A new study of company start-ups suggests that plumbing businesses have the best survival rates of any business in the trade sector. The analysis looked at how many companies set up during 2021 are still in operation today and found that 58% of plumbing businesses are still active, which compares favourably to 52% of electricians, 47% of mechanics and just 39% of painter and decorators. On average, only 50% of start-ups last more than three years.
The study provided by Start Up AZ (SUAZ) also offers a guide to typical earnings and advice on how to achieve success when starting a trade business. It suggests that the average day rate for a plumber in the UK is £347, compared to £400 for an electrician, £296 for a double glazing installer and £240 for a carpenter.
According to SUAZ there are several factors that can improve the chances of a business being a success. These include: a strong business plan – detailing every aspect of your business goals and how you’ll look to achieve them – good customer relationships, strong branding and building a reputation in a local area.
For more details, please visit: https://www.suaz.co.uk/knowledge-base/best-trade-to-start-business
