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Electrical Engineering Business Plans Samples For Students

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Do you feel the need to examine some previously written Business Plans on Electrical Engineering before you start writing an own piece? In this free collection of Electrical Engineering Business Plan examples, you are provided with a thrilling opportunity to explore meaningful topics, content structuring techniques, text flow, formatting styles, and other academically acclaimed writing practices. Applying them while crafting your own Electrical Engineering Business Plan will definitely allow you to complete the piece faster.

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Electrical Contractor Business Plan Template

Written by Dave Lavinsky

Electrical Contractor Business Plan

Over the past 20+ years, we have helped over 1,000 entrepreneurs and business owners create business plans to start and grow their electrical contracting businesses. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through an electrical contractor business plan template step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What is an Electrical Contractor Business Plan?

A business plan provides a snapshot of your electrical contractor business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for an Electrical Contracting Business

If you’re looking to start an electrical contractor business, or grow your existing electrical contractor business, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your electrical contractor business in order to improve your chances of success. Your electrical contracting business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Electrical Contractor Businesses

With regards to funding, the main sources of funding for an electrical contractor business are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the electrical contractor will not only want to confirm that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for electrical contractor businesses.

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How to write a business plan for an electrical contracting business.

If you want to start an electrical contracting business or expand your current one, you need a business plan. Below are the details for each section of your electrical contractor business plan template:

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of electrical contractor business you are operating and its status. For example, are you a start-up, do you have an electrical contractor business that you would like to grow, or are you operating a chain of electrical contractor businesses?

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the electrical contractor industry. Discuss the type of electrical contractor business you are operating. Detail your direct competitors. Give an overview of your target market. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.  

Company Analysis

In your company analysis, you will detail the type of electrical contractor business you are operating.

For example, you might operate one of the following types of electrical contractor businesses:

• Commercial Electrical Contractor : this type of electrical contractor business will focus on developing outdoor spaces such as college campuses, parks, gardens and more.
• Residential Electrical Contractor: this type of electrical contractor business collaborates with homeowners to design and/or install electrical and electronic systems.
• Industrial Electrical Contractor: this type of electrical contractor business works on large projects for manufacturers or warehouse facilities.

In addition to explaining the type of electrical contractor business you will operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to question such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of customers served, number of positive reviews etc.
• Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the electrical contractor industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the electrical contractor industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your strategy, particularly if your research identifies market trends.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your electrical contractor business plan:

• How big is the electrical contractor industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential market for your electrical contractor business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your electrical contractor business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: homeowners, businesses, general contractors, developers, etc.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of electrical contractor business you operate. Clearly, a homeowner would respond to different marketing promotions than a local government, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve. Because most electrical contractor businesses primarily serve customers living in their same city or town, such demographic information is easy to find on government websites.

Psychographic profiles explain the wants and needs of your target audience. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other electrical contractor businesses.

Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes in-house electricians and homeowners who do minor electrical work themselves. You need to mention such competition as well.

With regards to direct competition, you want to describe the other electrical contractor businesses with which you compete. Most likely, your direct competitors will be electrical contractors located very close to your location.

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

• What types of customers do they serve?
• What types of projects do they specialize in?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide a wider array of services?
• Will you provide special discounts or perks for returning customers?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For an electrical contractor business plan, your marketing plan should include the following:

Product : In the product section, you should reiterate the type of electrical contracting business that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to installing traditional electrical systems, will you also install smart home control systems or fire and security systems?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the services you offer and their prices.

Place : Place refers to the location of your electrical contractor company. Document your location and mention how the location will impact your success. For example, is your electrical contractor business located in a growing community with a booming construction sector, etc.  Discuss how your location might be the ideal location for your customers.

Promotions : The final part of your electrical contractor marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

• Advertising in local papers and magazines
• Reaching out to local websites
• Social media marketing
• Local radio advertising

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your business operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your electrical contractor business, including marketing your business, working on current projects, prepare for upcoming projects, and overseeing the entire project.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to install your 500 th electrical system, or when you hope to reach $X in revenue. It could also be when you expect to expand your electrical contractor business to a new city.  

Management Team

To demonstrate your electrical contractor business’ ability to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally you and/or your team members have direct experience in managing electrical contractor businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in overseeing construction projects or successfully running their own electrical contractor businesses.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.

Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you work on 1 project at a time or will you oversee multiple projects at any given time? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets : Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your electrical contractor business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing an electrical contractor business:

• Cost of equipment and supplies
• Payroll or salaries paid to staff
• Business insurance
• Taxes and permits
• Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your office location lease or contracts for upcoming projects.  

Putting together a business plan for your electrical contractor business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the electrical contractor industry, your competition, and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful electrical contractor business.  

Electrical Contracting Business Plan FAQs

What is the easiest way to complete my electrical contractor business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily complete your Electrical Contractor Business Plan.

What is the Goal of a Business Plan's Executive Summary?

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of electrical contractor business you are operating and the status; for example, are you a startup, do you have an electrical contractor business that you would like to grow, or are you operating a chain of electrical contractor businesses?

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How to Write a Business Plan for a Electrical Contractor

• September 14, 2022
• Small Businesses

Whether you’re looking to raise funding from private investors or to get a loan from a bank (like a SBA loan) for your electrical contractor company, you will need to prepare a solid business plan.

In this article we go through, step-by-step, all the different sections you need in the business plan of your electrical contractor business. Use this template to create a complete, clear and solid business plan that get you funded.

1. Electrical Business Executive Summary

The executive summary of a business plan gives a sneak peek of the information about your business plan to lenders and/or investors.

If the information you provide here is not concise, informative, and scannable, potential lenders and investors will lose interest.

Though the executive summary is the first and the most important section, it should normally be the last section you write because it will have the summary of different sections included in the entire plan.

Why do you need a business plan for an electrical business?

The purpose of a business plan is to secure funding through one of the following channels:

• Obtain bank financing or secure a loan from other lenders (such as a SBA loan )
• Obtain private investments from investment funds, angel investors, etc.
• Obtain a public or a private grant

How to write an executive summary for an electrical business?

Provide a precise and high-level summary of every section that you have included in the business plan of your electrical business. The information and the data you include in this segment should grab the attention of potential investors and lenders immediately.

Also make sure that the executive summary doesn’t exceed 2 pages in total: it’s supposed to be a summary for investors and lenders who don’t have time to scroll through 40-50 pages, so keep it short and brief.

The executive summary usually consists of 5 major sub-sections:

• Business overview : start by introducing your proposed electrical contracting firm, where it is located, the services you will offer, and the pricing strategy you want to implement. Mention what sets you apart from other businesses. For example, you may be a master electrician with a decade of experience in designing electrical systems.
• Market analysis : summarise the market where you will operate and provide a brief about your target market , target audience, spending capability, etc. Also give certain data points about the electrical contractor business industry in the area where you want to operate (size and growth), as well as an overview of the main competitors, etc.
• People : introduce your electrical business’ management and employee structure. Provide a brief (no more than a couple of sentences each) of the knowledge and experience of the team. Also, mention how the company will be structured (management roles and reporting lines)
• Financial plan: how much profit and revenue do you expect in the next 5 years? When will you reach the break-even point and start making profits? You can include here a chart with your key financials (revenue, gross profit, net profit )
• Funding ask : what loan/investment/grant are you seeking? How much do you need? How long will this last?

2. Electrical Business Overview

In this segment of the business plan, you will provide details about your proposed electrical contracting firm.

You must answer here some important questions that potential investors and lenders often ask about your business and operations. Here are some examples of questions you must answer:

• What is the rationale behind your opening an electrical contractor business today?
• In which location will you operate and why?
• What type of services will you offer?
• Are there specific types of services and/or industries that you specialize in?
• What will be your pricing strategy and why?
• What will be the legal structure of your company?

a) History of the Project

Any business overview must start with explaining the history of the project. There are 2 components here:

• Passion & experience of the business owner
• Rationale behind starting an electrical business today

Passion & experience

You must display your passion while at the same time, you must also showcase your experience. For instance, you may have 10 years of journeyman experience, or you may be a master electrician with the ability to design ground-breaking electrical systems.

Is there a certain problem (or perhaps, a set of problems) that your electrical contracting firm will try to solve when it comes into existence?

For example, there may be a steady increase in demand for commercial electrical contracting firms but there are only a few unorganized service providers incapable of efficiently handling commercial contracts.

The rationale behind your project must be backed up by a thorough analysis of the industry in the area where you plan to open your electrical contractor business. This is what we will cover under Market Overview further below.

b) Business Model

This section of the Business Overview should explain the model you want to adopt for your electrical contractor business. For example:

• Which target audience segment you will focus on and why?
• Is there enough demand for that segment in your focus area?
• What type of services you will offer?

What are the different types of e lectrical contractor companies?

You may choose one of the following:

• Residential Electrical Contractors: They usually collaborate with homeowners to design or install electrical systems
• Commercial Electrical Contractors : They usually focus on commercial and outdoor spaces like malls, shops, college campuses, gardens, parks, etc.
• Industrial Electrical Contractors : They usually focus on larger products like industrial manufacturing areas, warehouses, etc.

No matter what you select, you must ensure that there is enough demand for the type of electrical contracting firm you want to open and the range of services you will offer.

c) Services

The services you offer will depend on the type of customers you will serve and also on the skills you have. Provide a quick list of the major services that you will offer. Some services may include things like:

• Exterior and interior lighting
• Installation of safety systems & electronic appliances
• Electrical wiring and transmission line installation
• Repairs & upgrades, etc.

d) Pricing Strategy

This is where you will provide an overview of your pricing strategy. For instance, you may charge higher than your competitors because you may have a team of highly experienced electricians and also because you use high-quality wires and other materials than your competitors.

Similarly, you may decide to charge lower than your competitors because of the bulk purchase of products like wires, switches, etc., which allows you to bring down the cost of your services.

Whatever the case is, explain your pricing strategy and the logic behind it.

Pricing table

While it may not be possible to provide a proper pricing table for all services that you will offer, it is still a great idea to provide a table that gives an overview of your pricing structure.

Providing individual pricing for all services may not be possible, however, you may provide a range. For example:

• Smart systems installation: $75 to $150 per hour (depending on the system and area)
• Repair and upgrades: $80 to $120 per hour

However, don’t go into extreme details because potential investors are not interested in the nitty-gritty of your pricing. They just need the big picture to assess the profitability, because they will tie your pricing strategy with your financial projections later on.

e) Company Legal Structure

Finally, your business overview section should specify what type of business structure you want. Is this a corporation or a partnership (LLC)? Who are the investors? How much equity percentage do they own? Is there a Board of Directors? If so, whom? Do they have experience in the industry?

3. Electrical Business Market Overview

A complete understanding of the market where you want to operate is important for the success of your business. That’s also something you must showcase in your business plan.

For example, if there is a high demand for residential and commercial electrical contractors but you want to focus on industrial customers despite a very small market size , it may not be a great business decision.

Therefore, you must cover here 3 important areas:

• Market size & growth : how big is the electrical contractor business industry in your area? What is its growth rate (or decline rate) and what are the factors contributing to its growth or decline?
• Competition overview : how many competitors are there? What type of customers do they serve? What type of projects do they specialize in? How do they compare vs. your business? How can you differentiate yourself from them?
• Customer analysis : who is your target audience? How frequently do they require electrical contractor services? What is their yearly spending on electrical contractor services?

a) Electrical Contractor Industry Size & Growth

How big is the electrical contractor industry in the us.

In 2021 there were over 70,000 electrical contracting firms in the US employing about 650,000 electrical workers.

As per the National Electrical Contractors Association (NECA) the industry is worth $202 billion: that’s an average annual turnover of $2,800,000 per company! 

Also, the vast majority of electrical contractors are small businesses: over 80% of all businesses had less than 10 employees.

How big is the electrical contractor industry in your area?

After getting a clear picture of the electrical contractor business industry in the US as a whole, narrow down to your location. It’s very likely that you won’t find the number anywhere (at least not for free).

In that case, you can use our guide to estimate the TAM, SAM, and SOM for your business. Here is an example of how to do it:

We already know that the average annual turnover for electrical contracting firms in the US is $2.8 million. Therefore, if the area where you will operate (a city for example) has a total of 30 electrical contractors, the electrical service industry in the area is worth approximately $84 million.

What’s the market growth of the electrical contractor industry in your area?

Next on our list is market growth: is the industry growing or declining in your area?

US market growth can be a great addition to your business plan, yet it doesn’t necessarily help to assess the industry in your area of service. For example, the industry might be growing in the US, but declining in your region for a number of reasons (for example, the large commercial market may be contracting because businesses are shutting down due to losses, resulting in the closure of electrical contractor businesses that focused on the commercial market).

As you likely won’t find this information online, you can instead rely on the number of electrical contractor businesses in the location to calculate the average growth rate of the industry in your area.

For example, if the region had only 27 electrical contractor businesses in 2019 and 30 in 2021, you can assume that the average annual growth rate of the electrical contractor businesses industry in the area is around 5-6%.

b) Competition Overview

Studying your competitors’ business models is vital. You need to understand what makes them successful or why they fail. A clear understanding of their business model, the products they sell, their marketing strategies, etc., will allow you to provide a better service.

If your competitors are offering nearly the same services, then what is their market share and how do they market their products & services to attract new customers?

It is always a good idea to do some research (if necessary, you may consider physically visiting your competitors without revealing your business intentions) and create a comparative table summarizing their service offerings, marketing strategies, target audience, etc.

Here is a sample table that you can use:

Electrical Business SWOT Analysis

SWOT stands for Strength, Weakness, Opportunities, and Threats. This analysis will help lenders and investors better understand how you compare vs. competitors as well as the overall risk and reward profile of your business.

Here is a sample that you can use as a reference:

• Strengths : 12 years of experience as a master electrician in a popular electrical contractor company
• Weaknesses : Startup cost, no initial brand reputation
• Increased construction of residential apartments due to demand spike in rental housing and builders are looking for skilled electricians for wiring everything (backup with data for population and real estate boom)
• Growth in retail stores and malls (because of population influx), which in turn has increased the demand for electricians for installation and maintenance (provide data)
• Increased commercial warehouse construction because of increased regional distribution centers by e-commerce retailers that require electrical installations (provide data and explain why there is an increase in commercial warehouse construction – for example, increased demand and hence imports of cheaper products)
• Threats : Big brands like Helix Electric, Bergelectric, & Cupertino Electric, Inc. are all eyeing the growing market

c) Customer Analysis

Finally, we need to look at your customers.

However, the first thing you must do is clearly define the target audience. For instance, you may serve individual households, commercial establishments, or even industrial establishments.

