The Most Lucrative Skilled Trades to Launch Your Own Business

by / ⠀Career Advice• Personal Branding / August 7, 2024
The Most Lucrative Skilled Trades to Launch Your Own Business
You don’t have to be born a millionaire or become a doctor to make money. Of course, those are both viable ways to see financial success, but there are many more ways to earn financial freedom and provide generational wealth for your family. Most people don’t consider trade skills like electricity or plumbing lucrative, but many trades offer the skills and experience to run your own business, boosting your profits. This guide will showcase some of the most successful trades regarding career success and financial gains.

Heating, Ventilation, and Air Conditioning (HVAC)

The heating, ventilation, and air conditioning (HVAC) industry is an excellent trade for starting a career, as most residential and commercial buildings use HVAC systems. These systems cool rooms in the summer and heat them in the winter, making them versatile for any climate or location. HVAC technicians help repair and install air conditioning systems and equipment. They can also sell equipment and systems, often with a high markup, resulting in significant profits. Getting licensed is the best way to access the most projects and career opportunities. HVAC contractor licenses are typically required in most states, but licensing requirements vary greatly depending on location. Here are some examples.

Texas

Suppose you’re wondering how to get an HVAC contractor license in Texas. In that case, we can start by mentioning that the process involves studying, exam prep, passing an exam, and providing at least 48 months (two years) of adequate work experience. Passing the examination can be pretty simple when you take preparation courses to understand its contents better. There are a few different licensing classifications for HVAC technicians, so if you want to go the distance, you’ll likely aim for the most inclusive.
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California

For California entrepreneurs, HVAC licensing requires at least four years of experience on the job. You’ll also have to take and pass at least one exam, but typically two for the additional EPA Section 608 Certification exam. Licensing fees and background checks also apply.

Georgia

Georgia’s HVAC licensing is split into two types: Class I and Class II. Since the scope of projects you can access is more extensive, most entrepreneurs will eventually want a Class II license. To get licensed here, you must have four years of experience (Class I) or five years (Class II). Technical schooling can count as two years of experience. You also need to take and pass an exam. Licensing fees will apply here, too.

Electric

An electrician installs, monitors, manages, and repairs a building’s wiring and electrical systems. Since this is highly technical work, licensing is also required, similar to that of HVAC technicians in most locations. Electricians are an integral part of the construction industry, and the construction or renovation process couldn’t proceed without them. Electrician companies can even make six figures in areas with an electrician shortage during a construction boom. The electrical industry is predicted to grow by almost ten percent over the next few years.

Plumbing

Plumbing is another primary technical skill that the construction industry needs. Plumbers install, manage, and repair a building’s piping and plumbing. Licensing is also required for this trade, with good reason; plumbing issues can ruin an entire home and cause severe injury. Plumbers are always in high demand, so there will be no shortage of work or profits. While equipment and business costs can eat your profits, running a successful plumbing business can still make $80,000-$100,000.
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Gutter Cleaning

Most people don’t consider gutter cleaning a highly lucrative business. Still, there aren’t many overhead costs associated with this type of work, and you can see many jobs in highly residential areas. Simple gutter cleaning can earn around $200-$500 a day, with some very successful cleaners earning $800 a day! While gutter cleaning requires skill and hard work, anyone can own a business in this trade with proper training. You don’t need trade licensing for this work outside of a regular business license, which is also ideal. Your business can also feature services like window cleaning or power washing during slow periods.

Drywall and Painting

Drywall installation and painting are also frequently in demand. New constructions and remodeling projects rely on high-quality drywall and attractive paint jobs. These skills require a lot of labor, but you can make hundreds of thousands per year with a successful drywall and painting business. Drywall installation requires a license in 30 states, but painter licenses are rarer. 

Welding

Welding is another technical skill in high demand in the construction industry. Structural, pipe, or underwater welding can put additional money in your bank account. There are many welding projects and insufficient welders to cover them, so job demand is typically high. The key to seeing financial success with welding (or any trade) is to cover a demand that isn’t being met well enough. Successful welding companies can easily see six digits per year, but overhead costs for equipment can be pretty high. Licensing and certification requirements vary by state; some don’t require licensing. Certification can improve your skills and career success, however.
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Conclusion

Many picture a successful career as a fancy CEO or a billionaire brand mogul. However, many financial successes are built on hard work and genuine dedication. Trade skills like HVAC, plumbing, and electricity can provide adequate career growth opportunities and business ownership within time. Owning a business in these trades can earn a lot in the right market and location. Licensing is often required, but requirements vary by state and are easily attainable with the proper preparation.

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About The Author

Erica Stacey is an entrepreneur and business strategist. As a prolific writer, she leverages her expertise in leadership and innovation to empower young professionals. With a proven track record of successful ventures under her belt, Erica's insights provide invaluable guidance to aspiring business leaders seeking to make their mark in today's competitive landscape.

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