Did you know that the handyman industry is expected to reach a market size of $6.4 billion by 2025? Also, the demand for handyman services will grow by 6% annually from 2024-2029, so there’s no worry regarding lack of work.
If you’ve already got the necessary skills to be a handyman, then a ton of homeowners are waiting for you to go into business so they can have all those little things around the house finally fixed.
So what are you waiting for? Here’s how to start a handyman business so you can make big bucks.
Plan Out Your Business
You can’t just dive straight into things; without a business plan in mind, things can crash and burn quickly.
The most important thing you can do first is to identify your services. Determine what you can and can’t/won’t do, such as plumbing, electrical work, painting, carpentry, or general repairs. If you end up with a long list, consider whittling it down to focus on a few specialties that’ll make you shine in the industry.
Some skills you need specific training and accreditation for, especially for insurance purposes. But if it’s a simple odd-job, you’ll generally be good to go.
To help guide your decisions, do some market research. Analyze your local market to understand the demand for handyman services. Not only can this help you narrow down your service offerings, but it can also help you identify your target customers and assess your competition.
With this information, you can create a business plan outlining your business goals. In this document, you should include your services, pricing strategy, marketing plan, and financial projections too.
Price Your Services
Pricing services is always a tricky task. You want to hit the sweet spot so you’re not going to starve, nor are you going to rip off customers.
To go about this smartly, you should perform a cost analysis. Calculate your costs, including materials, labor, and overhead.
Then, factor in your competitors’ pricing that you’ve found in your market research. This will get you competitive yet profitable rates.
Plus, consider your rate structure. Do you want to charge hourly rates, flat fees, or a combination of both?
Think About the Legal Considerations
When starting a business, you can choose from several structure types. The most common ones are sole proprietorships, partnerships, limited liability companies (LLCs), and corporations. They all have different legal and tax implications, so research them thoroughly before making a decision.
Have you made a decision on the right structure for your handyman business? Then you need to register your business name with the appropriate local or state authorities. We can assist with our business registration service, which is both fast and affordable.
Next, you’ll have to obtain the necessary licenses and permits required to operate in your area. This may include a general business license, as well as specific trade licenses. Make sure you research local laws thoroughly so you don’t get in hot water for providing services without a license.
What’s interesting to note is that you can actually get into this industry without a handyman license in most states. However, the jobs must be small; the dollar amount varies by each state.
In addition, even if you’re the best handyman, accidents can happen. You want to be protected in these situations, so get business insurance. General liability insurance is what you should get at the bare minimum; if you hire employees, you’ll want workers’ compensation too.
Set Up Your Business
As an entrepreneur, you’ll probably want to operate out of your home. So set up your home office and get the necessary tools and equipment to serve your target customers.
You don’t necessarily have to splurge on the best items immediately. Instead, invest in a few good pieces if you don’t already have them, then add to your arsenal as time goes on.
You’ll also need reliable transportation. After all, if you can’t get to your clients’ homes, you won’t make any money. If you already have a vehicle, then get it checked and tuned up to ensure it won’t fail you when you need it the most.
As for the management side of things, set up a system for invoicing and accepting payments. Consider using accounting software to manage your finances. And to keep track of your customer interactions and appointments, use scheduling software and customer relationship management (CRM) programs.
Market Your Handyman Business
To market your handyman business, you need to develop a professional brand first. When registering your company, you should’ve already picked a short and memorable name. From there, you can come up with a logo and slogan.
Next in the marketing journey is creating a website. List your services, experience, and contact information, then utilize social media to reach potential customers. You can also list your handyman business on online directories like Google My Business, Yelp, and Angie’s List.
Don’t forget to use offline marketing as well. You can advertise local handyman services by using flyers and local newspapers. In addition, join local business groups or networking events where you can hand out your business cards.
Know How to Start a Handyman Business With Ease
If you’ve been handling odd jobs around the house like a pro, then it may be time to put those skills to bigger use. You could make a killing off your existing skills, especially since there’s a huge demand for handymen across the nation.
Now that you know how to start a handyman business, you can jump into entrepreneurship. And with our assistance regarding business registration, you’ll be building a massive client base shortly.
Sign up with Business Anywhere now to form your LLC or corporation. We have transparent pricing that’s very competitive too.
