBook and Twitter a review page may be included so that an individual that is looking for an electrician can find someone that has strong reviews. This is going to be one of the ongoing ways an electrical contractor to build its reputation with any given local market.
An electrical contractor SWOT analysis should also be developed. As it relates the strengths, again – these businesses have very high barriers to entry. The gross margins generated from electrical contracting services usually range anywhere from 85% to 95% depending on the number of parts used for any specific job. For weaknesses, competition is always an issue for electrical contracting businesses but at the current time demand for currently out paces supply by quite a bit. For opportunities, most electrical contracting businesses will seek to engage in large-scale commercial and industrial installations in order to produce substantial revenues. Most electrical contracting businesses will also hire apprentices and journeyman that will work on behalf of the business while they are in their master license. For threats, there’s really nothing that impact the way of these businesses will have to do business moving forward at this time.