Some important points that you must include in your customer analysis include:

• How much do your target customers spend on electrical services per year?
• How frequently do they need electrical contractors?
• What type of electrical services do they usually require (fresh installations, inspections, repairs, etc.)?
• What type of electrical contractors do they usually hire (big brands, small contractors, individual electricians, etc.)?
• What do they dislike about the existing electrical contractors in the area (for example, slow response time)?

4. Sales & Marketing Strategy

This is the section where you outline your customer acquisition strategy. Try to answer here the following questions:

What is your Unique Selling Proposition (USP)?

• What are the different marketing strategies you will use?
• How do you intend to track the success of your marketing strategy ?
• What is your CAC or customer acquisition cost?
• What is your marketing budget?
• What introductory promos and offers do you intend to provide for attracting new customers?
• What marketing channels do electrical businesses use?

What marketing strategies do electrical contractors use?

A few marketing channels that electrical businesses typically use are:

• Signages, vehicle branding
• PPC ads (Google local services ads)
• Social media platforms
• Flyers & pamphlets
• Word of mouth, recommendations

It is not necessary to use all channels. Instead, you can start by focusing on a few of them, and include other marketing strategies later.

In other words, how do you differentiate yourself vs. competitors? This is very important as you might need to win customers from competitors.

A few examples of USPs are:

• Response Time : you may respond within 30 minutes (whatever you can commit to), which is faster than any competitor 
• Emergencies : you may have years of experience dealing with electrical emergencies that can potentially cause immense damage to life and property
• Free inspection : you may offer one free inspection of wiring and other installations once every quarter

Your USP will depend on your business model, competitor analysis , and target audience. Whatever your USP be, it should be clear and appealing to your target audience.

5. Management & People

You must address two things here:

• The management team and their experience
• The organization structure : different team members and who reports to whom?

Small businesses often fail because of managerial weaknesses. Thus, having a strong management team is vital. Highlight the experience and education of senior managers that you intend to hire to oversee your electrical business.

Describe their duties, responsibilities, and roles. Also, highlight their previous experience and explain how they succeeded in their previous roles.

It is also important that you explain how their experiences and qualifications help you in implementing the electrical business you are proposing. If they have specialized training and experience (master electrician or journeyman electrician for 8 years in a reputed electrical contractor firm), add that information.

Organization Structure

Even if you haven’t already hired electricians, trainees, managers, drivers, accountants, and other relevant staff members, you must provide a flowchart of the organizational structure defining hierarchy and reporting lines.

6. Financial Plan

The financial plan is perhaps, with the executive summary, the most important section of any business plan for an electrical contractor company.

Indeed, a solid financial plan tells lenders that your business is viable and can repay the loan you need from them. If you’re looking to raise equity from private investors, a solid financial plan will prove them your electrical contractor company is an attractive investment.

There should be 2 sections to your financial plan section:

• The startup costs of your company
• The 5-year financial projections

a) Startup Costs

Before we expand on 5-year financial projections in the following section, it’s always best practice to start with listing the startup costs of your project.

For an electrical contractor company, startup costs are all the expenses you incur before you start making sales. These expenses typically are limited especially for small businesses and include:

• The lease deposit (if you rent an office and/or warehouse for your equipment)
• Electrical equipment, tools, etc.
• License & permits, business insurance, etc.

Of course, the startup costs depend on a number of factors, like the size of your business (employees), the services you plan to offer (which will dictate what equipment you may need), etc.

b) Financial Projections

In addition to startup costs, you will also need to build a solid 5-year financial model in the business plan of your electrical company.

Note that your financial projections should be built using a spreadsheet (e.g. Excel or Google Sheets) and presented in the form of tables and charts in your business plan.

As usual, keep it concise here and save details (for example detailed financial statements, financial metrics, key assumptions used for the projections) for the appendix instead.

Your financial projections should answer at least the following questions:

• How much revenue do you expect to generate over the next 5 years?
• When do you expect to break even?
• How much cash will you burn until you get there?
• What’s the impact of a change in pricing (say 10%) on your margins?
• What is your average customer acquisition cost?

You should include here your 3 financial statements (income statement, balance sheet and cash flow statement). This means you must forecast:

• The number of contracts (customers) over time ;
• Your expected revenue ;
• Operating costs to run the business ;
• Capex (cost to buy the equipment and vehicles, etc.)

When projecting your financials, make sure to sensitize sales volume (customers), pricing as well as the expenses (inventory, salaries, etc.). Indeed, a small change in these assumptions may have a significant impact on your revenues, and most importantly, your profits.

7. Use of Funds

This is the last section of the business plan of your electrical contractor company. Now that we have explained what your business model is, what type of services you offer, how you get customers, etc., this section must now answer the following questions:

• How much funding do you need?
• What financial instrument(s) do you need: is this equity or debt, or even a free-money public grant?
• How long will this funding last?
• Where else does the money come from? If you apply for a SBA loan for example, where does the other part of the investment come from (your own capital, private investors?)

If you raise debt:

• What percentage of the total funding the loan represents?
• What is the corresponding Debt Service Coverage Ratio ?

If you raise equity

• What percentage ownership are you selling as part of this funding round?
• What is the corresponding valuation of your business?

Use of Funds

Any business plan for an electrical contractor company should include a clear use of funds section. This is where you explain how the money will be spent.

Will you spend most of the loan / investment in paying your employees’ salaries and the COGS (inventory)? Or will it cover mostly the cost for acquiring the equipment and machines?

For the use of funds, we also recommend using a pie chart like the one we have in our financial model template where we outline the main expenses categories as shown below.

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Engineering Business Plan Template & Guidebook

Are you starting an engineering business? The demand for skilled and knowledgeable engineering services has never been higher. Starting an engineering business can be a fulfilling and profitable venture. However, it's important to have a solid business plan in place to ensure the success of your business. Our Engineering Business Plan Template & Guidebook is designed to help you easily create a comprehensive business plan for your engineering business. This guidebook provides step-by-step instructions on how to create each section of your business plan, as well as helpful tips and examples to ensure that your plan is thorough and effective. With our template and guidebook, you can confidently put together a solid business plan to help you achieve your engineering business goals.

Get worry-free services and support to launch your business starting at $0 plus state fees.

• How to Start a Profitable Engineering Business [11 Steps]
• 10+ Best & Profitable Engineering Business Ideas [2023]
• 25 Catchy Engineering Business Names:
• List of the Best Marketing Ideas For Your Engineering Business:

How to Write a Engineering Business Plan in 7 Steps:

1. describe the purpose of your engineering business..

The first step to writing your business plan is to describe the purpose of your engineering business. This includes describing why you are starting this type of business, and what problems it will solve for customers. This is a quick way to get your mind thinking about the customers’ problems. It also helps you identify what makes your business different from others in its industry.

It also helps to include a vision statement so that readers can understand what type of company you want to build.

Here is an example of a purpose mission statement for a engineering business:

An engineering business could have the following purpose mission statement: "Our purpose is to provide innovative engineering solutions that help our clients meet their goals and improve their operations. We are committed to using the latest technology and best practices to deliver high-quality, cost-effective designs that are tailored to the unique needs of each project. Through our expertise and dedication to excellence, we strive to be a trusted partner to businesses, organizations, and individuals in the pursuit of their engineering objectives."

2. Products & Services Offered by Your Engineering Business.

The next step is to outline your products and services for your engineering business. 

When you think about the products and services that you offer, it's helpful to ask yourself the following questions:

• What is my business?
• What are the products and/or services that I offer?
• Why am I offering these particular products and/or services?
• How do I differentiate myself from competitors with similar offerings?
• How will I market my products and services?

You may want to do a comparison of your business plan against those of other competitors in the area, or even with online reviews. This way, you can find out what people like about them and what they don’t like, so that you can either improve upon their offerings or avoid doing so altogether.

3. Build a Creative Marketing Stratgey.

If you don't have a marketing plan for your engineering business, it's time to write one. Your marketing plan should be part of your business plan and be a roadmap to your goals. 

A good marketing plan for your engineering business includes the following elements:

Target market

• Who is your target market?
• What do these customers have in common?
• How many of them are there?
• How can you best reach them with your message or product?

Customer base 

• Who are your current customers? 
• Where did they come from (i.e., referrals)?
• How can their experience with your engineering business help make them repeat customers, consumers, visitors, subscribers, or advocates for other people in their network or industry who might also benefit from using this service, product, or brand?

Product or service description

• How does it work, what features does it have, and what are its benefits?
• Can anyone use this product or service regardless of age or gender?
• Can anyone visually see themselves using this product or service?
• How will they feel when they do so? If so, how long will the feeling last after purchasing (or trying) the product/service for the first time?

Competitive analysis

• Which companies are competing with yours today (and why)? 
• Which ones may enter into competition with yours tomorrow if they find out about it now through word-of-mouth advertising; social media networks; friends' recommendations; etc.)
• What specific advantages does each competitor offer over yours currently?

Marketing channels

• Which marketing channel do you intend to leverage to attract new customers?
• What is your estimated marketing budget needed?
• What is the projected cost to acquire a new customer?
• How many of your customers do you instead will return?

Form an LLC in your state!

4. Write Your Operational Plan.

Next, you'll need to build your operational plan. This section describes the type of business you'll be running, and includes the steps involved in your operations. 

In it, you should list:

• The equipment and facilities needed
• Who will be involved in the business (employees, contractors)
• Financial requirements for each step
• Milestones & KPIs
• Location of your business
• Zoning & permits required for the business

What equipment, supplies, or permits are needed to run a engineering business?

To run an engineering business, you will need a team of trained and certified engineers, as well as a range of specialized equipment and tools, such as computers, software, and testing equipment, for carrying out engineering projects and services. You will also need a well-equipped office or workspace for your staff. In addition to these items, you may also need the following equipment and supplies:

• CAD and other design software
• Project management and scheduling tools
• Office supplies, such as pens, paper, and envelopes
• Marketing materials, such as brochures and business cards
• File storage and organization system

Depending on the specific nature of your business and the regulations in your area, you may also need additional permits or licenses to operate legally. It is important to research and comply with all applicable laws and regulations to ensure the safety and success of your engineering business.

5. Management & Organization of Your Engineering Business.

The second part of your engineering business plan is to develop a management and organization section.

This section will cover all of the following:

• How many employees you need in order to run your engineering business. This should include the roles they will play (for example, one person may be responsible for managing administrative duties while another might be in charge of customer service).
• The structure of your management team. The higher-ups like yourself should be able to delegate tasks through lower-level managers who are directly responsible for their given department (inventory and sales, etc.).
• How you’re going to make sure that everyone on board is doing their job well. You’ll want check-ins with employees regularly so they have time to ask questions or voice concerns if needed; this also gives you time to offer support where necessary while staying informed on how things are going within individual departments too!

6. Engineering Business Startup Expenses & Captial Needed.

This section should be broken down by month and year. If you are still in the planning stage of your business, it may be helpful to estimate how much money will be needed each month until you reach profitability.

Typically, expenses for your business can be broken into a few basic categories:

Startup Costs

Startup costs are typically the first expenses you will incur when beginning an enterprise. These include legal fees, accounting expenses, and other costs associated with getting your business off the ground. The amount of money needed to start a engineering business varies based on many different variables, but below are a few different types of startup costs for a engineering business.

Running & Operating Costs

Running costs refer to ongoing expenses related directly with operating your business over time like electricity bills or salaries paid out each month. These types of expenses will vary greatly depending on multiple variables such as location, team size, utility costs, etc.

Marketing & Sales Expenses

You should include any costs associated with marketing and sales, such as advertising and promotions, website design or maintenance. Also, consider any additional expenses that may be incurred if you decide to launch a new product or service line. For example, if your engineering business has an existing website that needs an upgrade in order to sell more products or services, then this should be listed here.

7. Financial Plan & Projections

A financial plan is an important part of any business plan, as it outlines how the business will generate revenue and profit, and how it will use that profit to grow and sustain itself. To devise a financial plan for your engineering business, you will need to consider a number of factors, including your start-up costs, operating costs, projected revenue, and expenses. 

Here are some steps you can follow to devise a financial plan for your engineering business plan:

• Determine your start-up costs: This will include the cost of purchasing or leasing the space where you will operate your business, as well as the cost of buying or leasing any equipment or supplies that you need to start the business.
• Estimate your operating costs: Operating costs will include utilities, such as electricity, gas, and water, as well as labor costs for employees, if any, and the cost of purchasing any materials or supplies that you will need to run your business.
• Project your revenue: To project your revenue, you will need to consider the number of customers you expect to have and the average amount they will spend on each visit. You can use this information to estimate how much money you will make from selling your products or services.
• Estimate your expenses: In addition to your operating costs, you will need to consider other expenses, such as insurance, marketing, and maintenance. You will also need to set aside money for taxes and other fees.
• Create a budget: Once you have estimated your start-up costs, operating costs, revenue, and expenses, you can use this information to create a budget for your business. This will help you to see how much money you will need to start the business, and how much profit you can expect to make.
• Develop a plan for using your profit: Finally, you will need to decide how you will use your profit to grow and sustain your business. This might include investing in new equipment, expanding the business, or saving for a rainy day.

Frequently Asked Questions About Engineering Business Plans:

Why do you need a business plan for a engineering business.

A business plan is a document that outlines the goals and objectives of a business, as well as the strategies and tactics that will be used to achieve those goals. It is important to have a business plan for your engineering business because it helps to focus the efforts of the company, communicate the business's goals and objectives to potential investors, and provide a roadmap for the business to follow. Additionally, a business plan can be used to help secure funding from investors or lenders, who will want to see that the business has a solid plan in place before they provide funding.

How to write a business plan for your engineering business?)

To build a business plan for your engineering business, start by researching your industry, competitors, and target market. Use this information to define your business's goals and objectives, as well as the strategies and tactics that you will use to achieve those goals. Next, create a financial plan that outlines your projected income, expenses, and profit. This should include a projected income statement, cash flow statement, and balance sheet. Once you have all of this information, you can use it to create a comprehensive business plan that outlines the goals and objectives of your business, as well as the strategies and tactics that you will use to achieve those goals. A well-written engineering business plan contains the following sections: Purpose, Products & Services, Marketing Plan (including Marketing Strategy), Operations/Management Plan (including Operations/Management Strategy), Financial Plan (including Financial Forecasts), and Appendixes.

Can you write a engineering business plan yourself?

Yes, you can write a engineering business plan yourself. Writing a business plan is a valuable exercise that can help you clarify your business idea, identify potential challenges and opportunities, and develop a roadmap for success. While there are many resources and templates available to help you write a business plan, the process of creating one is ultimately up to you.

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I'm Nick, co-founder of newfoundr.com, dedicated to helping aspiring entrepreneurs succeed. As a small business owner with over five years of experience, I have garnered valuable knowledge and insights across a diverse range of industries. My passion for entrepreneurship drives me to share my expertise with aspiring entrepreneurs, empowering them to turn their business dreams into reality.

