Business Strategy

Strategic planning is a process. It helps you to document and establish a direction for your small business. Strategic planning allows you to define your business's mission, vision, and values. A well-formulated business strategy can play an essential role in your company's growth and eventual success as it tells you and your employees how to respond to challenges and opportunities.
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Profitable Electrical Business Specialties

Business Strategy

One of the many ways to have a successful and profitable electrical business is to engage in profitable electrical business specialties as well as your core electrical business. All electrical specialties require licensed and specialized members of the building trades to guarantee the smooth operation of the electrical system. Electricians make sure that the lights stay on, equipment operates, appliances do what they are meant to do, and that homes and offices can utilize the power from the electric grid to do what has to be done. Electricians fill a critical niche in the infrastructure of every city, state, and the nation. Besides general electrical contracting and repair work, electricians fill multiple niches that can add reliable profits for an electrical business. Owners of electrical businesses need not only to do their own work but also supervise the work of others, including in electrical specialties.

Profitable Electrical Business Specialties

The most common brand of electrician is the residential or domestic electrician. This is what so many electrical businesses do, but which they do not need to limit themselves to. The skills of reading electrical diagrams and technical blueprints, installing and maintaining wiring as well as lighting and electrical systems can be built upon and used for profitable electrical business specialties as well. Commercial electrical work uses the same skills as residential work but involves work on larger projects, may require a few extra skills, and generally requires more hours of apprenticeship training. Because the jobs are bigger, commercial work involves teams of electricians and the skill to organize and lead them.

Maintenance Electrical Work

Although large facilities such as plants and factories generally hire their own electricians this is not always the case. An electrical business can also provide the skilled technicians for these jobs as well. Because they often require the ability to maintain a large power grid and critical systems, these jobs generally require specialty training. Much of the work involves maintaining electronics systems in order to avoid breakdowns as opposed to waiting for a phone call saying that something has gone wrong. As such, when you provide specialists for this sort of work they are usually in dedicated positions and only doing their assigned work instead of being part of your normal work crew. An additional skill for this job is the ability to work with programmable logic functions for machinery. This can be a very profitable electronic business specialty to add to your company.

Electrotechnical Panel Builder

Electricians working in this specialty niche set up and manage electronic panels for HVAC systems and similar setups. Training includes learning programmable logic controls and information technology for assembling and wiring control boxes for HVAC systems or industrial machines. In addition, this specialty requires the ability to read panel layout blueprints and related electrical schematics. It can be one of the most profitable electrical business specialties.

Electrical Machine Repair Technician

These electricians typically work in industry and are responsible for transformer, compressor, pump, and fan repairs. An additional task is to wind and reconnect coils or rewind single-phase induction low power machines. This niche always requires skilled workers and can be a profitable specialty niche for an electrical business.

Electricians for Highway Systems

While this job is usually held by an employee of the highway system that does not always need to be the case. The job involves installation and maintenance of road systems such as traffic lights, lighting on the roadway, and the ITS system. Electricians doing this work need to be familiar with government standards as well as skilled at doing the job. If this sort of job is available for a private company to bid on, it can be a profitable niche. The work is generally done by young to middle-aged workers as it involved exposure to the elements and working at heights as much as 70 feet.

Electrical Instrumentation Technician

This job involves repairs, diagnosis, and testing of controls for air conditioning, heating, refrigeration, and other building systems. Training includes knowledge of sensors, transmission systems, and control devices. This job often involves quality control for manufactured products as well as safety of personnel. Like many other electrical sub-specialties, this one can pay well and provide a steady income stream for your electrical business.

Low Voltage Electrician

This job is similar to commercial and residential work but involves low voltage systems like land-line phones, closed circuit TV systems, fiber optic networks, LAN and WAN networks, security and fire alarms, and internet systems. This is a nice, profitable niche that starts with basic electrical business skills. A subset of this specialty is a fire alarm and security system installer. This can be a profitable niche specialty for your electrical business.

Solar Technician

As more and more energy is derived from solar panels, solar technicians will be in increasing demand over the years and one of the profitable electrical business specialties. These electricians make sure that a solar system is wired properly and working at full capacity. The job also involves maintaining and replacing pumps and fans. As technology advances, workers in this niche can take advantage of changes in technology to stay at the top of their field

Wind Turbine Electrician

These folks are also referred to as wind techs. They assemble, wire, and maintain wind turbines. Because these jobs often require travel to remote areas, the crew will be dedicated to their work and not available for your base operations. These can be lucrative contracts and a profitable niche.

Choosing Electrical Specialties to Add to Your Business

There are two aspects to adding specialties to your electrical business. One is simply is there is enough work to be worth the effort. The other is multi-faceted as it has to do with profitability. Here is where having the advice of an experienced accountant like Exigo Business Solutions in the Kansas City area is important. Using intelligent business tools we can help you cost-account the addition of any given specialty to your electrical business. How much of your time will it take? How much will it cost? And, what will be the return on investment? For help with deciding if you should specialize in your electrical business or simply to outsource your bookkeeping, contact us at Exigo Business Solutions in the Kansas City area.

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Small Business

Running a small business can be very rewarding and profitable. And, running a small business can be difficult as you deal with all of the details. In our Small Business section our aim is to help you put things in perspective, learn to do the most important things first, and find the hidden costs that sap your profits and your strength. Small business sales can be strong but your small business profits may not be. Read our articles in this section for help in avoiding small business pitfalls and realizing growing profits.
Profit First helps you experience profit.

Business Strategy

Strategic planning is a process. It helps you to document and establish a direction for your small business. Strategic planning allows you to define your business's mission, vision, and values. A well-formulated business strategy can play an essential role in your company's growth and eventual success as it tells you and your employees how to respond to challenges and opportunities.
Ronald B. Allen
CEO, Profit First Professional, Fix This Next Founding Advisor
Principle of an accounting firm that’s committed to educating business owners on their financial health, providing a trans-formative strategy and helping them experience their profit!