The slowdown in the construction industry after 2008 has a lot of trades and construction professionals scrambling to maintain and grow their businesses. You can't be an order-taker anymore. The phone doesn't ring with work anymore the way it used to. To expand your business in today's market, you may need to expand into other lines of business -- lines that build on your existing clientele and skill sets but cause your customers to look at you and your business for other forms of service.
Your Existing Clients
The most cost efficient way to acquire new business is to look at your existing clients first. When you take into account the cost of advertising and mailing and your own time, the cost of generating new business from an existing client is frequently just a fraction of the cost of acquiring entirely new customers.
AV Technology
Since you are already a trusted professional for your existing clients, you may be able to generate new business by expanding into home entertainment and media systems. By expanding into home theater systems, whole-home audio and video and smart home technology, you may be able increase the amount of business you do per home -- without a huge increase in marketing costs. Simply ask your existing clients if they have ever thought about installing a truly modern entertainment system in the home for their family.
Green Technology
As an electrician, you are in a unique position to advise your clients on the latest forms of green technology, to help make their homes and businesses more energy efficient. You can become a distributor and installer of smart heating and cooling systems, light-emitting diode (LED) technology, solar and wind power systems, tankless water heaters, and many other forms of green technology. You can even leverage a lucrative tax credit the government gives for certain green energy projects in personal homes.
Security
The security business can be an excellent diversifier for your electrician business. By working with your residential and business clients and providing solutions in alarms, surveillance, monitoring and crime deterrence, you can expand into a line of business that is historically recession-resistant, and, thanks to ongoing monitoring and service contracts, can help you build a lucrative residual income source.
