If you’re handy and interested in a trade profession, plumbing is in high demand. You need to hone your craft and learn the skills to become a successful plumbing entrepreneur. But, striking out on your own is exciting and has large potential financial rewards.
A plumber just starting out can earn $18 to $25 an hour, or $37,000 to $52,000 a year, With more experience, this can grow by more than 40%. You’re going to need an apprenticeship, though. This involves on the job training and classroom study to get the required education, training, and experience.
With this new knowledge, you now decide you want to strike out on your own as a plumbing contractor. But, since plumbers earn a nice wage, you may worry about paying your workers. The good news is that you don’t have to pay the entire amount of your workers’ high wages out of your pocket. The Canadian government provides wage assistance programs to small businesses, including plumbing contractors. The federal government either pays you a grant or gives you a tax credit, but either way, it helps your business grow more quickly. Local governments could have assistance programs, too.
Of course, this doesn’t mean you don’t have to plan for down times just because plumbers are in high demand. The work is seasonal, and a bad economy could temporarily slow down your business. You should also prepare for the replacement of tools and equipment. It is a good idea to have savings set aside for these situations. As a small business owner, you can open a separate bank account, which makes it easier to set up your reserve and stick to a budget.
For those willing to work hard and learn their craft, plumbing offers a nice opportunity to be your own boss. It is a skill that is always needed, no matter the economic environment.