Through meticulous research and firsthand experience, I uncover the essential steps, software, tools, and costs associated with launching and maintaining a successful business. By demystifying the complexities of entrepreneurship, I provide the guidance and support needed for others to embark on their journey with confidence.

From assessing market viability and formulating business plans to selecting the right technology and navigating the financial landscape, I am dedicated to helping fellow entrepreneurs overcome challenges and unlock their full potential. As a steadfast advocate for small business success, my mission is to pave the way for a new generation of innovative and driven entrepreneurs who are ready to make their mark on the world.

31 Electrical Engineering Business Ideas [2024]

Do you have an entrepreneurial spirit and a passion for electrical engineering?

With the high demand for innovative electrical engineering solutions, starting your electrical engineering business in 2024 can be a lucrative venture.

We put together 31 of the best electrical business ideas you can start today.

We’ll show real-world examples of other electrical engineers businesses for these electrical engineering business ideas to help you see what it takes.

Here's the full list:

1. Start a pcb circuit business

The PCB circuit industry involves the design and manufacture of printed circuit boards that serve as the core components of electronic devices.

Entrepreneurs in this field create intricate circuit layouts to ensure a seamless flow of electrical signals within electronic gadgets.

The PCB circuit business caters to a wide range of industries including consumer electronics, automotive, and telecommunications, and offers a dynamic and promising venture for individuals passionate about innovation and the ever-evolving field of electronics.

With the advancement of technology, this industry continues to grow and remain relevant.

How much you can make: $250,000 — $500,000/month

How long does it take to build: 365 days (?)

Case Study How We Created An Impossible Circuit Printer Voltera manufactures a circuit printer that has surpassed expectations, with over thousands of units in 65 different countries being used in various industries, from business to education to government, making it a worthwhile investment for hardware engineers. $250K Monthly Revenue $500K Startup Costs 11 8.03K

2. Start an electronics repair business

The electronics industry itself is worth more than $2 trillion. And electronics repair is a lucrative business that can be started with little to no money.

One of the most important things an electronics repairman must do is to make sure they have the right tools and equipment for the job. This will include everything from soldering irons, wire cutters, screwdrivers and more. A good way to save money on these tools is by buying them used or refurbished.

It's also important for an electronics repairman to have a solid understanding of how electronics work, including the basics of circuit boards and electricity, so they can troubleshoot problems and fix them as efficiently as possible.

How much you can make: $4,000/month

Time commitment per week: Min. 5 hours/week

Case Study Finding and Repairing Retro Radios Turned into a Successful Side Hustle Retro Radio Farm founder, Allen Chiang, earns $50k per year as a side business restoring old radios and offering Bluetooth MP3 upgrades, with the business growing 20% every year. $4K Monthly Revenue 6 7.85K

3. Start a fire safety business

The fire safety industry specializes in providing essential safety measures to both residential and commercial property owners.

This industry offers comprehensive solutions to protect homes, businesses, and public spaces from the devastating impact of fires.

From installing state-of-the-art fire detection systems to conducting safety audits and implementing preventive measures, the fire safety industry plays a crucial role in safeguarding lives and property.

As a prospective business owner, choosing to invest in this sector will enable you to address a critical societal need while also offering the gratification of contributing to community well-being.

How much you can make: $304,000/month

Case Study How This Firefighter Invented A $3.6M Product That Prevents Kitchen Fires Firefighter turned entrepreneur Peter Thorpe invented FireAvert, a product that plugs into an oven and automatically cuts power to the stove and range if a synced smoke detector goes off, resulting in over $2 million in revenue in 2018 alone, with projections for double that in 2019 and the creation of a FireAvert outlet and smart home integration in the upcoming future. $304K Monthly Revenue 6 14.5K

4. Build a home security system

Home security systems are an effective way to deter criminal activities and safeguard valuable possessions.

Homeowners opt for high-quality security systems to monitor their homes remotely, while also enjoying the added benefit of lower insurance premiums, up to 20%.

Starting a home security systems business can be a profitable venture, especially as more homeowners prioritize safeguarding their investments.

To start, you can partner with a home security systems manufacturer as a distributor or technical expert. Alternatively, you can create your own line of security systems from scratch.

To become a successful business owner in the home security industry, it’s important to have a basic understanding of technology and electrical systems.

This knowledge will enable you to install the systems correctly and earn recommendations from satisfied customers.

How much you can make: $70,000/month

Case Study How A Solution To My Own Problem Turned Into A $70K/Month Smart Home Security System Konnected founder Nate Clark shares how he developed an open-source solution to his own home security struggles, growing the business to generate an estimated $1 million in sales annually. $70K Monthly Revenue 8 11.1K

5. Start a solar panel installation business

The solar panel installation business is a growing industry. In the past decade, solar panels have become more affordable and attractive to consumers. This has led to an increase in demand for solar panel installation services.

Solar energy is one of the most sustainable and environmentally-friendly forms of energy available today. It produces no greenhouse gas emissions or other toxic chemicals that can harm the environment or human health.

A solar panel installation business should consider investing in marketing strategies that will help them reach their target audience and sell their services effectively.

How much you can make: $2,000,000/month

How long does it take to build: 120 days (?)

Case Study Our Solar Installation Business Just Hit $24M/Year Solar Energy Partners, a solar-focused company founded by Alex K Williams, has achieved more than 400% growth since inception, and is expanding into new markets while offering best customer service and training programs. $2M Monthly Revenue $100K Startup Costs 8 4.52K

6. Start an iot products business

The Internet of Things (IoT) products business involves creating and selling innovative devices that are interconnected to the Internet, enabling seamless communication and data exchange between devices.

Entrepreneurs in this industry design smart solutions that enhance everyday life, ranging from smart home devices and wearables to industrial sensors and healthcare gadgets.

With the rapid growth of IoT technology, the IoT products business offers a lucrative opportunity for individuals to tap into a market hungry for interconnected and intelligent devices.

Success in the IoT products business requires a combination of technical expertise, creativity, and a keen understanding of market trends.

How much you can make: $100,000/month

Case Study LATAM SaaS + IoT grows 10x to $1.2m in ARR, $3.7m round at $15m valuation Tractian, an industrial AI start-up, offers online maintenance systems that have raised $15M in a funding round, has grown 10x to reach $1.2ARR with a base increase of 30% customers per month. $100K Monthly Revenue 10 1.15K

7. Start a LED lights business

Lighting accounts for approximately 10% of the electricity usage in households and commercial premises. To cut utility bills, homeowners and commercial establishment owners are using LED lighting, a trend that will keep rising.

According to experts, the LED lighting market will grow at a CAGR of 14.25% over the next few years, reaching the $160 billion mark.

If you are passionate about electrical lighting solutions, you may consider starting an LED lighting. To start, you can start producing LED lights or start a white label business.

How much you can make: $15,000/month

How long does it take to build: 150 days (?)

Case Study From Suicidal Thoughts To Building A Light Therapy Startup Making $15K Per Month Dermabeam's founder Takashi Yanagi went from being suicidal in 2019 to launching his light therapy mask business in 2021 to tackle the $100B skincare industry, achieving $35K in sales in the first year and $90K in the first half of 2022, and aiming to become the largest light therapy company in the world. $15K Monthly Revenue $50K Startup Costs 5 4.37K

8. Start a computer delivery and assemble business

A computer delivery and assembly service involve procuring IT hardware and delivering it to corporations, government offices, or individual offices.

The computer delivery and assembly service is a low barrier to entry business. You can apply for advertised procurement tenders and partner with computer retailers to meet the demand.

9. Start a green consulting business

Global leaders have continually emphasized businesses embrace environmental sustainability throughout their production and manufacturing processes.

As all sectors focus on developing sustainable solutions, there is a need to involve green consulting experts. Therefore, as demand for green consultancy rises across the industries, starting the green consultancy business is becoming a profitable venture.

The green consulting businesses assist with the creation and design of eco-friendly, energy-efficient, and sustainable buildings and community sites.

How much does it cost to start: $200 (?)

How long does it take to build: 15 days (?)

10. Become a computer refurbisher

Computer refurbishing is the process of restoring used computers to working conditions. Refurbishers typically purchase used computers from individuals or businesses, and then they clean them up, install new parts, and test them to make sure they are in good working condition.

To start this business, you'll need skills in data recovery, hardware repair, and software troubleshooting. It is a perfect idea for those who have an interest in technology and a knack for repairing electronics.

The average Computer Repair Technician in the US makes $51,129. The salaries of Computer Repair Technicians range from $19,892 to $74,573, with a median salary of $55,440.

With the ever-growing popularity of laptops, tablets, and smartphones, there is a great demand for refurbished computers. And with data science and data analytics, you can easily identify which computers are in high demand and how to best refurbish them.

Starting this type of business is a great idea for those with an entrepreneurial spirit and a passion for technology. If you can navigate the regulations, this can be a lucrative business with a lot of growth potential.

How much you can make: $13,500,000/month

How long does it take to build: 45 days (?)

Case Study I Was Too Young To Drive But Started My Business Anyway: Now We're Approaching $200M/Year OWC Larry, founder and CEO of Other World Computing, shares how he started his business at a young age with just a credit card, now experiencing a solid year-over-year growth with a CAGR of 43.78% over the past 33 years. $13.5M Monthly Revenue $20K Startup Costs 7 5.52K

11. Start a HVAC commissioning service business

HVAC commissioning is a growing field that involves testing and tuning HVAC systems to ensure they meet design standards and operate efficiently.

To start an HVAC commissioning service, you would need expertise in HVAC systems and building standards and certifications from organizations like AABC or NEBB.

The business would provide services like initial HVAC system start-up and inspection, seasonal testing and adjustments, and troubleshooting underperforming systems.

With the prevalence of smart buildings and the focus on energy efficiency, an HVAC commissioning service could help building owners optimize their systems while providing stable year-round business.

How much you can make: $375,000/month

Case Study How 5 Founders Left Their Jobs To Start A $4.5M Heating & Cooling Business Total Home Supply, a heating and cooling products retailer, has achieved double-digit growth, averaging 20% per year with its biggest year almost doubling, thanks to focusing on offering superior customer service both before and after sales. $375K Monthly Revenue 7 7.01K

12. Start a renewable energy equipment and devices selling business

Renewable energy equipment and devices refer to apparatus permanently installed on premises used for the generation, transmission, or utilization of mechanical or electrical power. With increased technological advancements, renewable energies have a significant impact.

Businesses and households are finding efficient and creative new ways of producing and storing renewable energy to meet the rising energy demand. As investments in renewable energy are rising, demand for renewable energy equipment and devices is rising. Therefore, starting a business in this line can be profitable.

How much you can make: $50,000 — $600,000/month

How much does it cost to start: $2,000 (?)

How long does it take to build: 90 days (?)

Case Study How I Started A $600K/Month Company Selling Low Cost Solar Energy Clean Energy Solutions, a solar-energy provider based in LA, has grown over 6700% from 2014 to 2019, with monthly revenue around $600,000 and plans to expand its energy-efficient affordable housing division, thanks to its unique solar program allowing clients to save money using solar energy at a lower price than their utility would charge. $600K Monthly Revenue 14 67.5K

13. Start an electronic toy production business

As new technologies emerge, toys have changed over time. Modern toys feature an electrical component that reacts to the tactical input with sounds, vibrations, images, or other feedback.

Interactive toys help in kids' brain development, improve cognitive function , and help to facilitate social and language skills. As the adoption of educational toys goes global, developers of these electronic toys will experience a sharp increase in demand.

Therefore, if you understand how to design electronic circuits, consider starting an electronic toy business. To start a toy business, you must be ready to embrace creativity. Study the target market, research the current trends, and develop creatively designed electronic toys.

How much you can make: $200,000/month

Case Study On Creating A 3D Printer And Creativity Platform For Kids Toybox Labs co-founder and CEO Ben Baltes shares his journey of creating a 3D printer and creativity platform for kids, including brutal setbacks and incredible successes, resulting in millions of dollars of revenue a year, and offers a discount for those interested in purchasing. $200K Monthly Revenue $10K Startup Costs 11 9.53K

14. Start a voltage stabilizers business

A voltage stabilizer (a.k.a Automatic voltage Regulator) takes note of voltage fluctuations in the utility and regulates it internally to deliver a consistent output voltage range. Whenever utility voltage is low, the voltage stabilizer will boost the voltage before feeding it to the connected equipment, so the equipment works without trouble.

Households, businesses, and industries all need voltage stabilizers to protect their equipment and accessories. Therefore, starting your own voltage stabilizer business can be rewarding.

To start a voltage stabilizer business, you may become a manufacturer, distributor, wholesaler, or even a technical expert who installs and repairs the voltage stabilizers.

15. Start a MCCB manufacturing business

The molded case circuit breaker (MCCB) is a type of electrical protection device that protects electrical circuits from the excessive current that can cause overload or a short circuit.

The MCCB is a critical component in any electrical installation. As new construction projects continue, the demand for MCCB will continue. Besides, like other electrical components, MCCB devices deteriorate with age, requiring replacement and upgrade to match the current electrical consumption.

According to the latest data, the MCCB market will reach US$16.2 Million within the next decade. Based on these and more indicators, starting an MCCB manufacturing business can be profitable. If you start manufacturing MCCB, ensure the new boards meet the stipulated guidelines.

16. Start an inverter production business

An inverter is a power electronic device that changes direct current (DC) to an alternating current (AC). Also called VFD (Variable Frequency Drive), electronic devices control the speed and torque of electric motors.

The inverter market has been growing rapidly. The growth of the inverter market attributes to the growing investments in renewable power generation technologies and green infrastructure. Besides, there has been rapid usage of power backup solutions, which demand the use of inverters.

Do not forget that power generation does not meet the current demand, and therefore people have turned to greener energy sources, which require an inverter. Therefore, starting an inverter assembly and installation business can be a viable idea. To start an inverter company, you must be licensed under government regulations.

17. Start an electrical appliances distribution business

Electrical appliances are components that use electrical energy to achieve a function. Almost every household uses electrical components, regardless of whether they use solar or hydro-generated power. The electrical appliances offer homeowners convenience and make life easier and more comfortable.

Therefore, the demand for electric components is rising rapidly, a trend to continue. If you are looking for a viable business opportunity within the electrical sector. Consider becoming an electrical appliances distributor. Electrical appliances include indoor and outdoor components.

To start, research the target market and decide what to sell. Then, reach out to potential suppliers and stock your Business. You can launch a brick-and-mortar shop and expand your reach by operating an online electrical appliances store.

18. Start a battery recycling business

The battery recycling business reprocesses spent lithium-ion batteries into new cells. The procedure aims to reduce the number of batteries disposed of as municipal solid waste by separating them and reusing them to create new cells.

The global market for battery recycling is anticipated to grow at a CAGR of 7.12% to reach $18 billion in the next few years.

