What is the Hardest Part About Running an Electrical Business?
The hardest part of running an electrical business is rarely the electrical work. Most who start their own electrical business are confident in their ability to do that part of the job. But, there are so many other parts of running an electrical business that you just don’t have to deal with when you’re an employee. Which is the hardest for you will really depend on the kind of person you are and the skills that you bring to the business side of things. Here are some of the most common things owners struggle with.
Making the Time to Improve the Business
It’s an easy mistake to focus more on getting work done than thinking about your business’ processes and how to make it more efficient and more profitable. It is essential to set aside time to look at your business finances, learn about ways to improve it, and consider new tools that could help. Every second you spend on managing the business can save you a ton of time when it comes to actually doing the work.
Relying on Others for Certain Work
Often, electricians start out working on their own and then slowly bring on people to fill in gaps or help them expand. As your business gets larger, you need to let go of some aspects of your business that you used to monitor more closely. You may have staff who do most of the “real” electrical work, or staff who handle your supply runs, your customer calls, or other essential work you used to handle all on your own. Avoiding the temptation to micromanage can be tough, but allowing people to do more of the work for you frees you to focus on the work that only you can do.
Hiring and Firing
For some, hiring and firing others is tough, emotional work. When you’re hiring, you may be plagued with the idea that you’re making the wrong choice. When firing, you may worry about the impact your decision has on the person’s life. If this is you, you should try to choose contractors or outside services to fill your roles first (like accounting firms and call answering services) and invest in a dedicated HR person as soon as you can.
Knowing Whose Advice to Take
You might have a business coach, former colleagues from other electrical companies, a partner, family, and employees all trying to give you advice about your business. Whose advice should you take? Sometimes people offer great solutions, but sometimes only you understand what is best for the business. It’s important to maintain a strong direction and sense of self, or you’ll wind up feeling a lot of anxiety over every little decision.
Balancing Your Work and Your Life
Owning a business is very time-consuming and, if you’re not careful, can take up your whole life. But, if you’re always working, you’re burnt out, and things tend to take longer, adding to the problem. It is essential to take the time to recharge for your personal enjoyment and for the success of your electrical business.