What is the Highest Paying Trade? Maximise Your Profits!
September 25, 2024 | Read: 10 minutes
Learning how to run a sustainable, profitable trades business will be the goal of any business owner, but it begs the question: what is the highest paying trade in today’s market?
From Electrical to Gas & Heating specialists, to Renewable Energy experts, there’s a lot of choice and with different factors impacting each (more on that below) it’s not always immediately clear which industry comes out on top.
Some challenges are shared and others are unique to each industry. But whether it’s grappling with new technologies, overcoming recruitment challenges, or facing increased competition, it helps to understand what can impact a trade’s profitability, for better and worse.
So what trade pays the highest?
To help make sense of which is the highest paying trade, we’ve considered five of the most popular industries you could get into. We’ll highlight factors that make some more lucrative than others. However, we’ll also go on to share how you can maximise profitability, no matter what skilled trade you choose. It’s all about pursuing efficiency…
Why Profitability Matters More Than Ever
Before we dive into the specific trades themselves to explore which is the highest paying, it’s worth thinking about profitability.
After all, for small business owners and tradespeople, profitability isn’t just a number; it’s a lifeline.
Profitability allows for reinvestment in your business: that can mean purchasing new gear, advanced tools, or employing more team members. Profits also provide the financial cushion needed to withstand economic fluctuations. But most importantly, sustainable profit offers peace of mind, giving you security that your business can sustain itself and grow over time.
But, as we mentioned, the landscape for practically every type of trade is evolving.
Factors Impacting the Highest Earning Trades
As far as paying salaries go, the following list from Checkatrade can give you an idea of annual salaries for popular industries:
Checkatrade
- HVAC Technicians (£40,009)
- Boiler Engineers (£36,229)
- Electricians (£34,778)
- Plumbers (£32,092) Builders (£29,220)
Of course, these can fluctuate based on qualifications and demand. But keep in mind additional factors that are harder to control and which impact a businesses overall profitability.
For instance, as precarious as it is right now, it means many customers — especially if you’re focusing on residential services — have less to spend. While profitability matters, it’s always worth weighing up how you can balance profits whilst meeting the needs of your customers. You don’t want to bleed them dry, but you don’t want to lose out, either.
This is where business efficiency matters most.
Businesses that streamline their operations – particularly through software – to reduce costs, save time, and so maximise profits. The benefits will mean you can work faster, maintain quality, and still meet the needs of your customers.
As you’ll see, when you adopt the right tools and strategies, you can adapt and ensure your trades business can generate sustainable profit.
If you’re unsure of what industry should you choose, let’s consider some of your options:
Is Gas & Heating the Highest Paying Trade?
Gas & Heating is a staple in the UK trades industry. With homes and businesses reliant on heating systems, the demand for skilled engineers remains high all year round. This consistent need translates into a steady stream of jobs, making it a highly lucrative field.
However, with that said, competition can be fierce. That’s especially true if you’re operating in a larger town or city. You’ll need to work hard to stand out from the crowd and showcase your services to win customers over.
Of course, Gas engineers often enjoy a diverse range of job opportunities. From routine maintenance of boilers to more complex installations like underfloor heating, the variety of work can keep staff engaged and bring a lot of financial rewards. (Offering home service contracts can also play a big role).
Efficiency in this trade often hinges on expertise and while work can be time-consuming, the use of software to help teams manage appointments, track inventory, and streamline invoicing can significantly boost efficiency and profitability. By optimising these processes, engineers can handle more jobs with less effort, leading to increased earnings.
Is Plumbing a Top Paying Trade?
When considering the highest paying trades, plumbing often tops the list. But how much do plumbers earn, and what makes this trade so appealing? The answer lies in demand and skill.
The potential for emergency call-outs adds an additional revenue stream for plumbers. These urgent jobs typically come with premium rates, boosting overall income. Furthermore, specialised plumbing services, such as pipe relining or drain flushing services, can command higher fees.
To maximise profitability in plumbing, efficiency is crucial.
By adopting technology that allows for seamless job scheduling, quick invoicing, and effective stock control, plumbers can capitalise on emergency work for last-minute call outs and stay top-of-mind for future work, too.
Are Electricians the Highest Paying Trades Business?
Electricians are another group within the highest paying trades. Like plumbing, electricity is a necessity, meaning skilled electricians are always in demand. There’s the option to work directly with residents, or maintain commercial contracts with larger businesses, too.
With the rise of smart homes and renewable energy solutions, electricians have opportunities to expand their services. This diversification can lead to higher earnings and a larger client base.
However, it can mean a higher barrier to entry and training to keep up to speed with the latest technologies. Additionally, regulatory standards in electrical work often necessitate expert intervention, but this can allow electricians to charge premium rates.
