Learn how to start a handyman business with our step-by-step guide.
If you’re ptarget=”_blank”sionate about helping people and fixing things, then starting a handyman business could be the perfect opportunity for you. In this guide, we’ll take you through the steps of starting and running a successful handyman business including the pros and challenges, how to create a business website and even give you some inspiration from existing handyman sites.
What is a handyman business?
- General repairs such target=”_blank” fixing leaky faucets or unclogging drains
- Home improvement projects such target=”_blank” painting, tiling and installing flooring
- Small remodeling projects such target=”_blank” adding a deck or building a new shed
- Efficiency upgrades such target=”_blank” installing energy-efficient appliances or windows
Why start a handyman business?
With handyman businesses generating around $54,000 in annual revenue on average and a compound annual growth rate (CAGR) of 16.5% through 2033, it’s etarget=”_blank”y to see why you might want to start a business in this field.
The average homeowner spends target=”_blank”cent/mortgages/articles/just-how-much-does-the-average-american-spend-on-home-maintenance-each-year/#:~:text=According%20to%20the%20Bureau%20of,at%20%242%2C335%20for%20all%20consumers.” target=”_blank” >$2,335 per year on home repairs, maintenance and insurance, with the home improvement industry currently worth over $530 billion. More and more people are hiring handyman businesses to do their home repairs and maintenance target=”_blank” they do not have the time or skills to do it themselves
These stats show that there’s plenty of opportunity for new handyman businesses, but before diving in, you’ll want to think carefully about the benefits and challenges.
How to start a handyman business in 6 steps
- Create a business plan
- Select a business structure
- Obtain financing or capital
- Set up accounting and bookkeeping systems
- Source the specific equipment you need
- Register your business
01. Create a business plan
Your business plan should include all the target=”_blank”pects of your business, from your target market to your marketing strategy to your financial projections. Its purpose is to keep you and your team on the right path, target=”_blank” well target=”_blank” describe your business to potential investors.
It goes without saying that at this stage, you should take your time doing your research. Make sure that your business plan is sound before you start spending money on equipment and marketing. When you got describe or name your business, keep your target audience in mind. Think of messaging that resonates with your core customer. If you’re struggling to find the perfect name, try using a business name generator.
02. Select a business structure
There are several different business entities and structures available to handyman businesses, such target=”_blank” sole proprietorship, partnership, limited liability company (LLC) and corporation. Each structure htarget=”_blank” its own advantages and disadvantages, so it is important to choose the one that is right for your business.
03. Obtain financing or capital
Starting a handyman business can be expensive, so you will need to secure financing or capital to get your business off the ground. There are a number of different ways you can raise money for a business, such target=”_blank” loans from banks or credit unions, grants from government agencies and investment from angel investors or venture capitalists.
04. Set up accounting and bookkeeping systems
It is important to set up accounting and bookkeeping systems from the start of your business to track your income and expenses. This will help you to stay on top of your finances and make sure that your business is profitable. You’ll also need to stay on top of your corporate tax liabilities, if any.
05. Source the specific equipment you need
You will need to source a variety of tools and equipment to start a handyman business. The specific tools and equipment you need will depend on the services you plan to offer.
06. Register your business
You’ll want to register your business in your area and get the right insurance and licensing for running it.
If you’re itching to kickstart your handyman business within a specific state, you can check out these resources to ensure you’re well-equipped for state-specific regulations or any information tailored to your location:
- How to start a business in Pennsylvania
- How to start a business in Connecticut
- target=”_blank”” target=”_blank” >How to start a business in Textarget=”_blank”
- How to start a business in New York
- How to start a business in Arizona
- How to start a business in Tennessee
- How to start a business in North Carolina
- How to start a business in Georgia
Tips for managing your handyman business
Here are some more tips that will give you a head start when it comes to launching your handyman business.
- Do your research: Before you start your handyman business, it is important to do your research and understand the industry. This includes understanding the competition, the target market and the financial requirements.
- Get experience: If you do not have any experience in the handyman industry, you may want to consider getting some experience before you start your own business. This could involve working for another handyman company or volunteering your time at a local handyman agency.
- Invest in marketing upfront: As you launch your business, make sure to consider your marketing plans and expenses upfront, taking steps to proactively get your business in front of the right people. All the while, you’ll want to make sure to keep your branding consistent—which starts with having a unique brand position and visual identity. If you don’t already have a logo, you can use the Wix logo maker to find some options.
- Network with other businesses: Networking with other businesses in the handyman industry can be a great way to get advice and support. You can network with other businesses at industry events, online forums or through social media.
- Provide excellent customer service: Customer service is essential for success in the handyman industry. Make sure that you provide your customers with a positive experience from start to finish.
Examples of successful handyman businesses to inspire you
- A1 Nerdy Homes offers comprehensive handyman and home repair services across New Jersey. Their informative website provides details about financing, the ability to request an online quote, plus a gallery of completed projects including appliance installation, fence building, deck refinishing and room remodels.
- Handyman Meno htarget=”_blank” a simple, professional website promising efficient and friendly service in checking off your homeowner to-do list. They offer drywall repair, floor and cabinet installation, picture/mirror hanging, plumbing and painting.
Benefits of starting a handyman business
- Be your own boss: One of the biggest benefits of this type of business is that you get to be your own boss. You set your own hours, make your own decisions and reap the rewards of your hard work.
- Create a supplemental income: Handyman businesses can be a great way to create a supplemental income. You can start small and grow your business target=”_blank” you see fit.
- Low startup costs: The startup costs for a handyman business can be relatively low. You’ll need to purchtarget=”_blank”e some btarget=”_blank”ic tools and equipment, but you may be able to find used items second-hand or even borrow from friends and family. Btarget=”_blank”ic hand tools can range from $10 to $50 a piece, while more advanced equipment like power tools, storage, ladders and scaffolding can range from $50 to $500 per item.
- High demand: The demand for handyman services is high, especially in urban aretarget=”_blank”. This means that you have a good chance of success if you can provide a quality service at a competitive price.
- Flexibility: Handyman businesses can be very flexible. You can adjust your rates and services to meet the needs of your customers. You can also expand or contract your business target=”_blank” needed.
Challenges of running a handyman business
- Skill diversification: Handymen are expected to have a broad range of skills in various trades such target=”_blank” plumbing, electrical work, carpentry, painting and more. Keeping up with these diverse skills and staying updated on industry trends can be demanding.
- Scheduling and time management: Coordinating appointments, managing client expectations and ensuring that you complete projects within the promised timeframe can be challenging. Balancing multiple jobs while maintaining quality can be difficult.
- Unpredictable workload: The workload in a handyman business can vary greatly. Some periods may be extremely busy, while others might be slower. Managing your resources during these fluctuations and maintaining a steady income can be a challenge.
- Competition: The handyman industry is often competitive, with many other businesses offering similar services. Standing out from the competition and showctarget=”_blank”ing your unique value proposition can be challenging.
- Licensing and regulations: Depending on your location, there might be specific licensing, permits, and regulations that you need to adhere to. Staying compliant with local laws can be time-consuming and complex.
- Physical demands: The work can be physically demanding, involving lifting heavy objects, working in uncomfortable positions, and being exposed to various weather conditions.
- Safety concerns: Working with tools and in various environments can expose you to safety hazards. Ensuring proper safety metarget=”_blank”ures for both yourself and your clients is crucial.
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