The population in Richmond is growing. With more people come the need for more apartments and stores, in other words, new construction. New construction needs skilled electricians that can wire everything.
Premiere Electric is a new electrical contracting firm that Robin has started to serve the former Gardner and Miller customers, as well as expand her services to new customers in the tri-county area.
The market for commercial electrical contracting services is very fragmented and crowded. Among these, only a few are large firms with 20 or more electricians on staff. The remainder are small firms with less than three full-time electricians. Premiere Electric’s current niche is its strong relationship with former customers of Gardner and Miller, but this will not be sufficient for growth in a competitive market.
By focusing on data, communication and electrical installation and maintenance, Robin reduces her direct competitors to two large electrical firms that bid on the area’s largest projects. Though one day, Premiere Electric plans to be a force in the area’s largest projects, an opportunity exists now for new customers whose smaller projects are not being pursued aggressively by Robin’s competitors.
There are quite a few electric contractors in Richmond: Above Code Electric, Frazier Electrical, H.O. Feild Electric company, Prism Industries and Langhorne Electric to name a few.
All of them advertise many years experience, training and customers who trust them. Electrical contractors enter their customer’s home. They need to do excellent work as well as be able to be in someone’s house without danger of invading privacy.
Premiere Electric’s mission is to offer its customers the highest-quality electrical services. Robin focuses on personalized service by offering convenience and rapid service. Additionally, Premiere Electric has the technological expertise to install wireless voice and data systems, as well as intelligence systems in any size facility. Finally, Robin has strong vendor relationships with the most service conscious vendors who are capable of shipping major parts rapidly (on an overnight timeline in most cases) minimizing the system down time for Premiere Electric customers.
Currently, there is $100,000 worth of business with former Gardner and Miller customers. Robin believes she can capture a lion’s share of it and build from that base. She will start as the firm’s only employee but will hire additional electricians as her sales grow.
Financial Highlights by Year
We will be getting $62,000. Robin will invest $40,000 and we will get a $22,000 long term loan.