Is the HVAC Industry a Top Paying Trade?
HVAC (Heating, Ventilation, and Air Conditioning) is a field with significant earning potential.
The complexity and necessity of HVAC systems in both residential and commercial settings create numerous opportunities for skilled tradespeople. That means lucrative contracts for maintaining spaces like offices, or fulfilling an increased demand for HVAC assets in resident’s home, too.
As mentioned, HVAC engineers can capitalise on the need for regular maintenance, upgrades, and emergency repairs. These services not only provide consistent income but also allow for upselling opportunities, such as energy-efficient system installations.
The Rise of Renewable Energy Specialists
With the global shift towards sustainability, renewable energy has become a key player in the trades sector. Specialists in solar panels, heat pumps, wind, and other green technologies are seeing increased demand, translating to impressive earning potential.
Renewable energy offers diverse job opportunities, from residential installations to large-scale commercial projects. The complexity of these systems often commands higher fees, but also requires more specialist training. However, breaking into this emerging sector now has the potential to massively impact tradespeople who are eager to boost profits.
We’ve touched on MCS registration and one perk of becoming an MCS registered installer in particular is the potential for government incentives. With many different grants available, such as the Boiler Upgrade Scheme (BUS) or Smart Export Guarantee (SG), businesses can cut costs.
For those in the renewable energy trade, keeping costs down while maintaining efficiency is crucial. By streamlining their operational efficiency, trades businesses that focus on renewables can position themselves as reliable experts and secure a profitable future.
What Factors Impact the Highest Paying Trades?
We’ve explored a five specific industries and mentioned a few factors that impact each as they vie to become the highest paying trades. However, it’s worth expanding on some additional points that can impact any trades business, no matter their niche.
It’s all about using technology to help businesses work more efficiently, manage new opportunities, and keep customers happy so they return time after time. Let’s take a look:
Leveraging Technology for Competitive Advantage
Staying ahead of the competition requires more than just skill; it demands innovation. Tradespeople who leverage technology can gain a significant edge in the market. By adopting software tools for scheduling, invoicing, and customer management, businesses can streamline their operations and reduce costs.
Technology enables tradespeople to work smarter, not harder. With automated systems, like Job Management Software by Commusoft, tasks that once took hours can be completed in minutes. This efficiency allows for increased job capacity, leading to higher earnings without exhausting your workforce.
For instance, Premier Heating Solutions use Commusoft and it helped them to:
“Quadruple their workload, but only double their workforce.”
They were able to scale their business efficiently and maximise productivity.
In today’s fast-paced world, clients expect quick and efficient service and tradespeople who use technology to meet these expectations can enhance their reputation to secure a loyal customer base. This competitive advantage is crucial for long-term profitability.
The Importance of Efficient Lead Management
Generating and managing leads is a critical aspect of any business. For tradespeople, efficient lead management can significantly impact profitability. By utilising technology to track and nurture leads, businesses can convert more prospects into paying clients.
Effective lead management involves more than just capturing contact details. It requires understanding the client’s needs and providing timely, relevant information. By using software that automates follow-ups and personalises communications, tradespeople can build stronger relationships and increase conversions.
In a competitive market, every lead counts. Businesses that invest in efficient lead management can maximise their marketing efforts and boost their bottom line. This proactive approach ensures a steady flow of clients and sustainable growth.
Creating Exceptional Customer Journeys
Customer satisfaction is the bedrock of business success. For tradespeople, creating exceptional customer journeys is vital for building a loyal client base. By focusing on the client’s experience, businesses can enhance their reputation and encourage repeat business.
From the initial inquiry to the completion of a project, every interaction counts. Tradespeople who prioritise clear communication, timely service, and quality workmanship can exceed client expectations. This dedication to customer satisfaction sets businesses apart and fosters long-term relationships.
By using software to automate updates and share job reminders, trades businesses can ensure clients are informed and engaged throughout the job process. This attention to detail enhances the overall experience and boosts client satisfaction. And you can do all this, with Commusoft’s all-in-one CRM tools.
Explore Commusoft’s Job Management Software for yourself.
The Highest Paying Trades: Start Your Journey to Success
As we’ve seen, whether you pursue Gas & Heating, Renewables, Plumbing, or Electrical services, many different trades have the potential to be profitable.
Rather than focus only on the highest paying trades, the key to your success instead lies in ensuring that your whole business runs efficiently and keeps on innovating.
By leveraging technology, like the tools provided by Commusoft, you can manage leads effectively, creating world-class customer journeys, and keep your entire workforce connected. This will help you secure a prosperous future.
For those ready to take the next step in their business, you can explore Commusoft and discover the tools we’ve crafted specifically to support your needs.
Explore both our Job Management and Sales CRM software, and contact our team to Book a Call and see for yourself!
