If I Wanted to Start a Plumbing Business in 2026, I’d Do This

📅 April 6, 2026 ⏱️ 24:22 🎤 Richard Binnie, Laura, Patrick A. Conklin

Chapters

Click to jump to section

0:00

Avoiding Common Pitfalls

Richard discusses the common mistakes plumbers make in their early years, such as undercharging and working hard without financial gain, and promises to share what he'd do differently.
0:00

The 'Three-Legged Stool'

Richard introduces his metaphor of a 'three-legged stool' for business success, explaining that all three legs are often missing for struggling plumbing businesses.
0:00

Leg 1: The Right Price

Richard emphasizes the importance of setting the right pricing based on the business's operational needs, not competition or customer perception.
0:00

Leg 2: The Right People

The hosts explain that 'right people' refers to attracting the right customers who value the service provided, rather than focusing on low-cost general contractors.
0:00

Leg 3: The Right Process

Richard details the need for effective systems and processes to ensure the business can run efficiently and grow without constant owner involvement.
0:00

Foundation: Your Purpose

The hosts stress that a clear, personal purpose or 'why' is the essential foundation for weathering challenges and maintaining motivation in business.
0:00

Making the Jump to Business

Addressing a listener's question, Richard shares his personal experience and advice on transitioning from being an employee to running a full-time plumbing business.
0:00

Million Dollar Plumber Academy

The hosts conclude by highlighting how their 'Million Dollar Plumber Success Academy' helps clients implement these strategies and achieve significant growth.

Speakers

Richard Binnie

Host — the million-dollar plumber

Laura

Host — wife and business partner

Patrick A. Conklin

Key Takeaways

✦

Always price your services based on your business's operational needs, not just what competitors charge or what seems 'fair,' to ensure profitability and growth.

✦

Actively target and attract customers who value your service and expertise, not those primarily seeking the lowest price or who will pay late (e.g., avoid exploitative GCs).

✦

Implement clear, consistent systems and processes for all business operations (scheduling, invoicing, service delivery) so the business can function effectively without your constant presence.

✦

Define your personal 'why' or purpose for owning the business with vivid detail, as this strong foundation will motivate you through inevitable challenges.

✦

If you're considering moving from employee to business owner, 'burn the ships' and commit fully; a hybrid approach (side work) limits growth and long-term success.

✦

Don't let the fear of failure or lack of resources stop you; determination and a clear vision can overcome significant obstacles, as demonstrated by the hosts' journey.

Want the full experience?

Join the Inner Circle for full access to every episode, AI-powered insights, personalized coaching, and a network of industry leaders.

Join Inner Circle →

← How to Market Your Plumbing Business Without Paid Ads

If I Wanted To Raise Prices Without Pushback, I’d Do This →