Starting any business can become a lucrative and fulfilling endeavor. Handyman services are in high demand, so why not start your own handyman business? You must keep some things in mind, but you can be successful if you take the following steps from StartupDailyTips.
Choose Your Specialty
Being a jack-of-all-trades isn’t always a good idea. Most contractors establish their businesses by offering a single specialty first. Begin by offering what you know, but ensure you won’t need a license. Studying your favorite type of project can help you determine your specialty. What do you have the most knowledge about? Don’t forget to look in your toolbox; any specialized tools you have or want to purchase are good indicators of the specialty you should select.
As you establish yourself and gain experience, you can look to expand your knowledge and skills. Welding, for example, can be a highly specialized service, but useful online resources can help should you want to branch out into welding. Building up a list of resources will serve you well as you learn more throughout your handyman career as you learn more about welding techniques and products.
Write a Business Plan
Creating a business plan is an asset; mapping out your business structure ahead of time improves your chances of success. You can follow the more detailed traditional format or use the shorter startup version. Include an executive summary, a market analysis, and a business overview. A SWOT analysis is also useful; you’re thinking about your strengths, weaknesses, opportunities, and threats, which makes addressing them easier.
Study Contracting Laws
Handyman Startup notes that handyman laws can be highly complex or vague as each state has its own regulations. Many handymen are viewed legally as general contractors. Check the contracting board website at your state or local level for some tips. You can also talk to other handymen and lawyers for advice.
Use Apps and Software
Technology has evolved considerably and allows for all business owners to manage their companies remotely. Contracting work is no exception. You can find field service apps, booking and customer management software, apps that create invoices, and software for construction estimating. For example, by using electrical contractor software, you can:
- Create payment schedules
- Easily track payments received
- Send automated email reminders for late payments
Such software can help you set up and streamline your workflow and keep you on track with revenue.
Apps can also be helpful for finding out where potential high-demand service areas may be. Try searching for active real estate markets as those areas will have constant need for minor repairs and upgrades.
Customers are one foundation of your business, and, as I AM Builders points out, you have many options when it comes to finding them. You can create a company website or utilize social media to network with potential clients. Using referrals and visiting potential clients in person builds relationships before they book your services.
Create Your Business Entity
Forming a business entity protects your business and personal assets in case of liability, but not all contractors consider becoming a corporation. A limited liability company is a flexible alternative with many benefits, including less paperwork. Single-person LLCs make the decisions, not a board of directors. You retain tax advantages and liability protection. You may also find benefits in filing a S corporation. This can be useful if you have multiple partners in your business.
Starting your own handyman business is achievable with the right planning, tools, and mindset. Choose a specialty, add to your skills over time, and use helpful contactor software. Then you can focus on improving your business.
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