So, you want o start a handyman business? Yes, starting a business is not an easy job. There will be a lot of hurdles that someone has to face. And you don’t want that in your business journey. But, if you have already decided that you will start a business, then here are some questions that you really need the answers to.
- What is the first step?
- Do you need experience?
- What are the permissions and licenses you need?
- What is the capital you need for your business?
- How to start handyman business?
- And lastly, how to market the business?
What Is A Handyman Business?
Before coming to start a business, let’s discuss the profession in detail. A handyman business takes care of a home. So what kind of home service it gives? The main objective of the business is to repair a home based on the client’s needs. The service includes both interior and exterior decorations with proper repair and maintenance. When a family wants their old home to be a new one, then there is a need for handymen.
How To Start A Handyman Business?
So, here are the steps you need to follow to start a business. Although I am putting a small briefing of every step, in reality, you will need to work hard to implement every step.
To start a business, a business plan is the first thing that you want. For a successful entrepreneur, a strong and solid business plan is important. But what will be in your business plan? Here are the things that you need to plan for.
First, you need a vehicle for transporting tools and equipment. If you don’t have one, then you need to hire one. Then, you will need marketing materials, tools for repairing, insurance, and legal costs. Repairing tools cost depends on the experience and services you will give. Other than starting a business, there will be other expenses to running your business like giving salaries, compensation costs, replacement and repairing tools, and lastly, maintenance.
Target Market And Competitors
When you are starting a business, you need to understand your target market. If you don’t know your customers, then there is no way that you will make a good profit from your business. So, where you will give your services, how you will target your market and clients, and most importantly, you need to know your competitors.
Services And Profit
Before starting the business, you need to make sure what services you will give to your consumers. Remember, clients will only come to you if they see that your company is providing a great service. Your services depend on the experience that you have in your career. And with the offered services you need to set the prices also. You need to fix the prices that will be beneficial for both customers and your business.
There are four types of business structures- LLC (Limited Liability Company), Partnership, Sole Proprietorship, and Corporation. Every structure has its own advantage and disadvantages. I will suggest that when you are starting a handyman business, you form an LLC. It will give you benefits for sure. After forming a business, you can choose from different handyman business names.
Registration And Tax
Different states and federals have different registration rules and taxes. There is an EIN that you need to apply for. There are also small business taxes that you need to pay. If your company is an LLC, then you will get benefits from the tax. Also, there are other things to depend on when it comes to giving taxes for your business.
Business Account And Credit Card
Separating your business property from your personal property is one of the crucial things that every businessman should do. But why? Suppose you have enough money in your bank account to support your business. If there is any harm to your business, then you can’t protect your personal asset. So getting a business account and a credit card are a must.
Licenses And Permits
Every business needs to follow some basic laws. So, you need to get specific permits to run your business. From state permits to federal permits, if you don’t want any governmental issues in your business, then you need proper permits. And to do that, you will also need specific licenses for your business. You also need to check the service contract as well.
Separating your business and personal property is the first thing. Then, the step is to protect your personal property. But what about protecting your business? There can be accidents or any kind of harm to your business, then getting business insurance is a crucial thing to protect your business.
Define Brand And Marketing
Now that you are ready to start your business, it is time to spread your business to normal people. The first thing you need is to define your brand as a separate entity. As there are already other handyman businesses in the market, and you are new. So you will need to define your brand to the potential customers with various marketing strategies and mediums. The more you can market your brand, the more chances there will be to get clients.
Frequently Asked Questions (FAQs):-
Here are some interesting questions and answers.
Ans: If you run a company all alone, then you can make between $50,000 to $100,000 per annum. This is the case where you are self-employed. But if you are running a company where a couple of employees work, then the scenario is different. So, is the handyman business profitable? Yes, it is profitable.
Ans: A handyman business is an excellent business to part, whether it is full-time or part-time. First of all, you don’t need any professional degree, and secondly, you also don’t need a huge capital to start this business. And the most interesting thing is that the business is highly profitable.
Ans: Here are some handyman jobs that are high paying.
⦿ Garden Center Manager
⦿ Shovel Operator
⦿ Jack of All Trades
So, what are you waiting for? Let’s follow these steps properly and then spread your handyman business cards to get more clients. You also need to do great marketing for your business as it will be a new one. And there are already sharks in the market. In the first stage, you can get clients by proposing door-to-door.
If you have any more questions, then feel free to ask in the comment section below.