Therefore, starting own direct battery recycling business can be profitable. Direct battery recycling is said to be cleaner and more efficient. To start your battery recycling business, write a business plan that indicates your old-battery collection approach.

Then, register the business with the states where you intend to operate. Finally, determine the type of batteries you want to recycle and identify the target market.

19. Start a battery production plant business

Phones, laptops, security systems, and other gadgets use batteries. According to statistics, the global demand for batteries will increase to over 2,000 GWh in a decade. Therefore, battery production is among the fastest growing sectors.

If you want to consider an electrical-related business idea, battery production seems a noble idea. You may start with small-scale battery production with a small investment and expand your business as you begin realizing success.

20. Start a capacitor production business

A capacitor is a device that stores electrical energy in an electric field. With the increased use of technology, capacitors have found increasingly advanced applications.

According to statistics, the global capacitor industry will reach over $23 Billion in a few years. The market growth is attributed to the increased adoption of computers, telecommunication devices, consumer electronics, automotive and industrial sectors.

The future of the capacitor market looks promising. Therefore, starting own capacitor manufacturing business will be a great business idea.

21. Start an electrical control panel business

An electrical control panel is an enclosure that contains important electrical components. An electrical control panel must have the main circuit breaker, a transformer, and a terminal block. The demand for electrical control boards is increasing rapidly.

If you are a skilled electrical engineer, you may start manufacturing, distributing, and installing electrical control boards. To start, register your business and apply for a business license.

22. Start a nano batteries manufacturing business

Manufacturers of nano batteries employ nanoscale technologies with particles that measure less than 100 nanometers. Nano batteries find applications in powering portable electronic devices like military equipment, electric vehicles, laptops, cameras, and mobile devices.

According to research, the global nano battery market will exhibit an 18.6% CAGR and reach the $28.1 Billion mark in the next few years. If you have the skills for manufacturing nano batteries, now could be the best time to start your nano batteries plant.

23. Start an electrical tools manufacturing

The growth in construction activities and the requirement for efficient power tools for various operations are factors responsible for the increased demand for electrical tools. Besides, the rapid pace of innovations in electrical equipment technologies stimulates a consistent demand for faster electrical equipment and applications.

If you are interested in electrical equipment technologies, you may start your line of electrical tools manufacturing business.

24. Start an electronic pump regulator business

An electric pump is a machine for raising, compressing, or transferring fluids. The global electric water pump market will reach over $7.74 Billion by the end of this decade. Electric pumps are commonly used in industrial, residential, and commercial applications.

Therefore, starting an electric pump manufacturing business can be a significant venture. You can manufacture new electric pumps, electric service pumps, or repurposed pre-owned electric pumps.

25. Start an e-waste recycling business

E-waste refers to electronic products nearing the end of their useful life. They include computers, televisions, VCRs, stereos, and other electronics used in our homes of businesses.

Recycling e-waste is reusing and reprocessing electrical and electronic equipment that has been discarded or regarded as obsolete. Initiated to protect human and environmental health, e-waste recycling has become one of the most profitable recycling opportunities.

To start an e-waste recycling business, research and gather more information on the E-waste recycling industry.

Then, identify the electronic wastes available to you that can be recycled. Create a business plan, and acquire all necessary permits and licenses before launching your business.

26. Start an electronic test equipment rental business

Buying expensive electronic test equipment costs tens of thousands of dollars. Therefore, startups with limited budgets may choose to rent electronic test equipment.

In that regard, starting an electronic test equipment rental business can be a great business venture.

27. Start a printed circuit board production business

A Printed Circuit Board is a small electronic circuit board that consists of several electronic components like resistors, capacitors, and transistors. Given the importance of PCBs, this is an industry that will never go out of style.

In that regard, if you are in the electrical engineering sector, printing and manufacturing of Printed Circuit Boards is one tremendous and profitable startup to consider.

28. Start an electrical switches business

An electric switch is an electrical component that responds to an external force to mechanically disconnect or connect the conducting path in an electrical circuit.

Electrical switches are consumable items used in residential, commercial, and industrial settings.

Starting an electrical switches business does not require a considerable investment. You can start the electrical switch manufacturing business with small capital investment.

Register a brand name and obtain a trade license from the local authority to start a switch manufacturing company. Depending on regulations applicable in your state, you may need additional clearances to operate the business.

Therefore, it would help if you check with the relevant government authorities on a complete list of permits needed to start and operate the electrical switch manufacturing business.

29. Start a generators manufacturing business

Generators, whether diesel or petrol powered, are commonly used as a prime source of power or as a backup. The increased demand for generators has created a business opportunity for generator manufacturers.

A recent report has shown that the demand for global portable generator market size will surpass approximately $2600 billion mark in the next few years.

Therefore, starting your generator manufacturing company can be a great business opportunity.

30. Become an electrical engineer

Electrical engineering involves studying, designing, and applying equipment, devices, and systems that use electricity, electronics, and electromagnetism. To become an electrical engineer, you must attain a degree in electrical engineering, electronics engineering, or a related field.

31. Start an auto electrical repair business

Auto electrical repair businesses diagnose and replace faulty electrical components such as alternators, starter motors, and batteries. The repair technicians have the skills to locate electrical shorts, grounds, and resistance, using multimeters, OBD, and other dealer-specific software scan tools.

Are you an aspiring entrepreneur looking to invest in the auto electrical service and repair business? Starting an auto electrical repair and diagnosis business can be a profitable and fun venture.

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Electrical Business Proposal Template

Used 6,235 times

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Electrical Business Proposal for [Client.Company] ​

This sales proposal and business plan contains all details and relevant information regarding electrical services requested by [Client.FirstName] [Client.LastName] .

Prepared by:

​ [Sender.FirstName] ​

​ [Sender.LastName] ​

​ [Sender.Company] ​

Cover Letter

Dear [Client.FirstName] ,

Thank you for considering [Sender.Company] to assist with your electrical work. Our electricians and electrical contractors specialize in fast and efficient service while keeping your needs in mind throughout the duration of your project.

We help new homeowners and small business entrepreneurs keep their electrical equipment up to date by providing new products which align with the needs of their electrical system while staying in compliance with current electrical standards. Our goal is to ensure that we empower the people we work with to live a better and brighter life knowing that their electrical systems are well-maintained and up to date.

Below, you’ll find the details of the electrical work you requested, including the scope of work, projected costs, and estimated timelines. I’ll follow up via phone by the end of the week to address any questions and to discuss next steps.

Client Testimonials

Write testimonial text here

Client Name Company name

About [Sender.Company] ​

​ [Sender.Company] was founded in (Year) by (The Name of the Founder), a Master Electrician from [Sender.City] , TX shortly after he graduated college with a business degree.  

Already a career electrician by trade, he initially opened his own business as an electrical services business targeting commercial real estate but quickly expanded his offering to include residential homeowners after hearing concerns that existing residential neighborhoods were underserved by existing general contractors. As a Master Electrician, he understands that dealing with electricity can be confusing and dangerous.

​ [Sender.Company] specializes in helping start-ups, small businesses, and residential homeowners resolve their outstanding electrical issues in a safe, efficient, and environmentally-friendly way at a cost that won’t break the bank. All of our electricians, electrical contractors, and general contractors are certified, licensed, insured, and bonded. We make a point to ensure that junior electricians are partnered with experts and that the quality of the electrical work we provide is completed to the highest standard.

Recent Projects

Provided full electrical rewiring services for (The Name of the Project);

Partnered with (The Name of the Project) to provide full electrical installation for forty homes in the Chesterfield subdivision;

Provided electrical walkthroughs and recommended service changes to small business owners as part of the [Sender.City] start-up accelerator program for new businesses.

Project Executive Summary

The following pages outline the scope of work and estimated costs required to upgrade the existing electrical systems at [Client.StreetAddress] [Client.City] [Client.State] [Client.PostalCode] . The electrical services rendered will include a full upgrade of your existing electrical wiring and installation of new electrical equipment by our expert electricians.

Proposed Start Date: (Work.StartDate)

Proposed Date of Completion: (Work.CompleteDate)

Total Cost: (Work.Cost)

This business proposal is based on [Sender.Company] ’s conversation with [Client.Company] representatives and [Sender.Company] ’s evaluation of the work with its own electricians and service professionals.

If any aspect of this proposal is unclear, please seek clarification by consulting immediately with your [Sender.Company] representative.

Scope of Work

​ [Sender.Company] will provide electrical services started on (Work.StartDate) and for the duration of the project listed below, as well as ongoing service and maintenance for a period of three months following (Work.CompletionDate) .

The scope of work defined in this electrical proposal covers the installation schedule, the bill of materials, and the post-installation maintenance schedule.

Based on preliminary conversations with [Client.Company] , [Sender.Company] will dispatch electricians to begin upgrading electrical services on (Work.StartDate).  

Please understand that, to ensure the safety of the people working on the project, work conducted during the installation process may render [Client.Company] without power until upgrades can be completed.  

While [Sender.Company] makes every available effort to minimize business impact, some upgrades to electrical systems and electrical wiring can only be done when power is disabled.

Bill of Materials

At [Client.Company] ’s request, [Sender.Company] will purchase the following materials in order to successfully complete the installation project.

​ [Client.Company] understands that, due to the highly customized nature of real estate and electrical work, the parts listed here are ordered upon request and cannot be refunded or exchanged except in cases of a manufacturer warranty failure.

This bill of materials is subject to change if the scope of work is altered.

​ [Client.Company] understands that changes to the scope of electrical work will require additional parts and labor, and may extend projected timelines.

Maintenance Schedule

Following the successful completion and setup of services by our electricians and electrical contractors, [Sender.Company] will dispatch a qualified electrician to the installation site following the recommended schedule.

Terms & Pricing

Based on [Sender.Company] estimation, the final cost for this project, including parts and labor will be: (Work.Cost).

Signoff & Acceptance

IN WITNESS WHEREOF, each of the parties has executed and reviewed this electrical business proposal, agreeing to the work, terms, and conditions listed herein.  

Upon signing, each party will have 48 hours to reconsider and nullify this agreement before payment is transferred and work begins in accordance with the above-listed dates.

​ [Sender.Company]

​ [Sender.FirstName] ​ [Sender.LastName] ​

​ [Client.Company]

​ [Client.FirstName] ​ [Client.LastName] ​

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Your rating will help others.

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Useful resources

• Featured templates
• Sales proposals
• NDA agreements
• Operating agreements
• Service agreements
• Sales documents
• Marketing proposals
• Rental and lease agreement
• Quote templates

Electrical Business Plan Template PDF

A successful electrical business is based on a solid business plan. To help you out, we've designed a business plan template PDF specifically for your electrical business.

Get your copy today!

Download The Template  

For help completing your electrical business plan, read our guide .

How can an electrical business plan template help you?

• A solid electrical business plan acts as your strategy guide for building a successful electrical business.
• Whether you're an existing electrical business or just starting out, a business plan helps you get organised.
• Use an electrical business plan to help secure funding for your business.

Get your free electrical business plan PDF!

Created by tradify - the easiest way to manage your electrical business..

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Electrical Contractor Business Plan Sample

DEC.30, 2020

Electrical Contractor business plan for starting your own business

So, you want to become an electrical contractor. Well, this is undoubtedly an exciting venture, but can end up causing huge legal troubles if you couldn’t manage it properly.

An electrical contractor can be a person or company that employs electricians to design, install, and maintain electrical systems. Due to the delicate nature of work, the company is required to comply with specific standards.

To succeed in this challenging yet profitable enterprise, you must write an effective business plan for electrical contractor as the first step. In your business plan, you must include details about how you will train the employees, reach your customers, and obtain your goals within the resource constraints.

If you don’t know how to write an effective business plan, you can take help from here. In this electrical contractors business plan pdf, we have provided all the details of an electrical contractor startup, E-Volts.

Executive Summary

2.1 the business.

E-Volts will be a registered, licensed, certified, and insured electrical contractor company based in Detroit. The business will comprise of highly trained electricians and supervisors to ensure the highest-quality work delivery.

From installation of transmission and distribution lines to the provision of electricity to buildings, E-Volts will be there to shine and help.

2.2 Management of Electrical Contractor

Managing an electrical contractor business requires extensive pre-planning. In some cases, even a smaller mistake can lead to a disastrous situation. Therefore, you should be very careful about all the details.

E-Volts will lease a facility in Detroit to set up their office. Following that, a procurement and HR manager will be hired so that the company could find the best equipment and the best hands to handle the equipment.

To manage the tasks effectively, E-Volts will be creating a database so that employees’ activities and engagements could be recorded. And the availability of specified workers could be ensured for upcoming projects.

2.3 Customers of Electrical Contractor

Before exploring how to start an electrical contractors business, you should identify your customers. Knowing your client base will help you to develop a sales strategy that is best suited to target them. Besides, recognizing customers will also enable you to create a precise electrical contractor startup plan by defining pricing, and services, etc.

E-Volts will provide its services to individuals, businesses as well as local government. In this business plan electrical contractor, we will be discussing the ways E-Volts will adopt to target these customers.

2.4 Business Target

Our target is to become the most renowned electrical contractor business in our vicinity within a year of the launch. Moreover, we aim at generating a net profit margin of $10.5k per month by the end of the two years. Our 3 years’ profit forecast based on our gross profit margin, sales forecast and net profit is given here:

Company Summary

3.1 company owner.

E-Volts will be owned by Mark Koch. Mark is an electrical engineer who has also acquired a degree in MBA after his graduation in engineering. He has a strong grip on power and protection systems. He has also captured much experience in the field as he did electrical systems’ related jobs during the last two years.

3.2 Why the electrical contractor is being started

Marks always wanted to start his own business. As business offers flexibility and scalability, extensive profits and freedom to implement own ideas.

He opted for starting an electrical contractor business since there couldn’t be a better way to invest his interest and knowledge of electrical systems.

3.3 How the electrical contractor will be started

Step1: Creating A Business Plan

Before starting this business, you must create a detailed electrical contractor business plan template.

If you are new to creating a professional business plan, you can take help from this electrical contractor business plan example.

Step2: Acquiring Required Licenses & Permits

Step3: Leasing Property, Equipment & Hiring Managers

E-Volts will be started in a leased facility. After which the company will procure the equipment, machinery, furniture, and other items.

Step4: Establishing Company’s Database & Website

A software developer/ IT expert will be employed to create a management database and website for the company. The database will help the company in keeping a record of completed and pending activities. Moreover, the platform will also enable customers to book the services remotely and give their reviews and feedbacks.

Step5: Hiring & Training Staff

At the same time, the company will establish its workforce by hiring and training technicians and electricians. In this sample electrical contractors business plan we will provide the list of employees that will be hired by E-Volts along with their job responsibilities and estimated salaries.

Step6: Marketing & Advertisement

To reach its target community E-Volts will start advertising about its services and competitive aspects before a month of the launch. The detailed marketing and sales strategy plan of the company will be given in the upcoming sections.

