Wrench yourselves from the ordinary! Launching a handyman business offers you an outlet for your knack for fixing things while channeling your inner Superman for folks in distress. From leaky faucets to squeaky doors, your skillset has no bounds. As a handyman, you provide much-needed repair and maintenance services for homes and offices, making their inhabitants' lives a tad easier - you're literally in the 'making-people-happy' business!
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HANDYMAN MINI BUSINESS PLAN
This a quick reality check to help you identify the strengths and weaknesses of your business concept before you dive in.
Business Idea: Handyman Business
Expected Percent Margin:
- Gross Margin: 60-70%
- Net Profit Margin: 20-30%
Daily Earnings: $200 - $500
Weekly Earnings: $1,500 - $3,000
Monthly Earnings: $6,000 - $12,000
Annual Earnings: $72,000 - $144,000
Actions to Hit Those Numbers:
Skills & Services:
- Base Skills: Plumbing, electrical works, carpentry, repair and maintenance
- Additional Services: Offer a full range of services to attract as many customers as possible.
Marketing and Customer Acquisition:
- Advertising: Make good use of digital marketing — social media ads, Google AdWords and local listing services.
- Word of mouth: Stellar services can turn your customers into brand ambassadors who would happily recommend you to their network.
- Professionalism: Always show up on time, deliver quality work and maintain a professional attitude.
- After service: Follow-up after services have been delivered. This will leave a lasting impression on your customers.
- Hourly Rate: Charge an hourly rate between $60 and $120, based on expertise and the complexity of the job.
- Flat Fee: Consider offering flat fees for certain services like installing a new faucet or re-wiring an electrical outlet.
- Operational Efficiency: Streamline operational costs by implementing effective, low-cost processes.
- Suppliers: Source for the best suppliers to get your equipment and tools for the jobs at reasonable prices.
- Availability: Must be willing to operate beyond traditional business hours. Handyman services are often needed on weekends, evenings, and holidays.
- Vehicle: Invest in a service vehicle to transport your tools and to serve as a mobile advertising board.
These are generalized estimations and can vary depending on location, economic conditions, and individual business strategies. Always consult with a financial advisor for personalized advice.
NOT WHAT YOU HAD IN MIND? Here are more ideas
Grab Your Business Website Name
Before you get caught up in the whirlwind of setting up your business, invest in a domain name. It's a small but significant step that lays the foundation for your brand and makes it easier for customers to find and trust you. Just like you wouldn't build a house without securing the land first, don't build a business without securing your domain name.
"Why? Can't that wait?" Here's why it shouldn't
Step 1: Determine if a Handyman Business is Right for You
Breakdown of Startup Expenses
Before starting a handyman business, it is important to understand the startup costs associated with the venture. This includes the cost of any necessary equipment, such as tools, ladders, and safety gear. It also includes the cost of any necessary licenses, permits, and insurance. Additionally, consider the cost of any advertising or marketing materials that may be needed to get the word out about the business. Finally, consider the cost of any office supplies or technology that may be needed to run the business.
Breakdown of Ongoing Expenses
Once the business is up and running, there are ongoing expenses to consider. This includes the cost of any necessary supplies, such as nails, screws, and other hardware. It also includes the cost of any necessary insurance and licenses. Additionally, consider the cost of any advertising or marketing materials that may be needed to keep the business running. Finally, consider the cost of any office supplies or technology that may be needed to keep the business running.
Examples of Ways to Make Money
There are many ways to make money as a handyman. One way is to offer services such as painting, carpentry, plumbing, electrical work, and other general repairs. Another way is to offer services such as lawn care, snow removal, and landscaping. Additionally, consider offering services such as appliance repair, furniture assembly, and window and door installation. Finally, consider offering services such as gutter cleaning, pressure washing, and deck staining.
Step 2: Name the Business
When coming up with a name for your handyman business, it is important to consider the services you plan to offer, the area you plan to serve, and the type of customers you are trying to attract. It is also important to make sure the name is unique and easy to remember. Consider using a combination of words that evoke a sense of trust and reliability. Additionally, it is important to make sure the name is available for use as a business name and domain name.
When researching potential names, it is important to check with the local government to make sure the name is not already in use. Additionally, it is important to check with the United States Patent and Trademark Office to make sure the name is not already trademarked. If the name is available, it is important to register the name with the local government and trademark the name with the USPTO.
Once the name is registered and trademarked, it is important to create a logo and slogan that reflects the values of the business. The logo should be simple and easy to recognize. The slogan should be catchy and memorable. It is also important to create a website and social media accounts with the same name. This will help customers find the business online and build brand recognition.
Finally, it is important to make sure the business name is used consistently across all marketing materials. This includes business cards, flyers, and other promotional materials. Additionally, it is important to make sure the name is used consistently on all social media accounts and the website. This will help customers recognize the business and build trust in the brand.
Step 3: Obtain Necessary Licenses and Permits
Before starting a handyman business, it is important to research local regulations and obtain the necessary licenses and permits. Depending on the area, there may be different regulations and requirements for handyman businesses. It is important to research the local regulations and determine which licenses and permits are necessary for the business.
Research Local Regulations
The first step in obtaining the necessary licenses and permits is to research the local regulations. This can be done by visiting the local government website or by contacting the local government office. It is important to research the local regulations to determine if there are any special requirements or restrictions for handyman businesses.
Obtain Business Licenses and Permits
Once the local regulations have been researched, the next step is to obtain the necessary business licenses and permits. Depending on the area, this may include a business license, a contractor’s license, and any other necessary permits. It is important to make sure that all of the necessary licenses and permits are obtained before starting the business.
