Congratulations on Passing Your Electrical Exam!
By: Dave Varga | Jun 02, 2021
Yes, a big congratulations is in order. Your many years of field experience and your dedication to exam preparation have enabled you to pass your test. Your dream of financial freedom by owning your own electrical business is about to get started. Before you mortgage the family’s home and begin 60-hour work weeks, let’s look at the pros and cons of becoming a business owner, as well as some of the other options out there.
Electrical Contractor/Business Owner
Starting and running a new electrical contracting business is tough! Being in the field and managing your electrical projects comes naturally, and you are a talented electrical leader. However, let’s not forget, after a ten-hour workday comes your new office job. It’s time to take care of payroll, taxes, accounts payable, accounts receivable, advertising and marketing, buying, and other project management tasks. These behind-the-scenes tasks are crucial, time-consuming, and may not be fun for the average electrician turned business owner.
As a great electrician, you know the importance of hiring good field people. Your plan is to find some good electricians to help make your life easier. As the company Human Resource manager, it’s time to come up with a plan on how to find good people and keep them. You will soon find that the best people look for the most money, and require benefits such as paid health care, paid holidays, and even pension options. What do you have to offer?
After just a brief time in business, you are swamped with work and working six or seven days a week. Then, one day, you divide your net income by hours worked and realize you are making a lot less than you used to, and you have much less family time. How long can you work like this? While owning your own business can lead to many years of success, it’s important to consider all the factors of owning your own business.
If starting a new electrical business on your own scares you, there is another possibility. That possibility is an electrical business franchise (electrical service and repair). While this option will cost you more money upfront, you are not alone in your new venture. The franchisor is there with you every step of the way, guiding you towards success. There is usually a sizable portion of money that you must invest to buy a territory or county. The franchisor can even finance you if needed, and as a franchisee, you will pay royalties each week. The franchisors have all the proven systems in place to guide you, along with pricing, hiring, payroll, taxes, business growth, personal growth, and much more. The franchise business model is designed to have the business owner working on the business and not in the business, meaning, you shouldn’t be working with your tools any longer. This business model is built around some of the most profitable electrical work, and that is residential electrical service and repair. On day one, you could be working with a recognizable name and logo. Teaming up with a national company could open doors to other larger, known national customers, and possibly even attract some of the electricians you are looking for. Whether you start your own company from scratch or buy an electrical franchise, be ready to spend some money and put in a lot of working hours!
Electrical Qualifier (License Holder)
If mortgaging the family home and working more hours doesn’t sound like the right fit for you, there is another possibility. These days, there are many options to become an electrical qualifier (license holder) for a company. Being an electrical qualifier for a company is one of the most important roles at a company. This position must pay a good salary and benefits due to supply and demand alone. As the qualifier, you will have an active role in the company which could include time in the office and time in the field. The position is usually customized around your needs and desires since it is a difficult position to fill. These days, it’s quite common for mechanical and/or plumbing companies to add electrical contracting to their business model. Solar companies are usually looking for qualifiers, too. Even big-box home improvement stores have qualifying positions available, as a primary, or even secondary, license holder. Being an employee license holder has less risk financially, and it pays a higher salary than working in the field with your tools. There are many lucrative opportunities available for the electrical license holder.
If you don’t have an electrical license, it’s time to get moving. Start preparing today for your exam. Whether you are years away or just months away from gaining the knowledge you need to pass the state electrical exam, start now. Begin your preparation with JADE Learning.
If you already have an electrical license, make sure you are using it in the best way possible to support you and your family. Visit www.jadelearning.com to find out more about electrical license renewal courses.