He Built A £1.5M Trade Business From One Niche! | Richard Pearson from London Basement Pumps

Send us Fan MailHow do you go from being a one-man-band electrician to building a specialist trade business turning over around £1.5 million? Richard Pearson, founder of London Basement Pumps, joins Pete and Keiran to break down how he went from electrical work and subcontracting to finding a niche, building a team and creating a trade business with more than 2,500 recurring service customers. Richard started his career working on neon signs and electrical systems across London before eventually becoming a qualified electrician and running his own electrical contracting work. But general electrical work wasn’t where he saw his future. After being asked to work on his first pumping system, he spotted an opportunity in a specialist area that eventually became London Basement Pumps. The conversation gets into what actually happens when a self-employed tradesperson decides to grow beyond being a one-man band- hiring your first employees, learning how to run a business, building systems, dealing with 24-hour emergency call-outs and creating a service that customers return to year after year. Richard also explains why moving towards recurring servicing and service agreements completely changed the business. Instead of constantly relying on Google and chasing the next job, London Basement Pumps now has thousands of existing customers who require ongoing maintenance, something Richard believes has helped make the company more stable and ultimately more valuable. They also discuss:Finding a profitable niche within the tradesGrowing from sole trader to employing a teamWorking inside multi-million-pound London propertiesBuilding repeat and recurring customersPricing, risk and the real costs of running a trade businessMental health and the pressure of owning a companyPensions, exit strategies and building a business you can eventually sell There are some unbelievable stories from Richard’s years working in high-end residential properties too, including a flooded two-storey basement where a diver had to be sent into the property before the water could even be pumped out. And perhaps the biggest question of the episode: is growing a trade business actually better than staying a highly profitable one-man band? If you’re an electrician, plumber, gas engineer, heating engineer, sole trader or trade business owner, this episode gives a real look at the opportunities and pressures that come with turning your trade into a business. 👇 What would you choose: stay a one-man band earning good money, or build a company you could eventually sell?📣 Sponsored by Flexigas – the flexible gas pipe specialists: https://flexigas.com/💥 Powered by Ridgeline – seamless copper tubes built for the trade: https://ridgelinetubes.com/🎁 EXCLUSIVE PODCAST OFFERGet 30% OFF your Yearly Subscription to Gas Certificate App!Use code: POD30 at checkout📲 Download the Gas Certificate App nowhttps://onelink.to/hbv69u⚠️ Warning: Contains adult humour and strong language. Tradesmen banter ahead.🔗 Follow us on Socials📱 TikTok: https://www.tiktok.com/@offthejobpodcastuk📸 Instagram: https://www.instagram.com/offthejobpodcastuk