Once you’ve got your qualifications and experience in plumbing, it can be a great idea to set up your own business. However, before you do, it’s important to do as much research as possible.
Any type of business takes time, money and effort to set up. However, plumbing businesses are required to meet numerous legal requirements, which can make it even more difficult for those with limited knowledge on the regulations involved to get into the business. If you’re thinking of starting your own plumbing company, below you’ll discover some of the main things to think about.
Experience is a must, but mistakes can happen
Obviously, you need experience before you can start up your own plumbing business. However, your experience is also going to need to be backed up by insurance.
Even the most qualified and experienced plumbers can make mistakes and without adequate insurance, it could cost you your company. So, what insurance should you invest in? Well, firstly you’re going to need Public Liability Insurance.
This type of insurance is a must for businesses which deal with the public. It basically protects you and your company in case anything goes wrong. If the customer is injured due to something you did wrong, you could find yourself having to pay compensation and having to go through a potentially costly court case. Not only would this drastically drain your budget, but your reputation would also take a huge hit. So, ensuring you’re protected with a reliable insurer such as Trade Direct Insurance Service Ltd, is vital.
The financial considerations
Making sure you fully understand the financial side of setting up a plumbing business is also important. As well as tools and equipment, it’s worth looking into paying to join a trade membership scheme. Being a member of a specialised organisation will really help boost your reputation and give you credibility. You’ll also be able to use the logo, which makes you appear more professional.
Understand the legal requirements
As well as Public Liability Insurance, there’s a few other legal requirements you’ll want to ensure you follow. For example, you’ll need to familiarise yourself with water, gas and building regulations. If you’ll be working on gas appliances, you’ll need to be a member of the Gas Safe Register.
One thing you may not have considered is the safety of your equipment. Did you know that every couple of years your electrical equipment needs to be checked over by a qualified electrician for example? This is referred to as Portable Appliance Testing and will ensure you aren’t putting yourself or your customers in danger.
Thinking of hiring employees to work alongside you? If so, you’ll also need employer’s liability insurance. These are just some of the main legal requirements you need to follow. If you’re in any doubt over what is expected of you prior to setting up the business, contact your local council. They’ll be able to advise you of everything you’ll need to do to ensure the business is legal.
Overall, setting up a plumbing business does require a lot of research and preparation. It’s also pretty costly compared to setting up some other types of businesses. Making sure you have the right insurance and you’ve researched into the legal aspects should be your main priorities. If you take the time to find out everything there is to know and you invest in top quality equipment, you’re more likely to run a successful and lucrative plumbing business.