Our startup expenses and available assets are summarized in the graph given here.

Deciding the services is the most important phase of a business. In this sample business plan for electrical contractor, you can look through the services provided by E-Volts. To have a greater idea of which services you can provide as an electrical contractor, you should read more electrical contractor business plan examples.

• Interior & Exterior Lighting: This will be our primary service. We will design and install lighting in homes, school buildings, plazas, restaurants, public spaces, and government buildings.

Areas Of Expertise:

• Home Décor Lighting
• Flush Mount and Semi-Flush Mount Ceiling Lighting
• Outdoor Landscape Lighting
• General Ambient Lighting
• Street Lighting
• Smart Lighting System
• Electronic Appliances Installation: Our workers specialize in installing air-conditioners, fans, electric chargers, motors, generators, transformers, solar panels, intercom, doorbells, circuit breakers, network wiring, and smart home wiring.
• House & Commercial Wiring Services: We will do wiring in homes and small buildings’ as well as in commercial properties.
• Installation of Underground/ Overhead Transmission Lines: Our workers are also skilled in the installation and removal of distribution & transmission lines whether they are overhead or underground.
• Repair and Upgradation: We have experts who can repair and upgrade electrical systems. You can have us at your doorstep whether you want just a fuse replacement or a complete electrical service upgrade. We also repair electronic appliances.
• Safety Systems: E-Volts specialize in protecting your power systems. We can tackle power surges. And we can also install safety systems in your homes like childproof electrical outlets, smoke detectors, and fire detectors, etc.

Marketing Analysis of Electrical Contractor

Marketing analysis is one of the most important parts of a business plan template electrical contractor. In this part, you have to identify who will be your customers so that you could meet their expectations and concerns within the available budget and resources.

The biggest problem new startups face is attracting potential customers. With a problem worth solving electrical contractor business plan you can understand your target customers’ psychology to determine their preferences and needs.

An effective electrical contractor business plan also includes a detailed analysis of market dynamics. By knowing the market ups and downs, and the strengths and weaknesses of your competitors, you can plan ways to outperform your competitors.

5.1 Market Trends

These days people are moving towards newer technologies. Some want to install a newer type of power outlet while some want to have a smart lighting system. Simply put, electricians are in demand like always. The only thing that can make you unsuccessful in this venture can be a really poor service delivery or extremely bad customer care.

According to IBIS World, nearly 205,048 electrical contractors are operating in the U.S. Their collective annual revenue sums up to $170bn as reported by First Research.

5.2 Marketing Segmentation

Marketing segmentation means dividing the population of your target customers into distinct groups. So that you can determine the dominant traits of each group of your buyers.

This activity can help you get an insight into how you should plan your services, pricing, and customer care.

In this blog on how to write a business plan for an electrical contractor, we have listed the marketing segmentation done by E-Volts.

The detailed marketing segmentation of the target audience of E-Volts is as follows:

5.2.1 Residents: Our first target group will be the locals living in Detroit. We expect them to avail of our lighting services as well as repair & upgradation services. The residents will also be needing us frequently for the installation or replacement of electronic appliances and safety systems.

5.2.2 Businesses: Our second target group comprises of small and large businesses. They will consume all of our services like electrical repairing, AC installation, commercial wiring, ceiling lighting, etc.

In this category, restaurants, shopping malls, and cinemas, etc. will require our landscaping lighting, interior & exterior lighting, and ambient lighting the most. To turn them into potential buyers, we will be offering them several discounts.

5.2.3 Local Government & Construction Companies: Our third target group will comprise municipalities and home builders. They are expected to avail of our electronic appliances installation services, lighting, repair & upgrade services, as well as commercial wiring services.

This category will also be acquiring our wiring services.

5.3 Business Target

Our business targets set to be met in a defined time are given below.

• To obtain an average rating of 4.65 by the end of the first year
• To balance startup expenses with earned profits by the end of the second year
• To achieve the net profit margin of $10.5k per month by the end of the second year
• To extend our work areas by the end of the first two years

5.4 Product Pricing

Our prices will almost be in the same range as that of our competitors. However, we will be charging a little more for the installation, removal, and repair of transmission and distribution lines.

Marketing Strategy

In this electrical contractor business proposal, we are listing the ways adopted by E-Volts to reach their target customers. Moreover, we are also explaining the competitive advantages that E-Volts decided to come up with to go ahead of all competitors.

6.1 Competitive Analysis

• All of our professionals are skilled, licensed, and certified.
• We follow the National Electrical Code to ensure safe and secure working.
• We are offering an online booking facility so that our customers can call us to their location without visiting our office.
• In case of repairing services, our workers will reach the desired area in less than 45 minutes.
• Client satisfaction is our topmost priority. You can contact us anytime between 6 a.m. to 12 p.m. Moreover, you can tell us any problems you had with our workers through the feedback portal. You are also welcomed to give your valuable suggestions to improve our services.

6.2 Sales Strategy

The selling strategy of E-Volts as defined in its business plan electrical contractor is given here.

• We’ll create a great SEO optimized website for our business
• We’ll advertise our services through Google Local Services ads, local magazines, and newspapers
• We’ll ensure a strong presence on social media platforms
• We’ll offer a 50% discount on our lighting and repair services for the first month of the launch

6.3 Sales Monthly

6.4 Sales Yearly

6.5 Sales Forecast

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Personnel plan

To ensure the smooth running of the business and efficient tackling of any disruptions or risks, you have to train your workers properly. E-Volts hired a business continuity coordinator to develop business continuity plan electrical contractor so that company can stay competitive.

The list of staff E-Volts will hire is given here in this business plan sample electrical contractor, along with their job responsibilities and average salaries.

7.1 Company Staff

Mark will supervise overall business operations himself, however, he will hire the following people.

• 1 Co-Manager & HR Manager to help manage the business
• 3 Supervisors to monitor different projects
• 1 Business Continuity Coordinator to manage threats and risks
• 2 Electrical Engineers to design electrical systems
• 6 Electricians to work for the company
• 1 Accountant to maintain financial records
• 1 Sales Executive to carry out the company’s sales strategy plan
• 2 Drivers to provide transport
• 1 IT Expert to manage company’s sites and database
• 1 Customer Care Representative

7.2 Average Salary of Employees

Financial plan.

The last step before initiating a business is creating a financial plan. A profit and loss business plan electrical contractor template analyze your investment group business plan , payrolls, taxes, and other expenses to draft a way of earning profits. In this electrical contractor business plan pdf we are providing detailed brake-even analysis, profit and loss projections, business balance sheet, and business ratios of E-Volts.

8.1 Important Assumptions

8.2 brake-even analysis.

8.3 Projected Profit and Loss

8.3.1 profit monthly.

8.3.2 Profit Yearly

8.3.3 Gross Margin Monthly

8.3.4 Gross Margin Yearly

8.4 Projected Cash Flow

8.5 Projected Balance Sheet

8.6 business ratios.

Download Electrical Contractor Business Plan Sample in pdf

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Free Electrical Business Plan PDF Download | Electrical Shop Business Plan

How to Start an Electrical Business - Free Electrical Business Plan PDF Download

Are you considering starting an electrical business and are in need of an electrical business plan? if yes, you'll find this free book to be extremely helpful.

This is a practical guide that will walk you step by step through all the essentials of starting your business. The book is packed with guides, worksheets and checklists. These strategies are absolutely crucial to your business' success yet are simple and easy to apply.

Don’t Start a New Electrical Business Unless You Watch This Video First!

Checklist for Starting a Business: Essential Ingredients for Success

If you are thinking about going into business, it is imperative that you watch this video first! it will take you by the hand and walk you through each and every phase of starting a business. It features all the essential aspects you must consider BEFORE you start a business. This will allow you to predict problems before they happen and keep you from losing your shirt on dog business ideas. Ignore it at your own peril!

Here’s a Valuable Free Gift for You This is a high quality, full blown business plan template complete with detailed instructions and all related spreadsheets. You can download it to your PC and easily prepare a professional business plan for your business. Click Here! To get your free business plan template

The Single Most Important Ingredient for Business Success

The first and most important thing you need to acquire in order to succeed in a small business is... knowledge.

Sounds exaggerated? Listen to this...

According to research conducted by Dun & Bradstreet, 90% of all small business failures can be traced to poor management resulting from lack of knowledge.

This is backed up by my own personal observations. In my 31 years as a business coach and consultant to small businesses, I've seen practically dozens of small business owners go under and lose their businesses -- not because they weren't talented or smart enough -- but because they were trying to re-invent the wheel rather than rely on proven, tested methods that work.

Conclusion: if you are really serious about succeeding in a business... If you want to avoid the common traps and mistakes... it is absolutely imperative that you acquire the right knowledge.

"Why Invent Mediocrity, When You Can Copy Genius?"

That's an excellent quote I picked up from a fellow business owner a few years back. What this means is that you should see what is working and try to duplicate it. Why go through all the trouble of inventing something new, that you don't even know will ever work, when you can easily learn from and duplicate something that has been a proven success?

[ Note: One of the BIGGEST mistakes almost all new businesses make is that they WASTE tons of valuable time, energy and money on trying to create something "new", that has never been tested or proven... only to find out later that it was a total loss. Don't make the same mistake! ]

Hi! My name is Meir. I'm the founder and president of BizMove.com, a successful Internet based information business. I'm also the author of numerous books, mostly in the area of small business management.

I've been involved in small business for the past 31 years of my life, as a business coach, manager of a Electrical firm, a seminar leader and as the owner of five successful businesses.

During my career as a business coach and consultant I've helped dozens of business owners start their businesses, market, expand, get out of troubles, sell their businesses and do practically every other small business activity you can think of. You see, I have been there .... done it ... and bought the Small Business t-shirt! -- This free book contains techniques and strategies I've learned during my 31 year small business career.

Here's what you'll discover in the 'How to Start a Electrical Business' book:

Success Tip: Setting Goals

Good management is the key to success and good management starts with setting goals. Set goals for yourself for the accomplishment of the many tasks necessary in starting and managing your business successfully. Be specific. Write down the goals in measurable terms of performance. Break major goals down into sub-goals, showing what you expect to achieve in the next two to three months, the next six months, the next year, and the next five years. Beside each goal and sub-goal place a specific date showing when it is to be achieved.

Plan the action you must take to attain the goals. While the effort required to reach each sub-goal should be great enough to challenge you, it should not be so great or unreasonable as to discourage you. Do not plan to reach too many goals all at one time.

Establish priorities. Plan in advance how to measure results so you can know exactly how well you are doing. This is what is meant by "measurable" goals. If you can’t keep score as you go along you are likely to lose motivation. Re-work your plan of action to allow for obstacles which may stand in your way. Try to foresee obstacles and plan ways to avert or minimize them.

Click here! to download your Electrical Business Plan book for free (PDF version)

Management Skills Video: How to Become a Great Manager and Leader

Learn how to improve your leadership skills and become a better manager and leader. Here's how to be the boss people want to give 200 percent for. In the following video you'll discover 120 powerful tips and strategies to motivate and inspire your people to bring out the best in them.

For more insightful videos visit our Small Business and Management Skills YouTube Chanel .

Here're other free books in the "how to start a business" series that may interest you:

Here's a Sample 'Executive Summary' for a Electrical Business plan :

COMPANY NAME ADDRESS CITY, STATE, ZIP CODE Tel.  Fax: Email:

COMPANY NAME is an Electrical Sub-Contractor, primarily doing commercial, industrial, medical and residential. COMPANY NAME offers value engineering for energy evaluation & efficiency. The purpose of the company's plan is to grow in the fields mentioned above as well as branch out into Nevada, Arizona & New Mexico. COMPANY NAME also wants to further the company's market share in the solar/energy and the service industry.

1.1 Objectives

1. To fund growth of existing business & increase market share of our service business 2. Expand into the field of energy/solar 3. With additional capital the ability to bid larger projects.

1.2 Mission

COMPANY NAME 's sole purpose is to establish a profitable and well managed company while at the same time designing to please the local residents with excellent service in California.  COMPANY NAME’s near future plans are to grow the company's electrical contracting business in California and other states such as Nevada, Arizona and New Mexico.  The company will seek to provide these services in the timeliest manner and with an ongoing comprehensive quality control program to provide 100% customer satisfaction.

1.3 Keys to Success

1.  Servicing and maintaining our existing client base 2.  Having employees that understand and implement our high standards 3.  Reliability and communication with clients from beginning of each job to end.

COMPANY NAME is in the city of Orange and has been in the county of Orange since 1994, servicing Los Angeles, Riverside, San Bernardino and San Diego counties. We provide electrical contracting services to a wide range of clients, including owners and general contractors, mainly in the medical field. COMPANY NAME's current corporate office is at [INSERT ADDRESS].   The company's corporate office is a 4,650 sq ft concrete tilt up building. This corporate office houses all administrative operations, with warehouse space used for inventory and service vehicles. All of the work is done at many off-site locations.

2.1 Company Ownership

COMPANY NAME is a privately held C Corporation where OWNER’S NAME is president & secretary and CO-OWNER’S NAME is Vice President.

2.2 Company History

In 2006 and 2007 COMPANY NAME experienced a decrease in sales due to California budget cuts for the company's voice and data division that had provided services to Employment Development Departments.   The decrease in sales was also due to existing clients who were very slow in paying for services rendered.  COMPANY NAME had also made the decision to focus more on the medical field and their primary client base. The company had cut ties with three general contractors and proceeded to establish new contacts within the medical field. The year of 2008 was a great year and COMPANY NAME was on track to double sales; however the economy was starting to slow. 2009 was a respectable year, however, again, due to the economy COMPANY NAME re-evaluated again to expand into solar/energy industry.

Table: Past Performance

3.0 Services

COMPANY NAME 's products are: 1) Design build which is based on a per square foot price. 2) Contract work which is specific to a certain set of blueprints/drawings. 3) Service work that is based on an hourly rate.

COMPANY NAME will focus on four main markets within the industry such as: MEDICAL This field is a viable source of business now and due to ever changing technology a great source of future business that will sustain us long term. SERVICE There will always be a need for service and this is an area that we have never taped into and believe there is great potential. COMMERCIAL/INDUSTRIAL This has been the company's main focus; COMPANY NAME has built great long term relationships with building owners who now look for our guidance in directing their energy improvements. SOLAR/ENERGY We feel we always need to look at new trends and stay ahead of change in our approach to long term sustainability.

How to Organize Paperwork for Business

We must all be efficient and productive in today's business world. Being organized helps you handle tasks quickly so that you have more time and space to do what you truly want to do.

1. One-time mail system.

Have an In Box on your desk for new mail/information. Look at your mail once a day. Review each piece of mail once to decide whether to do it, delegate it or dump it. If it adds value to your business or is required for doing business, do it or delegate it. If not, then dump it. If you keep it, then categorize it using the A, B, C system. Use your time wisely.

