Potential Earnings From A Septic Service Company
As we’ve mentioned before, the field of trade is vast. However, since the field is so big, there will always be left to learn. This learning can come in many forms. Either about a job that you are about to do or a job you’ve never heard of but want to learn more about. That’s where the idea for this article came from. Recently I learned about septic tanks and that there are companies that dedicate themselves to performing maintenance. Some people reading may have a particular question in mind. What is a septic tank?
A septic tank is an underground chamber made up of various materials such as concrete or fiberglass. The domestic waste fluid then passes through the septic tank for treatment. Septic tanks are essentially a less extensive sewage facility within residential locations. However, commercial locations also have one or more septic tanks. Now that we’ve established what a septic tank is, we will take a deeper dive into a few key points. These points are what a septic tank service company does, how to start one, and how much you could possibly earn.
What Is A Septic Tank Service Company?
A septic tank service company is a business that specializes in the maintenance of your septic tank. However, depending on the company, the services can stretch further than just the tank. For example, septic tank companies are known to perform maintenance on grease traps, jetting drains, and clean lines, for example. Furthermore, these companies can also perform minor repairs on top of the maintenance that you will need to have done. One popular service that these companies are used for is pumping. Septic tank pumping is the act of removing the sludge from underneath the tank. You do this to mitigate any build-up that’ll cause a blockage to the outlet pipe.
The cost to hire one of these professionals can vary. The amount you will eventually pay depends on both the company you choose and the amount of work that you need to be done. For example, let’s say that you need a septic tank pump. The average cost for septic tank pumping here in Ontario is $575. However, if you look around you can probably find companies that charge both more or less for the exact same work. Therefore, this is a good time to point out that when you’re looking for any service that can be done by various different companies such as septic tank services, car insurance, etc, search for the best possible deal. It is also important to remember that companies are always trying to stay competitive. Therefore, there is a good chance that you can negotiate prices.
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How To Start One
There are a few steps that need to be followed when looking to start a septic tank business. Therefore, we will take a step-by-step approach to how this can be done.
Plan
The first step, similar to any new business is to create a business plan. This business plan needs to be extensive and cover many things. Some of the aspects it should cover include but are not limited to, how you will go about acquiring a business, how jobs will be executed, payroll, expenses, budgeting, etc.
Register
Once you’ve decided on the business plan, it is time to register your company. This means creating an LLC or sole proprietorship, or corporation. These titles are used for companies so that you can be identified as a registered business. Furthermore, it is used to help you do taxes on your business. All three of the mentioned business forms file taxes differently. Therefore, due diligence is needed.
Bank Account
After you’ve registered your business, you will need to open a bank account for it. This is because all of your expenses need to be separate. Therefore, having a separate bank account and credit card will make it easier to manage those expenses. Managing your expenses and tracking what goes through your business is critical when it comes to accurately do your taxes in the future. However, depending on the size of your business, you can hire an accountant. An accountant will manage all your financial affairs for your business to make sure everything operates seamlessly.
License and Certificates
Next on your list should be to acquire any sort of licenses you’ll need. For example, when owning a septic tank service company, you will most likely need two specific licenses. This is a commercial driver’s license and a tanker endorsement. The commercial driver’s license will allow you to operate a vehicle that carries up to a certain amount of weight. However, the tanker endorsement is a certificate that illustrates your eligibility to transport liquids and gaseous materials. However, it seems that Canadians do not require this endorsement. Although this is true, there is a caveat. Canadians must have transportation of dangerous goods training certificate when transporting hazardous materials to the United States.
Start Your Business
Once you’ve acquired all your prerequisites, you can begin operation. However, it is important to note that you will need prior experience before starting your own company. This means either finding a job in this field beforehand to learn the ropes or going through courses. It will be increasingly hard to find customers and keep them satisfied when you have minimal experience. Furthermore, if you have a minimal amount of experience, this can lead to errors that otherwise would not come up. Therefore, make sure you’re ready to start your business after you have enough theoretical and hands-on knowledge.
How Much Can You Earn?
The amount of money you can earn from this type of company can vary on a few factors. First, let’s say that you don’t own the company and just work for someone else.
As you can see from the picture above, based on 7 submitted salaries, employees earn roughly 20 dollars an hour. However, there are other websites that also illustrate that you can earn a median of $20. Although this may be true in some instances, it is not unheard of to find a job where you are paid much more than $20 for septic tank servicing. This is a relative niche job with quite a bit of opportunity. However, with opportunity comes more chances to be paid more. Therefore, it is likely that you can earn much more than $20 an hour if you land one of these jobs.
On the other hand, if you create your own business, you can earn much more money. However, you will be taking on much more risk due to the expenses. However, if you market your company well, have a steady clientele, and keep your staff relatively low, you can earn thousands a week. For example, let’s say you charge less than the Ontario average at $550. At this rate, having two jobs a day on larger tanks will bring in roughly $1,000 per day. Doing this 5 days a week can bring in serious profits if you keep your costs efficient and are constantly growing your business. Much like any other company, owning your own business will bring in the most money but at an increased risk.
Shameed is just a man on a mission to help those around him gain financial success. Obsessed with writing about all things finance, this GTA native is constantly learning and sharing his experiences with others.
