Electrical Contractor Business Plan Example

Electrical Contractor Business Plan

The population in Richmond is growing. More people means more construction, and more construction means a demand for skilled electricians.

Solution

Premiere Electric is a new electrical contracting firm started by Robin. It serves former Gardner and Miller customers and expands services to new customers in the tri-county area.

Market

The market for commercial electrical contracting services is crowded. Premiere Electric’s niche is its relationship with former Gardner and Miller customers, but this won’t be enough for growth in a competitive market. Robin focuses on data, communication, electrical installation, and maintenance to reduce competition to two large firms.

Competition

There are several electric contractors in Richmond, including Above Code Electric, Frazier Electrical, H.O. Feild Electric company, Prism Industries, and Langhorne Electric. They all have years of experience and reliable customer trust.

Why Us?

Premiere Electric’s mission is to offer the highest-quality electrical services. Robin provides personalized service, convenience, rapid service, and expertise in wireless voice and data systems. The company has strong vendor relationships for timely parts shipment.

Expectations

Currently, there is $100,000 worth of business with former Gardner and Miller customers. Robin plans to capture a lion’s share of it and hire more electricians as sales grow. Financing needed includes a $40,000 investment from Robin and a $22,000 long term loan.

Opportunity

The population growth in Richmond leads to increased new construction, which requires skilled electricians.

Problem & Solution

Premiere Electric’s focus is to meet the demands of former Gardner and Miller customers. The company estimates that 80% of revenues will come from old clientele and 20% from new referrals. Robin sees the future of the business in new referrals.

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Target Market

Factors contributing to building growth include regulation, demographics, and a strengthening U.S. economy. Labor shortages may impede growth, and alternative delivery methods are making projects viable. Commercial construction is expected to grow, especially in retail stores and malls, commercial warehouses, and multifamily housing.

Conclusion

Demographics and the strengthening U.S. economy are driving construction growth. Millennials are changing travel, hotel growth, and shopping habits. The multifamily housing sector remains strong. Boomers and the Affordable Care Act are driving healthcare construction. Urban-core areas with high rents are performing well. Builders can be optimistic about future growth.

Competition

Langhorne Electric is a direct competitor that focuses on electrical wiring upgrading for residential and commercial buildings.

Our Advantages

Robin’s reputation for quality work, excellent customer skills, and technical expertise in data retrieval and communication systems give Premiere Electric a competitive edge.

Keys to Success

Premiere Electric’s keys to success include expedient service, referral networks, expertise in data and communication systems, and rapid order and delivery of electrical components.

Execution

Marketing & Sales

Premiere Electric will focus on meeting the demands of former Gardner and Miller customers and gaining new referrals through social media and a well-trained sales team.

Operations

Premiere Electric provides consulting, design, field, and construction services for projects from concept to completion.

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