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How to diversify your business – electricians’s special!
With the rising cost of living, we’re all looking for ways to earn more. It turns out, diversifying your income is a savvy and achievable strategy for entrepreneurial electricians.
In this Article:
Establishing a new income stream is smart business
Research is needed before jumping in
Ask your customers for ideas!
Is business slow? Are you wondering how to make more money? Are customers freaking out about inflation and tightening their belts? Are you looking to earn a little extra to cover the rising cost of running a business or in the hope of one day getting off the tools?
Perhaps, regardless of the current financial climate, you have a yearning to use your skills in an out-of-the-tool-box kinda way.
Diversifying your revenue streams – aka doing new things to make money – is an exciting and achievable way to earn more cash and perhaps even breathe some new life into the career of a worn-out tradie.
From offering innovative services and reaching new customers to starting a sideline in marketing or podcasting, the options for branching out and earning more are virtually limitless.
How to make more money: Build on good customer relationships
Let’s be honest: thinking laterally about the skills and services you have to offer and contemplating a side hustle for extra cash aren’t exactly new – or rocket science. But in today’s volatile economy, this approach offers very clear benefits: more income and greater financial security.
Leveraging existing customer relationships can be a great place to start, explains Jason Loft, Managing Director at Protrade United, a business advisory and coaching service for the trades and construction industry.
“It takes time to build that trust with customers, but once you’ve got it, there’s an opportunity to provide more solutions and support them through their journey,” he says. “Instead of completing a set of downlights and wishing a customer all the best, being in a position to cross-sell and offer heating or electric vehicle charging solutions can be quite lucrative.”
How to make more money: Find your niche
Should you upskill in solar installation, start working with commercial builders or help other tradies with social media? Loft suggests focusing on your core strengths and interests, and honing in on a niche that’s just right for you.
“Think about what you’re good at and passionate about, and where you can add the most value,” he says.
“Becoming a specialist in an area means you’re more likely to be sought after for your services, versus someone who is more of a generalist.”
Loft says a customer survey can help to identify the types of services your loyal cohort are looking for.
“Connect with the customers that you’ve done business with, particularly over the last four to five years, and really get a feel for what they need,” he says.
“This factual information from the customer is critical.”
How to make more money: Do your due diligence
Before you launch headfirst into a new venture, a word or two of caution. Do your research – like, a lot of research – ahead of any big decisions or investments. Make sure your new venture or side business can coexist alongside your bread-and-butter electrical work.
“Ensure your operating expenses in your business are covered and your cash flow is taken care of first,” Loft says.
“The last thing you want is to drop the ball on consistent revenue in your business – in a market full of high inflation, it could be quite risky.”
Seriously considering, then seriously communicating, how your shiny new thing adds value to customers is also crucial. “How will the electrical product or service save the consumer time or money? It’s about really being able to articulate that,” Loft says.
“Just providing great customer service doesn’t cut it anymore.”
6 ideas for making more money |
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