In Labour’s first term, the party promised that 50% of young people would become graduates each year by the end of the decade.
This might not initially seem to be a particularly relevant fact for someone considering buying a plumbing firm or going into the trade – but wait for the explanation.
The increasing numbers of young people heading to university meant that fewer and fewer were taking vocational training and becoming skilled tradespeople. A few years later, the UK has ended up with a shortage.
The result was that fees charged – and wages, of course – started shooting up in response to the lack of supply. Unlike bricklayers or plasterers, for example, plumbers are required by people (and their houses) throughout their lifetimes, not just when houses are being built or extended, meaning that the market is bigger than that of many other trades.
Don't believe the hype
However, the statistics bandied around in the media – that plumbers were regularly earning in excess of £50k – are somewhat over-egged. In reality, wages for qualified plumbers fall between £30k and £40k per year, although it is possible to earn more if you are prepared to work long hours. It is worth remembering that plumbing is not an easy job.
The Institute of Plumbing and Heating Engineers (IPHE), the representative body for the industry in the UK, says that “you will have to be prepared to get your hands dirty, have a head for heights, be willing to fit into small and cramped spaces, and you will also need to be ready to carry out physically tough tasks day after day.”
It adds: “You will also have to be a 'people person' by having good communication skills and take pride in your work. You have to respect people's properties and uphold high standards in plumbing to protect the public health. The result of all this can lead to immense job satisfaction.”
Extensive training
As you might expect, it is not easy to enter this well-paid and rewarding trade. The IPHE recommends that every potential plumber attain NVQ Level 3.
This involves three years full-time or four years part-time training – and not just in practical skills. Students need to understand a whole raft of regulations related to Health and Safety, Building and Water. Additional qualifications, such as CORGI, will be required if the student intends to deal with gas installations.
Unfortunately, the level of publicity plumbing has received recently means that apprenticeships and college courses are often full.
IPHE Operations Director Kevin Wellman says: "Competition for a college place is fierce, indeed it is harder than getting into university. This has led to the rise of intensive courses which may be suited to some disciplines, however, not for those entering into the plumbing and heating industry, where practical skill along with the mass of theory and Regulations knowledge takes years to learn.”
Self-employment
Many plumbers are self-employed, which can be a particularly good option for those who have family or other commitments and wish to control their own workload. Other options include working for an experienced plumber with contacts, or even a larger firm. Setting up your own business, or buying an existing one, is common practice among experienced plumbers. After several years’ hard graft, it is possible to sit back and run your own business, concentrating on administration and marketing, rather than actually carrying out plumbing work. This may be the vocation in which plumbers get to earn the sort of money the papers are talking about!
Franchising
Increasing numbers are starting to see taking up a franchise as a serious option. Dyno-Plumbing, a branch of the Dyno group, is just one example. It boasts that it is “a multi-van business that provides a professional 24hr emergency plumbing repair and installation service to domestic and commercial customers.”
It is focused on emergency plumbing work, rather than the full repertoire, and Dyno’s package offers franchisees a full 'from scratch' training package. However, new starters do require working capital of around £45k.
Usually, the service will have two liveried vans and be run from home. The company estimates that a turnover of £120k is possible in the first year, doubling and tripling in the second and third years respectively.
Although you will not have the complete autonomy of a contractor or sole trader, you will be given a 'territory' of both residential and commercial properties to patrol, and, like other leading franchises, you will benefit from the marketing and buying power of a much larger company.
If none of these appeal to you, an alternative lies within the retail sector. Plumbers’ merchants’ margins have grown with the sector, and will continue to grow if Britain’s passion for home improvements remains unabated.
The trade names of merchants tend to be well respected, meaning that purchasing one can be expensive. On BusinessesForSale.com, prices of between £500k and £1m are being quoted.
The motto to remember here is the same as if you choose to enter the trade itself: plumbing is one of life’s necessities, so a steady flow of custom is almost guaranteed.
