• Electrical Business Plan

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Electrical Business Plan

Electrical Business Plan helps the entrepreneur to understand, to visualize, to plan and to identify risks even before making any investments in the business. Beginning an Electrical, just like opening any other business, takes money, planning, and time. Opening the doors of their own electrical contracting business is the dream of many people working in the industry. For those who take the plunge and start their own company, the first few months will be an exciting time as your new organization starts to find its feet. While it's certainly a thrill, there are plenty of challenges that come with this approach. Although the number of businesses starting is outpacing the number shutting up shop, the country is still seeing over a quarter of a million closures every year according to the Australian Bureau of Statistics.

Electrical contracting is also one area where there is plenty of competition - including many other small businesses. Standing out in this crowded marketplace takes a bit of creative thinking, but it can also help to ensure your business lays down roots and moves past the startup phase. Drafting a business plan isn't something you learn as an apprentice, but it's one of the most important steps for any new electrical contractor to undertake.

There are a few things that need to go into every business plan, including:
A summary of your business - This should cover how your business is structured, what registrations you have and any staff you are taking on or plan to hire in the future.
Information on your market - How many potential clients are there in your area? Are they increasing in number or decreasing? Who are your competitors? The answers to these questions and any others that relate to securing new work will go into this section.

Future goals - This will cover how your business is going to grow and your expansion plans. This might involve spotting new opportunities, around smart technologies for example, or whether you want to open a second branch in another part of town.

Finances - This section of your business plan will lay out your ongoing costs, forecasted revenue and details of any financing required to start out your business. You can update this section as your company grows and your cash flow improves.

These are just some of the points that will go into a new electrical contracting company's business plan. It's equally important that you write this document to reflect your personal ambitions and the specifics of your electrical business. Attracting sales through your marketing efforts is a good start, but moving past the startup stage also requires keeping customers with your business over the long-term.

This can sometimes be hard for an electrician - after all most home owners aren't going to be rewiring their kitchen regularly. However, that doesn't mean it isn't possible to turn a one-off job into a regular source of work for your company. Think about starting an email database of clients who you can reach out to after you have finished working on a project to drum up new business. Also, make sure you and your staff are keeping an eye out for further work that a client needs doing around their property.

This doesn't call for any pushy sales techniques, just focus on solving any issues you see that might be affecting your clients - like becoming more energy efficient or upgrading out-of-date equipment.

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All organizations are made up of group of capabilities that are coming from People, Processes and Systems. These capabilities are working together in a seamless manner to deliver the requisite capabilities to the customer. The various capabilities that need to be addressed in a electrical business plan are given below:

People

A typical Electrical is headed by a Chief Executive Officer or an Owner. The other important roles are Manager, Apprentice Industrial Electrician, Electrical Repairer, Mine Electrician, Marine Electrician, etc.

Process

Understanding, Sales Action, Environmental Clean Up, Government Land Monitor, etc.

Systems

Owned or leased office space, computers, Power Drills, Voltage Detector, Labeling Machines, Security Camera, etc.

Most of the businesses have professional bodies across the globe and being associated with these organizations tremendously helps in understanding the current trends in business. Some of the professional bodies are listed below for your reference:

National Electrical Contractors Association
3 Bethesda Metro Center, Suite 1100 Bethesda, MD 20814

Electrical Distributors Association
Lincoln House, 137-143 Hammersmith Road, London, W14 0QL, United Kingdom

Canadian Electrical Contractors Association (CECA)
41 Maple St, Uxbridge, ON, L9P 1C8

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