In addition to the local licenses and permits, it is also important to obtain any necessary insurance. This may include general liability insurance, workers’ compensation insurance, and any other necessary insurance. Obtaining the necessary insurance is important to protect the business and its employees.
Finally, it is important to make sure that all of the necessary licenses and permits are kept up to date. This may include renewing the business license and any other necessary permits on a regular basis. Keeping the licenses and permits up to date is important to ensure that the business is in compliance with local regulations.
Step 4: Create a Business Plan
Outline Goals and Objectives
When creating a business plan, it is important to outline the goals and objectives of the business. This should include a timeline for when the business will become profitable, the number of customers the business will need to serve, and the services the business will offer. Additionally, it is important to consider the long-term goals of the business and how those goals will be achieved. This could include plans for expanding the business, hiring additional employees, or offering additional services.
Establish a Budget
Establishing a budget is an important part of creating a business plan. This budget should include all of the startup costs associated with the business, as well as ongoing expenses such as rent, utilities, and payroll. Additionally, the budget should include a plan for how the business will generate revenue and how much money will be needed to cover expenses.
Identify Target Market
Identifying the target market for the business is an important part of creating a business plan. This should include an analysis of the local market and the types of customers the business will be targeting. Additionally, it is important to consider the competition in the area and how the business will differentiate itself from other businesses. Finally, it is important to consider the types of services the business will offer and how those services will be marketed to potential customers.
Step 5: Secure Financing
Consider Small Business Loans
Small business loans can be a great way to finance a new business. Small business loans are typically offered by banks or other financial institutions, and can range from a few thousand dollars to hundreds of thousands of dollars. When applying for a small business loan, it's important to have a business plan and financial projections in place. Additionally, you should have a good understanding of your credit score and any collateral you can use to secure the loan.
Crowdfunding is an increasingly popular way to finance a business. With crowdfunding, you can use a platform like Kickstarter or Indiegogo to raise money from a large group of people. It's important to create a compelling campaign that captures the attention of potential backers. You should also have a clear plan for how you'll use the funds and how you'll deliver rewards to your backers. Additionally, you should be prepared to pay any fees associated with the crowdfunding platform.
Step 6: Purchase Equipment and Supplies
List of Essential Equipment and Supplies
Starting a handyman business requires a variety of tools and supplies. Depending on the type of services offered, some of the essential items may include a toolbox, hammers, screwdrivers, pliers, wrenches, saws, drills, ladders, and safety equipment. Additionally, it is important to have a reliable vehicle to transport tools and materials to and from job sites.
Tips for Purchasing Equipment and Supplies
When purchasing equipment and supplies, it is important to consider the quality of the items. Investing in quality tools and materials will help ensure that the job is done correctly and that the items will last for a long time. Additionally, it is important to shop around for the best prices. Many hardware stores offer discounts for bulk purchases, so it is important to compare prices before making a purchase. It is also important to research any warranties or guarantees that may be offered with the purchase. Finally, it is important to keep track of all receipts and invoices in case of any future issues.
Step 7: Market Your Business
Develop a Website
Developing a website for your handyman business is a great way to get the word out about your services. You can use a website to showcase your portfolio, list your services, and provide contact information. Additionally, you can use the website to provide helpful tips and tricks for do-it-yourselfers. You can also use the website to offer discounts and promotions to attract new customers. Additionally, you can use the website to collect customer reviews and testimonials, which can help build trust and credibility for your business.
Utilize Social Media
Social media is a great way to reach potential customers and build relationships with them. You can use social media to promote your services, share helpful tips and tricks, and engage with customers. Additionally, you can use social media to offer discounts and promotions to attract new customers. Additionally, you can use social media to collect customer reviews and testimonials, which can help build trust and credibility for your business.
Network with Other Businesses
Networking with other businesses in your area is a great way to get the word out about your services. You can reach out to other businesses in your area and offer to provide services for them. Additionally, you can attend local events and trade shows to meet potential customers and build relationships with them. Additionally, you can use networking opportunities to collect customer reviews and testimonials, which can help build trust and credibility for your business.
Step 8: Hire Employees
Considerations for Hiring Employees
Before hiring employees, it is important to consider the size of the business and the type of services offered. It is also important to consider the budget for wages and the number of employees needed. It is also important to consider the skills and experience of the employees and the training they will need to provide quality services. Additionally, consider the legal requirements for hiring employees, such as taxes, insurance, and other regulations.
Tips for Interviewing and Hiring Employees
When interviewing and hiring employees, it is important to have a clear job description and list of qualifications. It is also important to conduct thorough background checks and reference checks. Additionally, it is important to ask questions that are related to the job and that can help determine the applicant’s qualifications and experience. Finally, it is important to create a welcoming and comfortable environment for the interview and to ensure that the applicant understands the job requirements and expectations.
Step 9: Maintain Records
Maintaining accurate records is an important part of running a successful business. It is important to keep track of income, expenses, and other financial information. To make record keeping easier, it is best to use a software program or an online accounting system. This will help you keep track of all your financial information in one place. Additionally, it is important to keep track of customer information, such as contact information, job details, and payment information. This will help you stay organized and ensure that you are providing the best service to your customers.
It is important to understand the tax implications of running a business. It is best to consult with a tax professional to ensure that you are filing your taxes correctly. Additionally, you should keep track of all your expenses and income throughout the year. This will make filing your taxes much easier. Finally, it is important to stay up to date on any changes in tax laws that may affect your business. This will help you stay compliant and avoid any penalties.
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