2. Categories for performing your work.

Set up desk trays labeled A, B, and C. Items in category A must be handled today. Category B items must be handled this week. Category C items are generally filing that must be kept because they have some value, such as invoices, tax returns, and statements.

3. Prioritize your work within categories A and B.

Sort the categories into 1, 2, and 3. A1 must be done NOW, it is "hot" or "urgent." A2 can be done this AM. A3 can be done by the end of the day. B1 is done on Monday. B2 done by Wednesday. B3 done by the end of the week. Make the decision once, then do the work.

Set a day and time each week for filing. Don't let it stack up. Give yourself space to work.

5. Purge your files on a regular schedule.

For example, purge files every six months. Send these documents to storage. This gives you more space to work.

6. Storing records.

Store documents in boxes. Mark the contents of each box. For instance, clients A-F2013. Mark the destruction date on the box, D = June 02. Base your destruction date on the legal requirements for your industry.

7. Toss out stored documents on a regular schedule.

For example, two times per year, visit the storage area and remove boxes that are beyond the destruction date. Depending on your industry, they may need to be shredded rather than put in the trash.

8. Color code your records.

For example, clients with first names beginning with A-F are in Orange folders; G-K Yellow; L-P Blue; Q-Z Green. This will save you time when you are searching for a file. You can also apply this to AP, AR, Payroll, and Taxes. This can also be done by year. For example, 2012 AP is blue; 2013 AP is purple.

9. Hot files.

Put a red cover on files that you consider "hot." These could be urgent projects, legally or financially sensitive, or important VIP clients. Keep these visually at your fingertips.

10. Use out guides.

If you work with other people and share files, create a check-out system so that files are not lost. Put the file name, taken-by name, and date on a card and place it in an out guide box. When you can't find what you want, check the box to see if your co-worker is using the file. Be sure to remove the card from the box when you return the file.

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Engineering Consulting Business Plan

Free Business Plan Template

Download our free business plan template now and pave the way to success. Let’s turn your vision into an actionable strategy!

• Fill in the blanks – Outline
• Financial Tables

How to Write An Engineering Consulting Business Plan?

Writing an engineering consulting business plan is a crucial step toward the success of your business. Here are the key steps to consider when writing a business plan:

1. Executive Summary

An executive summary is the first section planned to offer an overview of the entire business plan. However, it is written after the whole business plan is ready and summarizes each section of your plan.

Here are a few key components to include in your executive summary:

Introduce your Business:

Start your executive summary by briefly introducing your business to your readers.

Market Opportunity:

Engineering consulting services:.

Highlight the engineering consulting services you offer your clients. The USPs and differentiators you offer are always a plus.

Marketing & Sales Strategies:

Financial highlights:, call to action:.

Ensure your executive summary is clear, concise, easy to understand, and jargon-free.

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2. Business Overview

The business overview section of your business plan offers detailed information about your company. The details you add will depend on how important they are to your business. Yet, business name, location, business history, and future goals are some of the foundational elements you must consider adding to this section:

Business Description:

Describe your business in this section by providing all the basic information:

Describe what kind of engineering consulting company you run and the name of it. You may specialize in one of the following engineering consulting businesses:

• Civil engineering consulting
• Mechanical engineering consulting
• Electrical engineering consulting
• Industrial engineering consulting
• Describe the legal structure of your engineering consulting company, whether it is a sole proprietorship, LLC, partnership, or others.
• Explain where your business is located and why you selected the place.

Mission Statement:

Business history:.

If you’re an established engineering consulting service provider, briefly describe your business history, like—when it was founded, how it evolved over time, etc.

Future Goals

This section should provide a thorough understanding of your business, its history, and its future plans. Keep this section engaging, precise, and to the point.

3. Market Analysis

The market analysis section of your business plan should offer a thorough understanding of the industry with the target market, competitors, and growth opportunities. You should include the following components in this section.

Target market:

Start this section by describing your target market. Define your ideal customer and explain what types of services they prefer. Creating a buyer persona will help you easily define your target market to your readers.

Market size and growth potential:

Describe your market size and growth potential and whether you will target a niche or a much broader market.

Competitive Analysis:

Market trends:.

Analyze emerging trends in the industry, such as technology disruptions, changes in customer behavior or preferences, etc. Explain how your business will cope with all the trends.

Regulatory Environment:

Here are a few tips for writing the market analysis section of your engineering consulting firm business plan:

• Conduct market research, industry reports, and surveys to gather data.
• Provide specific and detailed information whenever possible.
• Illustrate your points with charts and graphs.
• Write your business plan keeping your target audience in mind.

4. Engineering Consulting Services

The product and services section should describe the specific services and products that will be offered to customers. To write this section should include the following:

Describe your consulting services:

Mention the engineering consulting services your business will offer. This list may include services like,

• Engineering design & analysis
• Project management & planning
• Sustainable engineering solutions
• Technology consulting & innovation

Describe each service:

Additional services.

In short, this section of your engineering consulting plan must be informative, precise, and client-focused. By providing a clear and compelling description of your offerings, you can help potential investors and readers understand the value of your business.

5. Sales And Marketing Strategies

Writing the sales and marketing strategies section means a list of strategies you will use to attract and retain your clients. Here are some key elements to include in your sales & marketing plan:

Unique Selling Proposition (USP):

Define your business’s USPs depending on the market you serve, the equipment you use, and the unique services you provide. Identifying USPs will help you plan your marketing strategies.

Pricing Strategy:

Marketing strategies:, sales strategies:, customer retention:.

Overall, this section of your engineering consulting business plan should focus on customer acquisition and retention.

Have a specific, realistic, and data-driven approach while planning sales and marketing strategies for your engineering consulting business, and be prepared to adapt or make strategic changes in your strategies based on feedback and results.

6. Operations Plan

The operations plan section of your business plan should outline the processes and procedures involved in your business operations, such as staffing requirements and operational processes. Here are a few components to add to your operations plan:

Staffing & Training:

Operational process:, equipment & software:.

Include the list of equipment and software required for engineering consulting business, such as communication tools, project management software, field equipment, financial & accounting software, etc.

Adding these components to your operations plan will help you lay out your business operations, which will eventually help you manage your business effectively.

7. Management Team

The management team section provides an overview of your engineering consulting business’s management team. This section should provide a detailed description of each manager’s experience and qualifications, as well as their responsibilities and roles.

Founders/CEO:

Key managers:.

Introduce your management and key members of your team, and explain their roles and responsibilities.

Organizational structure:

Compensation plan:, advisors/consultants:.

Mentioning advisors or consultants in your business plans adds credibility to your business idea.

This section should describe the key personnel for your engineering consulting services, highlighting how you have the perfect team to succeed.

8. Financial Plan

Your financial plan section should summarize your business’s financial projections for the first few years. Here are some key elements to include in your financial plan:

Profit & loss statement:

Cash flow statement:, balance sheet:, break-even point:.

Determine and mention your business’s break-even point—the point at which your business costs and revenue will be equal.

Financing Needs:

Be realistic with your financial projections, and make sure you offer relevant information and evidence to support your estimates.

9. Appendix

The appendix section of your plan should include any additional information supporting your business plan’s main content, such as market research, legal documentation, financial statements, and other relevant information.

• Add a table of contents for the appendix section to help readers easily find specific information or sections.
• In addition to your financial statements, provide additional financial documents like tax returns, a list of assets within the business, credit history, and more. These statements must be the latest and offer financial projections for at least the first three or five years of business operations.
• Provide data derived from market research, including stats about the industry, user demographics, and industry trends.
• Include any legal documents such as permits, licenses, and contracts.
• Include any additional documentation related to your business plan, such as product brochures, marketing materials, operational procedures, etc.

Use clear headings and labels for each section of the appendix so that readers can easily find the necessary information.

Remember, the appendix section of your engineering consulting business plan should only include relevant and important information supporting your plan’s main content.

The Quickest Way to turn a Business Idea into a Business Plan

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This sample engineering consulting business plan will provide an idea for writing a successful engineering consulting plan, including all the essential components of your business.

After this, if you still need clarification about writing an investment-ready business plan to impress your audience, download our engineering consulting business plan pdf .

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Frequently asked questions, why do you need an engineering consulting business plan.

A business plan is an essential tool for anyone looking to start or run a successful engineering consulting business. It helps to get clarity in your business, secures funding, and identifies potential challenges while starting and growing your business.

Overall, a well-written plan can help you make informed decisions, which can contribute to the long-term success of your engineering consulting company.

How to get funding for your engineering consulting business?

There are several ways to get funding for your engineering consulting business, but self-funding is one of the most efficient and speedy funding options. Other options for funding are:

• Bank loan – You may apply for a loan in government or private banks.
• Small Business Administration (SBA) loan – SBA loans and schemes are available at affordable interest rates, so check the eligibility criteria before applying for it.
• Crowdfunding – The process of supporting a project or business by getting a lot of people to invest in your business, usually online.
• Angel investors – Getting funds from angel investors is one of the most sought startup options.

Apart from all these options, there are small business grants available, check for the same in your location and you can apply for it.

Where to find business plan writers for your engineering consulting business?

There are many business plan writers available, but no one knows your business and ideas better than you, so we recommend you write your engineering consulting business plan and outline your vision as you have in your mind.

What is the easiest way to write your engineering consulting business plan?

A lot of research is necessary for writing a business plan, but you can write your plan most efficiently with the help of any engineering consulting business plan example and edit it as per your need. You can also quickly finish your plan in just a few hours or less with the help of our business plan software .

How do I write a good market analysis in an engineering consulting business plan?

Market analysis is one of the key components of your business plan that requires deep research and a thorough understanding of your industry. We can categorize the process of writing a good market analysis section into the following steps:

• Stating the objective of your market analysis—e.g., investor funding.
• Industry study—market size, growth potential, market trends, etc.
• Identifying target market—based on user behavior and demographics.
• Analyzing direct and indirect competitors.
• Calculating market share—understanding TAM, SAM, and SOM.
• Knowing regulations and restrictions
• Organizing data and writing the first draft.

Writing a marketing analysis section can be overwhelming, but using ChatGPT for market research can make things easier.

About the Author

Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

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Engineers have a unique set of circumstances that make their businesses different from many others. That’s why you’ll find these specific sample business plans for engineering firms so helpful.

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Electrician business plan template

Download this electrician business plan template in PDF or Word format, or tailor it to your project directly in our business plan software.

Discover our electrician business plan template

Our electrician business plan template gives you the structure to write a professional plan.

Not accustomed to writing business plans? Our electrician business template will turn a typically challenging process into a total breeze.

Modelled on a complete business plan of an electricial business in Normandy, our template features both the financial forecast and the written part that presents the project, its team, the local market and the business strategy implemented by the management.

Cast your eyes on this template to achieve a better understanding of what your bank and investors would like to see, so that you can create a business plan that meets their expectations.

7 day free trial. No credit card required. Electrician business plan template available with paid plans only.

How to use this electrician business plan template

Edit the electrician business plan template online, or download it.

There are 3 ways to use this template:

• Edit it online: you can adapt this template to your business idea by changing the text or the financial forecast directly in our business planning software
• Download in PDF: if you're just after a little inspiration, you can download the electrician business plan template in PDF to read over it
• Download in Word format: want to edit your plan on Word? Simply export the electrician business plan template to Ms Word (.docx) format

Electrician shop business plan template content

This template includes a complete electrician business plan example, with a financial forecast and the following sections:

• Executive summary: the executive summary gives the reader a clear and concise overview of your business idea
• Company: this section lays out the structure of your business, including its location, management team and legal form
• Products and services: here, you'll give an overview of the services or products offered by the company
• Market analysis: the market analysis is where you’ll demonstrate that there is a strong demand for your products and services through a thorough assessment of the industry (customer profile, hot trends, regulation, competition, etc.)
• Strategy: this section highlights the company's game plan when it comes to pricing, marketing and mitigating risks along the way
• Operations: this step lays out the company's operational organisation, including the recruitment plan
• Financial plan: the financial plan includes a table of sources & uses (initial funding plan), and complete financial statements (P&L, balance sheet and cash flow statements).
• Appendices: this part provides the opportunity to include multiple financial appendices generated by our software (debt maturity profile, monthly financial statements, financial analysis, etc.).

Executive summary of the electrician's business plan

The executive summary gives the reader a clear and concise overview of your business idea.

Our electrician business plan example's executive summary is formed of the following subsections:

• Business overview: in this subsection, we outline who the electrician founders are, what legal form they've chosen for the business, and the rationale behind the choice of their location
• Market overview: in this subsection, we summarize the conclusions of the market analysis performed by the electricial business' owners and explain who they aim to target (homeowners, tenants with repair needs etc.)
• Financial highlights: in this subsection, we give an overview of the forecasted financial performance of the electrician over the first 3 years of operation
• Our ask: in this subsection, we outline the amount of financing required to start the electrician and how it's going to be funded (the founders are seeking a bank loan to start their electricial business)

Company overview included in our electrician business plan sample

This section lays out the structure of your business, including its location, management team and legal form.

Our electrician business plan template's company section is formed of the following subsections:

• Structure & Ownership: in this subsection, we outline who the electrician's shareholders are and what legal form they've chosen for the business
• Location: in this subsection, we present the area surrounding the location chosen for the business and the layout and main features of the premises
• Management Team: in this subsection, we give an overview of the background of each of the electrician's founders, explain how they met and why they decided to start a company together

Products and services offered by the electrician

The products and services section is where you will present the different types services offered by your electricial business.

In our electrician business plan template products and services section, we cover:

• Repair services: a choice between electrical installation repairs or emergency repairs (which are available 24/7)
• Renovation services: mainly for outdated electrical installations, helping bring them up to regulatory standards
• Installation services: for new builds that require significant electrical work done such as HVAC (heating, ventilation and air conditioning) or installing smoke detectors

Market analysis for the opening of the electricial business

The market analysis is where you’ll demonstrate that there is a strong demand for your products and services through a thorough assessment of the industry (customer profile, hot trends, regulation, competition, etc.).

Our electrician business plan example's market analysis section is formed of the following subsections:

• Demographics and Segmentation: in this subsection, we explore the market in depth. We look at the supply and demand sides both at the national and local level, analyse the hot trends perceived by the founders, and the key statistics that will help the founders build their positioning
• Target market: in this subsection, our founders explain who they view as their ideal customers (homeowners, tenants with repair needs etc.) and why they chose to target them
• Competition: in this subsection, we take a look at the direct (electricians nearby) and indirect (other ways of carrying out repairs) local competition to ensure we have a differentiated positioning and that the market is large enough to accommodate the arrival of new electricial business
• Regulation: in this subsection, we give an overview of the main regulation applicable to our electricial business

Setting the strategy for our electrician

This section highlights the company's game plan when it comes to pricing, marketing and mitigating risks along the way.

