Let’s face it; these days are not the greatest of times to be starting or thinking of expanding a business. So, why would you? The simple fact is, electricians are a necessity.
In short, if you’re losing out on demand, take a long, hard look at your business.
Think about it! There are a lot more people working from home now. This means people are using more electrical appliances in their homes.
How are you going to take advantage of this trend? Here are some ideas.
Buck that trend
The market size in 2020 comes in at $174.1-billion and expected to decline by some 10% this year. While big construction has halted and offices are half empty, now is the time to go ahead and buck that trend.
Have your credit line extended and get smart by adding to your equipment and hiring extra staff to equip yourself for the demand coming in 2021. Sure, most businesses are suffering in 2020, and lockdown could prove a thorn in the flesh.
So, use remote viewing and check out the electrical systems giving problems online. This is an ideal way to see what the problem is. You could also save time and money for cash-strapped clients. Consequently, your clients will think highly of you for being so ingenious and efficient. And they will more than likely hire you again. Think smart!

Data predicts upturn
Besides residential property, mainstream building has seen a massive downturn in 2020, adding to your woes.  Data collated during the recession illustrates the massive drop in electrical usage. More importantly, data also predicts an upturn. This will be a gradual process.
Protection for long-term
Notwithstanding the gloom, there is light predicted. The economy will slowly restore, as you learn to live with the virus. Epidemiologists predict, even with vaccines, current protection is necessary for the long-term.
With the focus on energy as big as it is currently, and expected to get bigger next year, your business will grow exponentially. So, hire the right people, train them fully. Ensure that you have the latest equipment. Keep your business at the forefront by maintaining your client base and checking in with your customers periodically.  Word of mouth is a great marketing tool.
Keep your ear to the ground; speak to contractors. Upcoming projects are in the planning stages. Get on top of your admin and upskill yourself on the use of new technology. Above all, make sure you are available for 2021.

Get on board with right insurance
Insurance is a big must in the electrical industry. There are unique risks associated with your line of work, such as live wiring. If General Liability and Workers Compensation insurance do not cover you and your employees, you’re in big trouble. Unforeseen incidents happen continuously.
In addition, insurers have had to deal with interest rates dropping drastically. New investment in projects will be at lower rates, which will affect profitability for all contractors.
Indeed, not sunshine and roses, then, but not annihilation either.