Q 1. Kindly give our readers an introduction to your business. Please include what your business is all about, in which city you are located and if you have offices in multiple locations/ cities.
Ans: In early 2021, my wife and I were having serious discussions about what changes we would make in our lives if we were not afraid of failing. These questions led to more conversations about our future and ultimately, the realization that I would like to go out on my own, from the company I worked for, and start my own business.
The desire to help people, solve a real problem, and leave a customer satisfied with the work I provided really drove me to seek out what a quality, electrical home service business would look like. I began asking clients what their needs were and found a glaring hole in quality, cost-effective, electrical service companies in my area. Many clients were unsatisfied with shoddy, unreliable workmanship and high costs. I believed that if I provided a reliable service to hardworking people in my community, I would be rewarded with faithful clients and new business.
These past four years, my team and I have been able to provide our customers with quality workmanship and reliable service. I enjoy owning and operating a family-run, small business. We are grateful for the opportunity to serve our clients in the Salt Lake Valley of Utah.
Q 2. Kindly give us a brief description about yourself (it should include your brief educational or entrepreneurial background and list some of your major achievements).
Ans: I was born and raised in Magna, Utah, near the copper mine and Great Salt Lake. In 2007, I wanted to marry the woman of my dreams and I needed a job. I applied to the Union electrical training apprenticeship and was accepted in June of that year. In 2012, after 8,000 hours of on-the-job training and five years of electrical schooling, I received my Journeyman License. I have had the opportunity to work in industrial, commercial, and now residential settings. I am grateful to the local IBEW 354 for the variety of training and experience I received. I’ve had the opportunity to work in many locations and problem solve in many situations. In March of 2021, I decided to take the Utah Master Electrical Code Exam, which requires 8,000 additional hours of experience as a licensed journeyman, as well as a working knowledge of national electrical code and theory. Not all homeowners know that a master’s license is required in order to run and operate an electrical contracting business. I enjoy learning the nuances of electrical theory and using this knowledge to install safe, reliable electrical systems in my client’s homes. After owning and operating my own business now for four years, I see the importance of maintaining standards and practices in this field.
Q 3. What inspired you to (start a new business venture) or (to make significant changes in an existing business)? How did the idea for your business come about?
Ans: We are the proud owners of a nine-year-old Golden Retriever. He is so much fun to be around! Our kids have been raised with him and he is a much-loved member of the family. He is friendly, happy, reliable, trusted and true. With those qualities in mind, my wife and I were inspired to name our company after him and aspire to maintain “Golden Values” when offering services to our clients. Our aim is to offer a fair estimate and install a trusted electrical service every time. Mr. Deeds is our dependable, company mascot and we strive to always bring that same reliable, quality service to our clients!
Q 4. What three pieces of advice would you give to budding entrepreneurs?
Ans: Three pieces of advice I would give a budding entrepreneur are (1) live below your means! Pay yourself a modest, reasonable amount so that you are not drawing 100% of the equity from your company every time you get paid by a client. Instead, build up your savings for the months that are slow so that you can still pay yourself, (2) work hard but keep your business in its place so that you can keep your family a priority, and have time to do the things you love, and (3) do what you say you’re going to do. Be a man or woman of your word. If you say you’re going to do it, strive to follow through.
Q 5. What would you say are the top three skills needed to be a successful entrepreneur?
Ans: The top three skills you need as an entrepreneur are (1) be good at problem-solving. You will find yourself with many problems to solve, whether it be who to hire (or not) or when and how to fix something, (2) listening to what the client needs, not just what they want. Sometimes people think they need a small fix, but in reality, they may need something bigger to actually solve the problem, and (3) be able to pivot. When something unexpected happens, be willing to work through it, over it, under it and in it!
Q 6. How many hours do you work a day on average?
Ans: Depending on the day, I work 10-12 hours per day. But I do strive to take one day off each week, and that is most often Sunday. Keeping a day of rest has been instrumental in maintaining such a busy schedule.
Q 7. To what do you most attribute your success?
Ans: I attribute most of my success to the goodness of the Lord. He has placed people around me who value hard work and honesty and given me all the resources available in this beautiful country to start and maintain a successful business.
Q 8. How do you go about marketing your business? What has been your most successful form of
marketing?
Ans: Word of mouth and our Google business account is our main form of marketing. Clients want a trustworthy person in their home, so many of my customers come from recommendations of other trusted clients! We just started working with an SEO firm to help with our online presence and have been happy with them.
Q 9. Where did your organizations funding/capital come from and how did you go about getting it? How did you obtain investors for your venture?
Ans: We used our own personal funds to invest and grow our business. We paid for all of our start-up fees and licenses from our own pockets. It truly is a home-grown, family-run business.
Q 10. What is the best way to achieve long-term success?
Ans: The best way to achieve long-term success is to maintain your values even when it’s difficult. We offer a lifetime craftsmanship guarantee on everything we install or repair. That provides trust with our clients and a high standard for our installers. We want to be a company that is around for decades to come, and our values will take us there.
Q 11. Where you see yourself and your business in 5 – 10 years?
Ans: In 5-10 years, I see myself in a more of an administrative/ estimating role and less in the field. My goal is to hire more skilled technicians and office staff to create a well oiled machine that doesn’t even need me. I’d love to have more Electricians to send out to provide faster service to our clients.
Q 12. Excluding yours, what company or business do you admire the most?
Ans: One company I highly admire is Toyota. They strive to maintain reliability, customer service and quality. They consistently rank high in reliability studies and focus on providing peace of mind to their owners. They also have a relentless pursuit of improvement, strong core values, and an inspiring problem-solving culture.
Company Detail:
Company : Golden Electric
Address : 1192 E. Draper Pkwy. #652
City : Draper
State : UT
Zip : 84020
Phone : 801-448-6654
Email : billy@goldenelectricity.com