Make a fortune in the plumbing business

Plumbing is an essential aspect of a building, which consists of installing or repairing pipes and fittings in such a way that water is easily used and waste is disposed of.

The plumbing space is so large that you can specialize in different areas. You can be a residential or industrial plumber. One can also work on areas such as central heating, water recycling systems and oil and gas appliances.

Coaching

People don’t hire unqualified plumbers. For you to be in this business, you need to acquire knowledge, either by enrolling in institutions that will give you that knowledge or by taking on a role as an apprentice. With the right qualifications, one can render more services and ultimately earn more money.

To get started, become an apprentice in a plumbing company. It can take anywhere from six months to several years, depending on how fast you can learn. Alternatively, you can take online courses or enroll in community colleges or vocational schools.

Plumbing service can only be done by professionals and the way to become a professional is to train.

Equipment

Depending on the niche you want to cover, these are the basic materials that are needed. They include: pipes and fittings, buckets to store fittings, pipe wrenches, reciprocating saw, circular saw, right angle drill, cordless screwdriver, propane torch, plastic pipe cutter cast iron, extension cords, pipe dope/teflon tape and trucks.

Start-up capital

Starting a business is not cheap and will require money. As a plumber, your main cost will likely be investing in equipment. It depends on the type of market you want to serve, as cheap tools are unreliable and will deteriorate much faster than higher quality ones.

Your start-up capital should cover office setup, labor costs, registration, licenses, equipment, marketing, and any other logistics.

If you cannot afford to start this business, you can attract investors with your business plan. Additionally, you can apply for loans from financial institutions or seek out business partners who can fund the business while you contribute your expertise.

Therefore, you will need a minimum of 1 million naira to get started.

Profitability

According to Akinola Oshodi, a plumber, the plumbing business is profitable just as the global plumbing industry is expected to grow to over $120 billion by 2023. He says the industry is equally lucrative in Nigeria, as an average plumber can earn up to 1 million naira. , more or less, depending on the frequency of work.

Challenges

One of the challenges in this sector is price volatility and poor valuation of materials. Another is the difficulty in retaining customers. When the customer is unhappy with the work done, the likelihood of hiring another plumbing company is higher. This makes customer retention a huge challenge for plumbing companies.

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