As he approaches 60, Richard Smith was looking for a staple business he can build which will put him in good stead for his future retirement. Mr. Electric has provided an answer.
Richard Smith has always had a flair for rising to the top of his profession, and managing his own projects. Having been involved with designing and building generators through a 20 year career after leaving university with a mechanical engineering degree, Richard has always sought out the next challenge. Now, however, Richard is building a substantial business which will grow into a secure pension pot for his future retirement.
A flair for business management
“I don’t have any experience in electrical contracting,” Richard says, “But I have experience where it counts, in managing a successful business.” Over the years between leaving the generator industry, and setting up with Mr. Electric in April last year, he has managed two other franchises, and one engineering business. “Some of the businesses were good, but in one case my heart wasn’t in it so when there is no desire to drive it forward, I sold it.”
The advantage of Mr. Electric, for Richard, was the Dwyer Group backing, combined with a staple business which will never go out of fashion. “People are always going to need electricians,” he says, “I’d have to do something really silly to not make my Mr. Electric business work. And work well. It’s a staple business. Having the Dwyer Group behind the franchise opportunity, was both impressive and reassuring. They have a long pedigree within the franchising industry.”
Attracted by a bigger vision
As someone used to managing his own business, Richard was looking for something which would grow and which provided him with a long-term business plan. “The proposition Mr. Electric presented seemed realistic, rather than just pie-in-the-sky ideas. As with any trade, the product Mr. Electric offers is a staple product. The Dwyer Group had a vision to drive the Mr. Electric brand into becoming a professional operation within the trade industry, which was a very attractive concept.”
Any misgivings Richard had about his being able to start-up the business were dispelled with the support of the franchise. “When I opened my business, I was concerned about not previously being directly associated with the electrical industry. But the training I have received from Mr. Electric has given me foundational information about electrical contracting and having a technical aptitude has been an asset in the long-run. I wanted to formalise my experience, so attended a basic electrical engineering course. I plan to do more sharp end stuff because my business matters to me.”
For Richard, this will only enhance his future goal as he expands his business, “In five years, I will assess where I am at. Ideally, I would like to retire whenever I choose, but until then I plan to expand as big as I can – however that looks.”
Making it work for you
Starting up a new business is hard work to begin with, but Richard has found a way to make it work for him, whilst giving him the time to be able to enjoy life to the max. “Patience when building your new business is important. It’s important to use the Mr. Electric resources and network, in order to get your head around the industry as soon as you can, this helps to allay any frustrations. Customers have an expectation we are open 24-7, due to the instant-society we live in, which I respect. It might mean answering a call during the evenings. But I have found a way to balance my hours and make it work for me, my customers and my business. I enjoy playing squash regularly, I run, and am involved in amateur dramatics, so being able to do all three suits me.”