Plumbing businesses can be lucrative, but often proprietors don’t know how to maximize their profits. Even if you spend a lot of time working on your craft and learning as much as you can, there are other factors such as poor marketing and bad time management that can prevent you from making as much money as you could.
If you’re interested in increasing your cash flow, there are a few easy steps you can take to quickly improve your profitability. By analyzing where your money is being spent and by investing in marketing efforts, you can quickly turn a stagnant business into a thriving one.
Consider Hiring a Business Manager
Running a business is difficult, and if you’re doing all of the plumbing work yourself, it might be difficult to also spend the necessary time to grow your operation. If you hire a professional business manager to design a marketing plan—someone who can look at your company from a bird’s eye view and make the necessary adjustments—you can cut down on wasted time and energy.
Many plumbers finish a job and leave the site. They are missing an important opportunity. On the way out, don’t be afraid to kindly ask your clients to tell their friends about your business. If you don’t take this important step, you might be missing out on an opportunity to grow your client list. Even if a customer is happy with the job you’ve done, they might not think to recommend you to their friends. They will continue on with their lives only to contact you again when they need work done.
Use Tech Tools
If you decide that hiring a business manager might not be feasible, there are other tech options available that can help you run your business. Plumbing scheduling software can help you time your appointments and use your available resources in the most efficient way. The benefits of these tech tools are numerous, and they essentially become electronic personal assistants that help you run your business.
If you’re wondering why you aren’t making more money, but you also haven’t changed your business approach, it might be a sign that you need an attitude adjustment. Many plumbers, once they’ve acquired a few stable clients, will simply continue working the jobs that they’ve already secured and not seek out new clients.
If you want your business to grow, you need to be proactive. The only way to make more money doing your job is by actively seeking out new revenue streams and tightening up the way you conduct your business. If you’re too comfortable with the way things are, you won’t be able to make the necessary changes that push your business to the next level.
Use Social Media
Social media has become the number one tool for businesses that are looking to expand their reach. By using social media, you can interact with potential clients who would have not otherwise heard about your plumbing services. For relatively low costs, you can buy sponsored posts, which will advertise your services to people who wouldn’t have found you on their own.
If you want to grow your business without spending a lot of money on expensive marketing efforts, social media is your tool. Spread the word and let people know about jobs that you’ve completed, and ask satisfied clients to post about your work.
When clients call you, they are often stressed out about a pluming malfunction in their home or business. When you receive these calls, try to be understanding—even though you see these situations every day—and make the client feel like they are understood. By creating an empathetic experience for the client, you become more endearing and they will be more inclined to hire you again. The goal here is not to manipulate but to be genuinely thoughtful and considerate of your clients’ situation.
By embracing these tips, it’s possible to grow your business rather quickly. However, it will require hard work and won’t be achieved by simply wishing for the best. You must take action and avoid complacency, but if you do, you will quickly watch your profitability rise.