If you are thinking about opening an electrical business, there is no better time than now. Electricians are in short supply around the world, making it a great time to start a new business. You can work at your own schedule, earn extra cash, and have more time for your family. If you are considering starting a new business, first understand why you want to open it, and then develop a plan that is focused on achieving those goals.

One of the most important things to do when starting an electrical business is to build a network. Your friends and family will likely know people who are in need of an electrician, which will help you get your business off the ground. In addition to relying on word of mouth, social media and advertising channels can also help you achieve exceptional growth.

Another crucial part of your business plan is your financial plan. You’ll need to include costs for equipment, vehicle, and working capital. In addition, your plan should detail your pricing, the number of jobs you plan to take on each day, and total costs and profits. Typical labor costs for electrical businesses are $90 to $140 per hour. However, you can earn as much as $240 per hour if you know the right way to price your services.

As with any business, you’ll need to determine what your target market is. The electrical industry is vast, and there are many different specialty areas that you can focus on. For example, a residential electrician could specialize in lighting and smart solutions for the home. Likewise, a commercial electrician might focus on a certain segment of the industry.