A handyman is an excellent business to start. Repairs are the needs of an aging home and so handyman’s have the potential to grow. In the U.S, the home improvement market is currently over $400 billion annually and by the end of 2022, the market of home improvement will reach to $465 billion––a lot of painting, flooring, assembling, plumbing, installing, and replacing is expected.
In the COVID-19 pandemic, many people try to improve their old homes. It means if you’re a handyman and thinking to start your business, do it right now. But like the majority of people, you may also have the following questions in your mind:
“How to Start a Handyman Business?”
“What would be the first step?”
“Is experience mandatory?”
“What licensing will I need to purchase?”
“What will be my monthly earnings on average?”
This article covers all answers but you must know that starting a handyman business requires some smart planning/steps.
Let’s dig into the details!
The first and foremost step before launching a company is to consider if there’s a market for your services. Suppose, you’re planning to offer services in a locality where competition is high; chances are you will face tough competition.
In contrast, if there's no handyman nearby, you would be able to quickly establish yourself as an expert handyman service provider.
But, how to analyze if there’s a need for handyman services? The key is to research online; however, coupled with local surveys. So what’s the verdict here? Simple: Research both online and offline if there’s a demand for your services.
While searching for a successful handyman business tips, you will get learning curves from competitors' research, so you must consider that.
Preparing a comprehensive plan is mandatory to start and run a handyman business, and failure to do so will be like planning to fail.
A business plan makes it easy for you to achieve goals. In simple words, it’s just like creating targets that would help you analyze whether strategies are working or improvement is required. Components of the plan include:
· The initial capital required to start a business
· Amount of average earnings and expenditures per month
· The number of clients required
· The financial forecast of the first 3 to 5 years
· The number of employees required
· Other details specific to the industry
It’s not an easy task to answer the above questions, and you’ll need to hire an expert who can write down the answers for upcoming months or years: in six months, in 3 to 5 years. Your business plan is like a framework of your handyman business, so get it prepared professionally.
To successfully operate a handyman business in the US, you should consider getting business insurance. Some states in the US require handyman insurance; therefore you must look into the requirements.
For more information on small business insurance please visit https://www.sba.gov/sites/default/files/files/PARTICIPANT_GUIDE_INSURANCE.pdf
A business plan would help you compute the $$ you’ll need, but here we’re not talking about private finances or bank loans. Handymen are quite feasible to start their business at a low cost; especially, you have tools available. Also, you can add a variety of items to this business once you start earning.
So let’s talk about the minimum amount of $$$ you’ll need to start your handyman business. As per reports, a minimum of $2,000-$4,000 would be enough to begin with. However, you’ll need to do your own computation.
Furthermore, it is vital to compute your hourly rate. While each person has different skills and limitations, consider how long you would take to finish the following most common handyman tasks:
These days no business could survive without having a solid online presence. Therefore, it is mandatory to have your handyman’s business site developed by professional website development service providers.
Besides building a website you must also get the best logo designing service from professional logo makers. Though there are many online tools available to help you develop your logo, we suggest you choose custom logo designing services like Logozila rather than relying on tools.
We hope this article helps you in starting a profitable handyman business in the U.S. So, by completing the steps mentioned above, you will be able to start a business with satisfaction.
Thank you for reading!
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