Starting an electrical business is not a guarantee that your business will grow and be profitable. According to the chamber of commerce statistics, 20% of small businesses do not survive their first year.
In the second year, the failure rate increases to 30%, and by the fifth year, only half of the new businesses survive.
The good news is that you can avoid some of the most common causes of new business failure by taking the right actions from the word go. If you have started or are planning to start a new business, here are four ways to help your business grow in 2022.
Ensure that your estimates are right
The process of pricing when bidding for jobs can make or break your electrical business. According to industry players, many electrical businesses fail because of failing to price their services correctly. Incorrect pricing can affect your business in two ways; over-pricing increases the risk of losing business to your customers, while underpricing runs the risk of incurring losses, which can result in business failure.
Most successful businesses invest in tools that help simplify pricing and eliminate estimate errors to avoid these problems. If you are facing challenges with your estimation and bidding process, this electrical bidding software from service titans can help you solve your pricing problems.
Get your website running.
When looking for services or products, the first-place modern customer heads to is the internet. Therefore, having a website makes a lot of sense if you want to succeed in today’s highly competitive market.
But having a website in itself is not enough. You will need to regularly post informative content on your website, which is critical at establishing you as an authority in your field.
You will also want to ensure that your site is optimized for local SEO. Optimization helps your site rank high in the search engine results, which means more clicks and business.
If you are not familiar with running a website, it would be best to outsource an expert to help. You don’t have to employ them full-time; you can agree on per-task contracts to help save you money.
Invest in pay per click advertising (PPC)
Having a fully locally optimized site and content is an excellent way to market your services. However, there is a better way of driving traffic to your site; PPC advertising.
This means paying to promote your content and ads on various search engines. When done right, PPC advertising can be a very effective lead generation option for your electrical business.
Nevertheless, this may only be an option if you have the budget for it. As its name suggests, the cost of a PPC campaign depends on the number of people clicking on your ads.
That is why you need to be careful with keywords to ensure that only the people who are most likely to make a purchase click on your ads to increase your ROI.
Master social media
The power of social media as a marketing platform is undeniable. According to statistics, 79% of Americans are on social media, up from 5% in 2005. This makes a social media presence a must-have for every electrical business entrepreneur.
Like your website, it is important to keep your social media handles up to date with valuable content to your target audience. It is important to note that a social media audience requires a speedy response to queries.
So, you may want to invest in social media management tools that allow for a speedy response to all social media requests.
There is a wide range of measures you can take to grow your electrical business. However, getting your estimates right, running a website, PPC advertising, and leveraging the power of social media, as highlighted above, can significantly help your business’s survival and growth.