Beginners Guide to Starting a Handyman Business
You know you want to start a handyman business - but do you know how to go about it?
There’s a huge difference between knowing that you’ve got a money-making skill and taking action to start your handyman business. We’ve dedicated this article to walk you through the steps of setting a successful handyman business.
Let’s get started.
Tips to Consider When Starting a Handyman Business
Consider the Demand for Your Services
A common mistake that most handymen make when launching their businesses is failing to find out whether there is a demand for their services.
Think about this: if you’re located in a place where there are many handymen, you’re likely to face stiff competition for clients. But if you can’t find a handyman for many miles, chances are you can establish yourself very quickly.
Be sure to find out if there’s a demand for your handyman services before launching your business. Otherwise, your business could go down within your first years of operation.
Consider What Others Are Doing
You can actually imitate that particular business you admire. Do your research to find out what makes that business do well.
Many handymen are running their business successfully, so don’t hesitate to learn from them. Here’s how you can use competitors to cut down on your learning curve:
• Check their marketing tools online
• Look at their websites to find out what services they offer and what they charge
• Talk to a local handyman about their business operations
Be Ready for Unexpected Work
After you’ve learned the basics of the handyman business, you’ll need to get ready for unexpected work.
Running a successful handyman business requires you to fill many roles. For instance, you’ll be a bookkeeper, an accountant, an office manager, a lawyer, and a marketer.
This work is just as important as the actual handyman work. However, most handymen do not anticipate this extra work.
If you’re looking to create a successful handyman business, you must account for the unexpected work. You’ll rarely spend eight hours a day on handyman work during your first few months in business. Here are some things you’ll need to consider before taking your first job:
• Register your business
• Build a website
• Buy tools
• Open a business bank account
• Find and market to clients
• Create invoices
Don’t get us wrong! This information is not meant to discourage you from starting your handyman business. On the contrary, it is intended to help you prepare for what’s to come.
Buy Business Insurance
Small business insurance is a must-have for all handyman businesses, no matter where they’re located. Not only does handyman insurance protect you against claims involving property damage and accidents, but it also covers any costs resulting from work-related injuries and illness on your employees, if you have any.
Besides, handyman insurance is mandatory in most states and so having this policy is necessary for your success.
Find and compare quotes from various insurance companies to ensure you get the best deal.
Know Your Budget Estimates
You don’t necessarily need to take crazy loans when starting your handyman business. You can keep your startup costs a bit cheaper, especially if you have your own tools. Besides, you can add more items to your business when you start working.
But there’s a minimum amount of money needed to start a handyman business. The amount will vary depending on your location, state policies, marketing budget, among other factors.
Get a License
A handyman license is a document given by your state to show that you’ve been cleared to perform specific types of work in a given location. Each state has its requirements for clearing. You’ll require this license to handle larger projects for your clients.
Create a Business Plan
A business plan is aimed at reflecting what you want to achieve from your handyman business within specific time frames. Think of it as a written checklist as to where your business will be at the three critical milestones from the starting day, i.e.
• After six months
• After one year
• After five years
Breakdown how you’d like your business to be at each of these stages. But you need to be specific here as this will help determine whether your handyman business is headed in the right direction or not.
Market Your Business
After determining the place with a good market for your services, now it’s time to reach out to potential clients.
Look for advertising channels that will help you reach your target customers easily.