As a beginner plumber, there is a point when you start to wonder how you can better yourself as a professional in plumbing. You begin to wonder about the possibility of becoming a plumbing business owner. One predominant question to ponder over is the salary of a plumbing business owner.
According to ZipRecruiter, plumbing business owners earn about $63,215 per year. The annual high set is $261,500, and the annual low set is $14,000.
Aside from the potential salary range, there are other questions you must ask before becoming a plumbing business owner. Like, what should you expect? What are the benefits other than the paycheck? Are there any challenges or drawbacks? In this article, I will answer all the above-mentioned and related questions. So, let’s dive right into it.
Plumbing business owner salary
According to IBISWorld, there are 113,185 Plumbers businesses in the USA as of 2022. This statistic shows a 0.8% increase since 2021, implying that more and more people realize just how much they can earn as a plumbing business owner.
As of November 2023, the average annual salary for plumbing business owners in the United States is $63,215 annually. They earn $30 an hour, equivalent to $1,215 per week or $5,257 monthly.
That said, you must consider if being a plumbing business owner is the right fit for you before you venture in. In the next section, I will outline the advantages of being a plumbing business owner.
Advantages of being a plumbing business owner
1. You are in complete control of your revenue
As a business owner, you control how many jobs you want. That means you do not have to be limited to the jobs or assignments your boss normally assigns you. It implies that you will also control how much you charge for each job.
2. Customer attraction
As a new plumbing business owner, you can also represent your business in the best way you see fit. This will automatically influence your customer base and also impact your earnings.
3. Independent work schedule
As the business owner, you are automatically your boss. That means you decide when you turn in for work, when you close, or when you want to take time off for yourself.
4. Room for expansion
Unlike working under a boss with limited assignments, you have more as the owner. This means you can always hire more hands to help out. You also venture into new fields of experience to get more appeal from the market.
What are the challenges new plumbing business owners face?
Like every other profession, there are challenges that you are bound to face. As a new owner in the plumbing profession, below are some challenges.
1. Retaining customers
As a plumber, your ability to retain customers depends not only on customer service. Your ability to retain a customer also depends on their satisfaction level. Customers are likely to move on to another plumbing business if unsatisfied.
Another factor that might affect your ability to retain customers is hidden charges. Most new business owners will lure customers in with discount prizes at first. Along the line, the customer notices hidden charges after the job. This is offputting and can hinder the ability to retain customers.
2. Changing and fluctuating prices
As a business owner, you also have to consider the price of materials. Not only do you have to consider the cost of materials, but you also include shipping fees in getting them or transportation.
While considering these prices, you must still factor in the profit you are making. It becomes a challenge to balance the prizes and your profit while keeping your service’s charges decent enough to match competitors.
3. The job is demanding
Being your own boss sometimes takes a toll on you because the job itself can be very demanding. You will readily have to make yourself available for customers, especially when the business is a the starting phase. Even if you are not physically available, you have to be ready to take a lot of calls from customers who have questions or requests.
FAQs
How many businesses are there in the plumbing industry in the US?
As of 2022, there are 113,185 Plumbers businesses in the United States.
Has the number of plumbing businesses grown or declined over the past five years?
According to IBISWorld, plumbing businesses have grown by 0.6% in the last five years.
Which states have the highest number of plumbing businesses in the United States?
California has 13,771 plumbing businesses, which is the highest amount recorded in a state in the US.
Do you have to be a master plumber to own a plumbing business?
Yes, you will be required to have a master plumbing certificate before you can start a plumbing business.
Conclusion: Is being a plumbing business owner worth it?
The plumbing industry is growing yearly, and owning your business can be financially rewarding. That said, you must also be aware that as beneficial as it is, you are bound to face challenges. Common challenges are getting and maintaining customers and keeping profits high while prices fluctuate. However, if you can overcome these challenges, you will soon realize that becoming a plumbing business owner is an excellent investment.
I hope this article was helpful. Before you go, visit Samkinsconstructions for more articles that may be helpful to you.