Our electrician business plan template strategy section is formed of the following subsections:

• Pricing: in this subsection, we explain how we set the prices of our main categories of services (repair, renovation, installation) and the rationale behind our choice
• Marketing plan: in this subsection, we explain what action we'll put in place to build awareness and loyalty among our customers
• Milestones: in this subsection, we give an overview of the main goals we set for ourselves for the next 3 years
• Risks and Mittigants: in this subsection, we perform an assessment of the medium and long-term risks that could jeopardize the financial viability of our electrical business and outline how we intend to mitigate them

Operations section of the electrician business plan template

This part lays out the company's operational organisation, including the recruitment plan.

Our electrician business plan example's operations section is formed of the following subsections:

• Personnel plan: in this subsection, we explain what our opening hours will be and explain the responsibilities of each of staff member in our electricial business
• Key assets and IP: in this subsection, we list the assets and intellectual property rights which are critical to our business operations and explain how we will secure and protect each of these
• Suppliers: in this subsection, we give an overview of the main suppliers we will use our what commercial terms have been negotiated with them

Financial plan included in our electrician business plan template

This section presents the expected financial performance of the electrician over the next 3 years.

Our electrician business plan example's financial plan is formed of the following subsections:

• Start-up funding: in this subsection, we list the cost of each item required to launch the electricial business
• Important assumptions: in this subsection, we explain the methodology and the main assumptions used to build the  electrician financial forecast
• Sales forecast: in this subsection, we detail the expected revenues and growth rate for our electricial business in the coming years
• Cost structure: in this subsection, we list all the expenses required for our electricial business to operate smoothly
• Projected Profit & Loss statement: in this subsection, we analyse our forecasted P&L and comment on the expected profitability of our electricial business over the next 3 years
• Projected cash flow statement: in this subsection, we analyse the expected cash generation of the electricial business
• Projected balance sheet: in this section we give an analysis of the liquidity and solvability implied from our balance sheet

Appendices of the electricial business plan template

This part provides the opportunity to include multiple financial appendices generated by our software (debt maturity profile, monthly financial statements, financial analysis, etc.).

Our electrician business plan template's appendices include:

• A maturity profile chart showing the principal repayments of their loans over the next 3 years
• A monthly cash flow forecast: showing how much cash is being generated or consumed each month over the first 3 years of operations

Electrician business plan template sample

Executive summary, business overview.

Elec Eco Repair will be an installation, renovation, and electrical repair company located at 25 Rue des Roquemonts, in the city of Caen. The business will be situated close to major roads, to facilitate easy travel.

We will specialise in energy-efficient renovations by offering regulated electrical radiators, thermodynamic water heaters, and much more. This will likely bring long-term benefits to homes within Caen.

Our industry accreditation means that we can guarantee our customers a high-quality service. This accreditation gives us credibility because it ensures that our installation complies with regulatory standards. Our customers will also benefit from subsidies provided by the government.

We will set up a limited company with a total share capital of €8,000. The business will be managed by Victor D. and Marie A.

Our managers both have complementary experience. Victor worked as an electrician for a large company for nearly 10 years. Marie worked at an electrical installation company, providing energy-efficient renovations for 8 years. 

Market Overview

National Market

Turnover of the sector

According to the CAPEB (Confederation of Small Construction Companies), small construction companies generated turnover worth €84.3 billion in 2019 - this represented 64% of the overall turnover that year for the construction industry.

Companies with fewer than 10 employees carried out most of the housing and non-housing work in 2017.

Non-housing work generally includes work for public buildings or businesses such as hotels, offices, shops, and restaurants.

Housing work includes the construction of new properties or renovations. In 2018, 43% of work was carried out on new builds, while the 57% remaining were for improvement or maintenance.

Number of companies, workforce, and employment

In 2018, there were 555,261 small businesses in the construction sector, with 98% of them employing fewer than 20 employees. Altogether, these businesses employed a total of 640,621 employees - representing 59% of the overall number of workers in the construction sector.

Small companies trained 55,370 apprentices in 2019, representing 79% of all apprentices in the construction sector.

In Europe, 97% of companies during the same year had fewer than 20 employees and they accounted for 80% of all construction turnover in the Europe.

Local Market

Figures for Normandy

According to The Regional Economic Unit for Construction, Normandy's construction sector was worth €10 billion in 2018 - a 4% growth in comparison to 2017 figures. The sector accounted for 6% of Normandy's total economy at the time.

There were 28,644 construction businesses in the region:

• 30% were companies employing between 1 and 9 employees 
• 64% were self-employed establishments
• 6% were companies employing more than 10 employees

The CAPEB report also indicates that companies employing fewer than 10 employees generated turnover worth €4.3 million in 2017, i.e. 43% of the regional turnover. There were 2,239 new construction companies created in 2017.

The counties of Seine-Maritime and Calvados accounted for the majority of turnover in the region in 2017. 

Figures for Calvados

The county of Calvados generated a turnover of €2.2 billion in 2017 and accounted for 21.2% of the region's turnover in the building and public works sector. 7,164 such businesses were operating in the region.

With the majority of businesses employing fewer than 10 employees (28%) and micro-businesses without employees (67%), the Calvados sector was predominantly occupied by small companies.

Financial Highlights

We expect to be profitable in our first year of activity with sales of €157,200 and an EBITDA of €6,112 (with a 3.89% margin) for year 1.

We expect to be able to continue to grow our business to reach €198,080 in sales and €15,952 in EBITDA (with a 8.05% margin) by year 3.

Operating cash flow generation is expected to be positive for the entire duration of the plan, and the company should be adequately capitalised to enable us to meet our loan repayments while retaining sufficient liquidity to deal with any unforeseen circumstances.

We estimate that we need a total of €28,000 to open our electrician.

Our partner will contribute €18,000 (64.2% of the total amount).

We would like to obtain a bank loan of €10,000 to complete this amount.

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Quite frankly excellent because I was able to finalize my business plan in less time than expected. This software offers a very coherent and complete approach to writing your project.

It is a very well designed software that allows you to visualise each step of your project, understand if the idea is viable or not and think about the steps needed to start your business.

The software is just impeccable. Of course, it meets the requirements of people starting a business. In addition to having a tool for putting together a proper financial forecast, there is also a tool to help write the business plan.

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Electrician shop business plan template faq.

A electrician business plan is a written document that sets out the commercial, operational and financial objectives of the company over the next 3 to 5 years.

It consists of two main parts:

• A written part that presents, in detail, your electrician business, the team, your strategy, and your medium-term objectives.
• A financial forecast that highlights the expected profitability of the electrician and the initial funding requirements.

The lack of business planning is one of the main reasons why more than 50% of startups fail within 5 years. If you're starting a electrician, writing a business plan is a must-have in order to reduce the risk of failure of your project.

Business plans are also required by most lenders and investors in order to secure financing, therefore a business plan is also highly recommended if you're seeking a loan or equity investment for your electrician.

Writing a electrician business plan without The Business Plan Shop can be both error-prone and time-consuming - whether you're new to entrepreneurship or experienced:

• You'll need to research the structure of a business plan, what to include in each section, and what key elements investors and lenders expect to see
• You may encounter writer's block (especially if it's the first time you're writing a business plan for your electrical company)
• You'll need to create a financial forecast on a spreadsheet which requires a solid understanding of accounting and financial modelling in order to be done without error
• You'll need to spend hours formatting financial data on Excel or Sheets before it's ready to integrate into your business plan
• Any updates to your electrician business plan or financial forecast will need to be done manually

Luckily for you, The Business Plan Shop's online platform and electrician business plan template guide you through every stage of writing a business plan, so that you can spend more time managing and growing your business instead.

Our editor follows a best-in-class structure for professional business plans. Each section and subsection includes examples and instructions to help you, while our business plan templates provide further inspiration if you're stuck.

Our financial forecasting software helps you create a forecast and integrate it into your business plan with ease. Anytime you update your data, your business plan automatically updates.

And with our forecasting software all the calculations are done for you, without errors.

The budget to start and run an electricial business will depend on the exact concept and location.

A large electrical business operating in the heart of London would require much greater startup costs than one operating in Newcastle due to higher overhead costs (advertising, insurance, rent).

As an example, in our electrician business plan template the total initial funding requirement amounted to €28,000, with the founders contributing €18,000.

In order to assess the exact budget for your electrician idea, you need to do a financial forecast using a financial projection tool such as the one we offer .

The package we offer at The Business Plan Shop goes way beyond a simple blank template you need to fill. With our platform you get:

• Access to one of the best business plan software on the market
• Access to our electrician business plan template which contains a complete example of a written business plan and financial forecast to start an electricial business
• Access to our entire business plan templates library - giving you dozens of examples to take inspiration from
• Access to our financial planning and analysis platform so that you can track the actual performance of your business against what you had planned in your business plan and re-plan easily

But you shouldn't take our word for it: try our solution for free and make your own opinion!

The free trial enables you to try the software for free during 7 days in order to verify that it meets your requirements before buying.

Some features are limited during the free trial, the main limits are:

• You can only create one business plan
• The financials of the first year are visible, but data for other years are hidden
• You can export your plan in PDF but not in Word or CSV
• No access to our business plan templates

You can create your account and start your free trial here .

Access to our template is included with all our paid subscriptions.

Please visit our pricing page to learn about this in more detail.

Other business plan templates and resources to discover

Electrical Supply Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business Plans » Construction & Engineering

Are you about starting an electrical supply business? If YES, here is a complete sample electrical supply business plan template & feasibility report you can use for FREE .

Okay, so we have considered  all the requirements for starting an electrical supply business. We also took it further by analyzing and drafting a sample electrical supply business marketing plan template backed up by actionable guerrilla marketing ideas for electrical supply businesses. So let’s proceed to the business planning section.

As an aspiring entrepreneur who wants to delve into a business with huge returns on investment, one of your options is to venture into the construction industry. There are several money-spinning business opportunities in the construction industry and one of them is to start an electrical supply business.

Just like other investment vehicles, there are potential down sides that you need to look out for if you want to be successful in this business. One of the major risks in electrical supply is a sudden downturn in the economy.

Part of what you need to do to make headway in this line of business is to ensure that your store is properly positioned and you a have good business relationship with construction contractors, constructions companies and key players in the real estate industry.

If you are truly convinced that starting an electrical supply business is the right business for you, then you need to write your own business plan . The essence of writing a business plan before starting any business is for you to have a roadmap of how you want to setup, manage and expand your business.

Below is a sample electrical supply business plan template that will help you successfully write yours with little or no stress.

A Sample Electrical Supply Business Plan Template

1. industry overview.

Electrical supply business is part of the Electrical Equipment Wholesaling industry and this industry consists of businesses that are into the sale and supply of wiring, lighting fixtures and light bulbs, relay and industrial controls, switchgear and switchboard apparatus, motors and generators, power and distribution transformers and other electrical equipment.

On the average, an electrical supply company distributes electrical construction materials, such as wiring supplies, electrical light fixtures, light bulbs, security systems, electrical power equipment, switchboards, circuit breakers and fuses to construction companies. Hence, demand from building, developing and general contracting largely determines industry revenue growth.

In addition, demand for many of the industry’s products depends on industrial production and electrical power consumption. As manufacturing activity in the economy increases, they purchase industry goods to both outfit their factories and to act as intermediary components.

If you are a closer watcher of the Electrical Equipment Wholesaling industry, you will agree that over the past five years, the Electrical Equipment Wholesaling industry has struggled to rebuild itself, even as the overall economy strengthens.

Industry goods are purchased by professional contractors and consumers engage in remodeling and construction projects.

Rising consumer confidence and household income have helped ignite remodeling activity forestalled during the recession, providing additional demand for electrical equipment used in home improvement projects. Even so, rising competition from large home improvement stores has stifled revenue growth for electrical supply stores.

The Electrical Equipment Wholesaling industry is indeed a large industry and pretty much active in most countries of the world. Statistics has it that in the united states of America alone, there are about 17,709 registered and licensed electrical supply stores scattered all across the United States responsible for employing about 226,258 people and the industry rakes in a whopping sum of $179 billion annually.

The industry is projected to grow at 2.2 percent annual growth within 2013 and 2018. It is important to state that The Electrical Equipment Wholesaling industry has no companies with major market shares.

A recent report published by IBISWORLD shows that over the past five years, the Electrical Equipment Wholesaling industry has grown by 2.2 percent to reach revenue of $179bn in 2018. In the same timeframe, the number of businesses has grown by 0.7 percent and the number of employees has grown by 3.6 percent.

The Electrical Equipment Wholesaling industry is highly regulated in the United States of America and anyone who aspires to start an electrical supply business must apply and obtain a license before they can legally operate in the industry.

No doubt, the Electrical Equipment Wholesaling industry is a profitable industry and it is open for any aspiring entrepreneur to come in and establish his or her business.

2. Executive Summary

Mac Bruce™ Electrical Supply Store, Inc. is a registered electrical equipment supply store business that will be located in one of the busiest streets in Albuquerque – New Mexico. We have been able to lease a facility that is big enough (a 5 thousand square foot facility) to fit into the kind of standard electrical equipment supply store that we intend launching and the facility is located in the heart of the city.

Mac Bruce™ Electrical Supply Store, Inc. will supply electrical construction materials such as wiring supplies, electrical light fixtures, light bulbs, security systems, electrical power equipment, switchboards, circuit breakers and fuses et al to construction companies.

We are aware that there are several electrical equipment supply outlets all around New Mexico, which is why we spent time and resources to conduct a thorough feasibility studies and market survey so as to be well positioned to favorably compete in the industry. We have an online service option for our customers, and our outlet has various payment options.

Mac Bruce™ Electrical Supply Store, Inc. will ensure that all our customers are given first class treatment whenever they visit our electrical equipment store. We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large they grow to. We will ensure that we get our customers involved in the selection of brands that will be on our store.

Mac Bruce™ Electrical Supply Store, Inc. will at all times demonstrate her commitment to sustainability, both individually and as a business, by actively participating in our communities and integrating sustainable business practices wherever possible.

We will ensure that we hold ourselves accountable to the highest standards by meeting our customers’ needs precisely and completely whenever they patronize our products.

Mac Bruce™ Electrical Supply Store, Inc. is owned by Mac Bruce and his immediate family members. Mac Bruce has a B.Sc. in Business Administration, with over 10 years’ experience in the electrical equipment wholesaling industry, working for some of the leading brands in the United States.

Although the business is launching out with just one outlet in Albuquerque – New Mexico, but there is a plan to open other outlets all around major cities in the United States of America.

3. Our Products and Services

Mac Bruce™ Electrical Supply Store, Inc. is in the electrical equipment wholesaling industry to service a wide range of clients and of course to make profits, which is why we will ensure we go all the way to make available a wide range of electrical equipment from top manufacturing brands in the United States.

