Is Plumbing Recession Proof?

Recessions are tough on everyone. The good news? Plumbing is relatively recession-proof compared to other trades. Accidents happen and maintenance must continue, which means people will always need plumbing work done.

Need to look at increasing your rate? Use our free calculator!

Plumbers should be able to secure jobs no matter what the economy is doing. And with some careful planning and hard work, you might even grow your plumbing business. Here’s what to do now — get ahead and make the most of it.

Short on time? Jump ahead:

1. How does a recession impact the plumbing industry?
2. How to safeguard your plumbing business against recession
3. Plan now to overcome a recession positively

1. How does a recession impact the plumbing industry? 

The travel, property, and retail industries will be hardest hit during a recession. Although you should still have work coming in, it won’t be business as usual. Here’s what you might notice:

Missed payments 

When there’s less cash floating around, your clients might struggle to pay bills on time (or at all), which means less money coming into your account.

More work for trusted plumbers 

People will be more careful with their money during a recession, so they’re more likely to spend it with a company they already know and trust. 

Fewer plumbing ‘wants’

Once people have their basic plumbing needs sorted, they might put off any non-urgent work – that means there could be less work for the industry overall.

2. How to safeguard your plumbing business against a recession 

You can’t control how other people spend their money, but there’s lots you can do now to ensure your business gets whatever work is out there. 

Claim every business expense 

You want to hold onto every cent, so claim all business expenses against your income. Even if it doesn’t seem like much — a new wiper blade for your truck or a ream of paper — those dollars add up. 

Here’s how to find help with business expenses for your country:

• 🇺🇸 USA business tax write-offs
• 🇬🇧 Business expense claims for UK contractors 
• 🇦🇺 Tradie Tax Deductions and Business Expense Claims in Australia
• 🇳🇿 How business claims work in NZ 

Streamline business processes

When your business processes are humming, you focus on securing more work and generating more cash flow. That starts with an organised business plan and job management software like Tradify to streamline business processes, manage admin, and keep tabs on jobs.

Spend wisely

When the going’s good, it’s tempting to splurge. But if you want to recession-proof your business, you need to be strict. Sit down and review where you spend your money, then cut out anything unnecessary. If you’re using and paying for different tools to quote, invoice, and schedule jobs, now’s a good time to move to an all-in-one job management software like Tradify. 

Boost your marketing

Many business people scale back marketing when the economy is looking sketchy, but it’s the best time to boost your efforts because you’ll have less competition for attention. Start now, and you’ll already be ahead of the game. Get your marketing plan sorted, and read our marketing ideas for plumbers to make sure that happens. 

Stay calm and look ahead

When times are tough, many plumbers may find it hard to stay enthusiastic. But if you get prepped and stick with it, you might win some new clients from other plumbers and definitely come out stronger on the other side.

3. Plan now and overcome a recession positively 

The thought of a recession might make you sweat, especially if you’ve done the hard yards to start your own plumbing business. The good news is that your skills will always be needed, and you should be able to secure work in any economy. Streamline business processes with Tradify, cut back on costs, and perfect your marketing strategy so a recession doesn’t feel so daunting. It could well bring great opportunities for your business. 

Try Tradify for free, or pop over to one of our live demo webinars to see it in action.