Can A Gas Safety Business Make Me a Millionaire?

Before you get into any kind of business, the first thing you want to know is whether it is profitable to do so. Making money is one of the objectives of setting up a business. Who does not want to be the next Elon Musk or Jeff Bezos or Warren Buffet?

So, can a gas safety business make you a millionaire? The answer lies with you. To make any business successful you need hard work and creativity. Creativity to stand apart from the competition and hard work to execute your plans.

If you have the drive and the passion, you can succeed in any business. The gas safety business is a lucrative one. It has a lot of potentials. Therefore, the answer is yes, a gas safety business can make you a millionaire.

Services Provided by a Gas Safety Business

Gas safety businesses provide, as their name suggests, gas safety. Gas as a utility is widely used in residential and commercial properties. Cooking food and heating are the main uses of gas.

While gas is a useful utility, it is also one that requires a lot of caution. Gas leakage can be deadly, especially if it results in a fire. Additionally, gas leaks are hard to detect because natural gas is invisible.

This is where a gas safety business comes into the picture. A gas safety business provides several different services to ensure gas safety.

One of the main services that most gas safety companies provide is a gas inspection. This service involves a registered gas safety engineer conducting a thorough inspection of all the gas connections inside the property.

The inspection consists of checking all gas connections, vents, and appliances to determine if there are no issues. This is very important, not only because of safety reasons but also because getting inspections is a legal requirement on rental property.

The HSE (Health and Safety Executive)’s Gas Safety Regulations require landlords to get a gas safety certificate CP12. This means that landlords must get a gas safety check every year. Otherwise, they cannot rent out the property.

Similarly, commercial properties, like restaurants, shops, and theatres must also get a gas safety certificate.

Gas safety businesses also make safety recommendations. The consultation usually takes place at the time of the build. Getting gas appliances safely installed is also a service provided by the gas safety business.

Gas Safety Business-Examining the Numbers

A gas safety business provides many services. However, to gauge a business’ potential to succeed we must examine the demand. Demand for gas safety is high in the UK. As it should be.

Research shows that there are 2.65 million landlords in the UK. Some of these own and rent out multiple properties. This indicates that the number of rental properties is well into the millions. Since each rental property requires a gas safety certificate each year, the number of gas certificates needed is quite high.

Similarly, there are many commercial properties, which are self-owned, and require a gas safety inspection on an annual basis. Aside from these, many owner-occupied properties get gas safety inspection done even though it is not legally required.

Despite these huge numbers, a staggering 46% of all landlords failed to get a gas safety certificate. This number highlights the potential of the gas safety market. While gas safety businesses in the UK serve millions each year, the demand far exceeds this number.

The market shortfall is nearly 5.5 million properties. There is room for competition in the industry. The industry would benefit from new entrants into the market.

The current situation is not just underserving customers, it also causes a safety risk. There are not enough gas safety businesses to fulfill the demand.

There is plenty of growth opportunities. Once you set up a gas safety business, you can expand the scale of operations geographically. Start by catering to one region or area and slowly expand the business to other regions.

How much can you Earn?

Growth potential is great, however, at the end of the day, it is how much money you have made. Setting up a gas safety business does require a few conditions. Apart from setting up costs, businesses must meet legal requirements.

 The payback is ultimately worth the investment. It is hard to estimate a figure for the business itself since there are so many other services involved. Yet, the average salary of a registered gas engineer is somewhere in the ballpark of £60,000 annually.

This is much higher than the average yearly salary of £25,844. An experienced gas engineer earns more than double the amount an average worker earns. It is a specialized skill and compensation reflects this expertise.

If this number is anything to go by, gas safety companies can charge a considerable amount for a few hours’ work. A gas safety certificate for a single appliance, for example, can cost an average of £200 for commercial properties. This is for work that takes less than an hour to complete.

There is potential for earning in the gas safety business along with growth prospects. It is an overall great business venture to get into. Yes, it requires a lot of work and legal red tape to set up a gas safety business. Nevertheless, the returns are worth the hard work.

Becoming a Millionaire

Money is a major motivator for doing business. It is high on the list of priorities for business owners. However, having a fixed goal, like becoming a millionaire, may not be the most productive way of looking at things.

The gas safety business is a booming business. The market is underserved and excess demand requires new companies to enter the market. It is a service that is required every year at least so growth prospects are good.

Starting your own gas safety business can make you a millionaire, maybe a billionaire as well. The key is to deliver good service so you can get a loyal customer base.