Our product offerings are listed below;

• Lighting fixtures and light bulbs
• Relay and industrial controls
• Switchgear and switchboard apparatus
• Motors and generators
• Power and distribution transformers
• Other electrical equipment.

4. Our Mission and Vision Statement

• Our vision is to become the leading brand in the electrical equipment wholesaling industry in New Mexico and to establish a one stop electrical equipment supply store in Albuquerque.
• Our mission is to establish a world – class electrical equipment supply store that will make available a wide range of electrical equipment from top manufacturing brands at affordable prices in Albuquerque – New Mexico.

Our Business Structure

Mac Bruce™ Electrical Supply Store, Inc. is looking towards building a standard business that can be listed among the top – flight electrical supply stores in Albuquerque – New Mexico. For that singular reason, we will make sure that we establish the business on a solid business structure.

We will ensure that we hire people that are qualified, honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stakeholders. As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of ten years or more.

In view of that, we have decided to hire qualified and competent hands to occupy the following positions;

• Chief Executive Officer (Owner)
• Store Manager
• Human Resources and Amin Manager

Merchandize Manager

Sales and Marketing Manager

• Accountants / Cashiers
• Customer Services Executive

Truck and Van Drivers

5. Job Roles and Responsibilities

Chief Executive Officer – CEO:

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results
• Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for fixing prices and signing business deals
• Responsible for providing direction for the business
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Reports to the board

Admin and HR Manager

• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
• Defines job positions for recruitment and managing interviewing process
• Carries out induction for new team members
• Responsible for training, evaluation and assessment of employees
• Responsible for arranging travel, meetings and appointments
• Oversees the smooth running of the daily office activities.

Store Manager:

• Responsible for managing the daily activities in the store / warehouse
• Ensures that proper records of electrical equipment are kept and warehouse does not run out of products
• Ensures that the store facility is in tip top shape and goods are properly arranged and easy to locate
• Controls electrical equipment distribution and supply inventory
• Supervises the workforce in the electrical equipment sales floor.
• Manages vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
• Helps to ensure consistent quality of electrical equipment are purchased and retailed/supplied in good price that will ensure we make good profit
• Responsible for the purchase of electrical equipment for the organizations
• Responsible for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors
• Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
• Models demographic information and analyze the volumes of transactional data generated by customer purchases
• Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
• Identifies development opportunities; follows up on development leads and contacts
• Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
• Documents all customer contact and information
• Represents the company in strategic meetings
• Helps to increase sales and growth for the company

Accountant/Cashier:

• Responsible for preparing financial reports, budgets, and financial statements for the organization
• Provides managements with financial analyses, development budgets, and accounting reports
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensures compliance with taxation legislation
• Handles all financial transactions for the organization
• Serves as internal auditor for the organization
• Assists in loading and unloading goods/electrical equipment
• Maintains a logbook of their driving activities to ensure compliance with federal regulations governing the rest and work periods for operators.
• Keeps a record of vehicle inspections and make sure the truck is equipped with safety equipment, such as hazardous material placards.
• Assists the transport and logistics manager in planning their route according to a pick – up and delivery schedule.
• Inspects vehicles for mechanical items and safety issues and perform preventative maintenance
• Complies with truck driving rules and regulations (size, weight, route designations, parking, break periods etc.) as well as with company policies and procedures
• Collects and verifies delivery instructions
• Reports defects, accidents or violations

Client Service Executive

• Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
• Through interaction with customers on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Manages administrative duties assigned by the human resources and admin manager in an effective and timely manner
• Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to customers when they make enquiries

6. SWOT Analysis

Any profitable business is bound to be competitive and as a new business, you must be ready to compete in the industry and competing in the industry means that you must follow due process in establishing a business. We are quite aware that there are several electrical equipment supply stores all over Albuquerque and even in the same location where we intend locating ours, which is why we are following the due process of establishing a business.

We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be equipped to confront our threats.

Mac Bruce™ Electrical Supply Store, Inc. employed the services of an expert HR and Business Analyst with bias in supply chain business to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives.

This is the summary of the SWOT analysis that was conducted for Mac Bruce™ Electrical Supply Store, Inc.;

Our business is located in a city with heavy construction and real estate activities and also, we can boast of having good business relationship with top manufacturers in the electrical equipment manufacturing industry.

A major weakness that may count against us is the fact that we don’t have our own electrical equipment production plant, we are a new electrical equipment supply outlet and we don’t have the financial capacity to compete with multi – billion dollars electrical equipment supply stores when it comes to supplying at rock bottom prices.

• Opportunities:

The fact that we are going to be operating our electrical equipment supply store in one of the busiest construction locations in Albuquerque – New Mexico provides us with unlimited opportunities to sell our electrical equipment to a large number of construction contractors.

We have been able to conduct thorough feasibility studies and market survey and we know what our potential clients will be looking for when they order electrical equipment from us; we are well positioned to take on the opportunities that will come our way.

A major threat that we are going to face as an electrical supply business operating in the United States of America is uncertainty in government policies as it relates to price control and influx of electrical equipment manufactured outside the United States of America.

When the prices charged by manufacturers to wholesalers’ declines, wholesalers typically have to reduce their selling prices to retailers. This results in subdued revenue growth for wholesalers, even if demand expands.

7. MARKET ANALYSIS

• Market Trends

If you are conversant with the electrical equipment supply Industry, you will quite agree that the changes in disposable income, consumer sentiment, ever changing trends and of course the rates of homeownership are major growth drivers for this industry.

No doubt, a massive rise in consumer confidence has also contributed in helping the industry experience remarkable growth, but uneven performance in these drivers has led to slightly constrained revenue growth.

So also, the rising demand for both building renovations, as a result of increasing disposable income and consumer sentiment, will result in revenue growth, but profit margins will stagnate as electrical equipment supply stores keep prices low to attract more sales amid growing competition.

A close watch on industry activities reveals that the retail market was hit hard by the recent economic downturn. The construction of new homes is a primary market for industry products, so as housing starts, increase demand tends to follow.

Moreover, as home builders have increased their use of electronics, demand for complementary electrical equipment has risen. In 2018, housing is expected to increase, presenting a potential opportunity for the industry. As part of marketing strategies, electrical equipment supply stores partner with key players in the construction and real estate industry. They are in the best position to offer you electrical equipment supply contract.

8. Our Target Market

We have positioned our electrical equipment supply store to service the construction industry in Albuquerque – New Mexico. We have conducted our market research and feasibility studies and we have ideas of what our target market would be expecting from us.

We are in business to supply a wide range of electrical equipment to the following;

• Construction Companies
• Construction Contractors
• Home Remodeling Companies
• Small Electrical equipment Retail Stores

Our competitive advantage

A close study of the industry reveals that the market has become much more intensely competitive over the last decade. As a matter of fact, you have to be highly creative, customer centric and proactive if you must survive in this industry. We are aware of the stiff competition and we are prepared to compete favorably with other leading electrical equipment supply stores.

Our electrical equipment supply store is located in a corner piece property in the largest electrical equipment market in Albuquerque – New Mexico. We have enough parking space that can accommodate over 10 cars/trucks per time.

One thing is certain, we will ensure that we have a wide range of electrical equipment available in our store at all times. It will be difficult for customers to visit our store and not see the type of electrical equipment that they are looking for.

One of our business goals is to make Mac Bruce™ Electrical Supply Store, Inc. a one stop electrical equipment shop for customers. Our excellent customer service culture, online store, various payment options and highly secured facility will serve as a competitive advantage for us.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives. We will also give good working conditions and commissions to freelance sales agents that we will recruit from time to time.

9. SALES AND MARKETING STRATEGY

• Sources of Income

We are in the electrical equipment wholesaling industry to maximize profits and we are going to go all the way out to ensure that we achieve or business goals and objectives. Mac Bruce™ Electrical Supply Store, Inc. will generate income by;

10. Sales Forecast

One thing is certain when it comes to electrical equipment supply stores, if your store is stocked with various types of electrical equipment and centrally positioned, you will always attract customers cum sales and that will sure translate to increase in revenue generation for the business.

We are well positioned to take on the available market in Albuquerque – New Mexico and we are quite optimistic that we will meet our set target of generating enough income/profits from the first six months of operation and grow the business and our clientele base.

We have been able to examine the electrical equipment wholesaling industry, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast.

Below is the sales projection for Mac Bruce™ Electrical Supply Store, Inc., it is based on the location of our business and other factors as it relates to electrical equipment supply stores startups in the United States;

• First Fiscal Year: $450,000
• Second Fiscal Year: $950,000
• Third Fiscal Year: $1. 9 million

N.B : This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor retailing same electrical equipment and customer care services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

Before choosing a location for Mac Bruce™ Electrical Supply Store, Inc., we conducted a thorough market survey and feasibility studies in order for us to be able to penetrate the available market and become the preferred choice for key players in the construction and real estate industry.

We have detailed information and data that we were able to utilize to structure our business to attract the number of customers we want to attract per time.

We hired experts who have good understanding of the electrical equipment supply industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Albuquerque – New Mexico.

In summary, Mac Bruce™ Electrical Supply Store, Inc. will adopt the following sales and marketing approach to win customers over;

• Introduce our electrical equipment supply store by sending introductory letters alongside our brochure to construction companies, construction contractors, home remodeling companies and other key stake holders in Albuquerque – New Mexico
• Ensure that we have a wide range of electrical equipment from different manufacturing brand at all times.
• Make use of attractive hand bills to create awareness and also to give direction to our electrical equipment supply store
• Position our signage/flexi banners at strategic places around Albuquerque – New Mexico
• Position our greeters to welcome and direct potential customers
• Create a loyalty plan that will enable us reward our regular customers
• List our business and products on yellow pages ads (local directories)
• Leverage on the internet to promote our business
• Engage in direct marketing and sales
• Encourage the use of Word of mouth marketing (referrals)

11. Publicity and Advertising Strategy

Despite the fact that our electrical equipment supply store is well located, we will still go ahead to intensify publicity for the business. We are going to explore all available means to promote our electrical equipment supply store.

Mac Bruce™ Electrical Supply Store, Inc. has a long – term plan of opening outlets in various locations all around New Mexico and key cities in the United States which is why we will deliberately build our brand to be accepted in Albuquerque before venturing out.

Here are the platforms we intend leveraging on to promote and advertise Mac Bruce™ Electrical Supply Store, Inc.;

• Place adverts on community – based newspapers, radio and TV stations
• Encourage the use of word of mouth publicity from our loyal customers
• Leverage on the internet and social media platforms and other platforms to promote our business.
• Ensure that our we position our banners and billboards in strategic positions all around Albuquerque – New Mexico
• Distribute our fliers and handbills in target areas in and around our neighborhood
• Advertise our electrical equipment supply store business in our official website and employ strategies that will help us pull traffic to the site
• Brand all our official cars and trucks and ensure that all our staff members wear our branded shirt or cap at regular intervals.

12. Our Pricing Strategy

Aside from quality, pricing is one of the key factors that gives leverage to electrical equipment supply stores, it is normal for consumers to go to places where they can get electrical equipment at cheaper price which is why big players in the industry will attract loads of clients.

We know we don’t have the capacity to compete with multi – million – dollar electrical equipment stores but we will ensure that the prices and quality of all the electrical equipment that are available in our store are competitive with what is obtainable amongst electrical equipment supply stores within our level.

• Payment Options

The payment policy adopted by Mac Bruce™ Electrical Supply Store, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.

Here are the payment options that Mac Bruce™ Electrical Supply Store, Inc. will make available to her clients;

• Payment via bank transfer
• Payment with cash
• Payment via credit cards
• Payment via online bank transfer
• Payment via check
• Payment via mobile money transfer
• Payment via bank draft

In view of the above, we have chosen banking platforms that will enable our client make payment for supply of our electrical equipment without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for products purchased.

13. Startup Expenditure (Budget)

From our market survey and feasibility studies, we have been able to come up with a detailed budget on achieving our aim of establishing a standard and one stop electrical equipment supply business in Albuquerque – New Mexico and here are the key areas where we will spend our startup capital;

• The total fee for registering the Business in Albuquerque – New Mexico – $750.
• Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $3,300.
• Marketing promotion expenses for the grand opening of Mac Bruce™ Electrical Supply Store, Inc. in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
• The cost for hiring Business Consultant – $2,500.
• Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
• The cost for payment of rent for 12 months at $1.76 per square feet in the total amount of $65,600.
• The cost for shop / warehouse remodeling (construction of racks and shelves) – $20,000.
• Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500).
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $60,000
• The cost for start-up inventory (stocking with a wide range of electrical construction materials, such as wiring supplies, electrical light fixtures, light bulbs, security systems, electrical power equipment, switchboards, circuit breakers and fuses) – $250,000
• The cost for counter area equipment – $9,500
• The cost for store equipment (cash register, security, ventilation, signage) – $13,750
• The cost of purchase and installation of CCTVs – $10,000
• The cost for the purchase of office furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al) – $4,000.
• The cost of launching a Website – $600
• Miscellaneous – $10,000

We would need an estimate of $750,000 to successfully set up our electrical equipment supply store in Albuquerque – New Mexico.

Generating Funds/Startup Capital for Mac Bruce™ Electrical Supply Company, Inc.

Mac Bruce™ Electrical Supply Company, Inc. is a private business that is solely owned and financed by Mac Bruce and his immediate family members. He has decided to restrict the sourcing of the startup capital to 3 major sources.

• Generate part of the startup capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from the bank

N.B: We have been able to generate about $250,000 (Personal savings $200,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $500,000 from our bank. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.

14. Sustainability and Expansion Strategy

The future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and the business structure. If all of these factors are missing from a business, then it won’t be too long before the business closes shop.

One of our major goals of starting Mac Bruce™ Electrical Supply Company, Inc. is to build a business that will survive off its own cash flow without injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to retail our wide range of quality electrical equipment a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.

Mac Bruce™ Electrical Supply Company, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of six years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List/Milestone

• Business Name Availability Check : Completed
• Business Registration: Completed
• Opening of Corporate Bank Accounts: Completed
• Securing Point of Sales (POS) Machines: Completed
• Opening Mobile Money Accounts: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of Insurance for the Business: Completed
• Leasing of facility and remodeling the shop: In Progress
• Conducting Feasibility Studies: Completed
• Generating capital from family members: Completed
• Applications for Loan from the bank: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents and other relevant Legal Documents: In Progress
• Design of The Company’s Logo: Completed
• Printing of Promotional Materials: In Progress
• Recruitment of employees: In Progress
• Purchase of the needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
• Purchase of initial supply of electrical construction materials: In Progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business both online and around the community: In Progress
• Health and Safety and Fire Safety Arrangement (License): Secured
• Compilation of our list of products that will be available in our store: Completed
• Establishing business relationship with vendors – manufacturers of electrical equipment and construction contractors: In Progress

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