Owning a business is a great accomplishment in the American marketplace. Many successful businesses are found in the home repair industry, such as plumbing installation and repair. Properly understanding the risks of this industry will help you maintain a strong business.
- A major risk in business is failing to charge customers accurately for the work that is completed. Many business owners may not be comfortable charging customers what their services are worth, which limits their income.
- Because most plumbing products are petroleum-based, product costs may vary widely based on oil prices. Also, smaller businesses may not be able to command volume discounts from suppliers, which increases their costs.
- Most home improvement industry businesses are required to carry liability insurance and a guaranty by bond. This ensures that work site accidents or injuries are not 100 percent owed by the business owner.
- Because plumbing is a specialized industry, finding educated and experienced employees may be difficult for a business owner. An inadequate labor force may limit the number of jobs a plumbing company can secure.
- Competitors are always a concern in business ownership. The number of competitors and quality of their operations should be reviewed to determine if a niche market is available or if the market demand is being met by current suppliers.
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