Handyman Business Profile
ECONOMICS OF THE HANDYMAN BUSINESS: “The new handyman business is an entity that focuses on the “retailing of services”. These services are all the handyman projects that were previously handled by the do-it-yourselfer or by one-trade subcontractors in the business. This business is in what is needed to serve today’s customer, who is short on time to do the work, and the necessary skills if the time were available.
It is a marketing and management business, for competent tradesmen (known as handymen) who go out and look at a job, estimate it, sell it, perform it, and collect for the work. There is a minimum charge, either by a trip charge or by pre-quoting the price for standard work — with the provision the handyman would come out and check the work and certify that the job does fall under the normal conditions.
These basic premises dictate the economics of the handyman business.”- Read more https://www.hometechpublishing.com/handyman-economics-of-the-handyman-business-ezp-68.html
Steps to Starting a Handyman Business:
In many communities around the world, enterprising business people start up their own contracting businesses in order to provide homeowners and other property owners with the physical services they need to upkeep buildings and properties. Small startup companies often compete with more established trade firms in the areas of electrical work, painting, carpentry, heating and cooling, and many other aspects of building and maintenance. If you want to start a handyman business to secure clients in your area, take a look at some processes that will assist in building a solid enterprise that will stand the test of time.
- Get startup capital for necessary equipment. Since your handyman business is going to be a service that is based on physical work and construction practices, you’ll need a set of physical tools and equipment in order to be effective. Make sure you can get this kind of gear through access to start up capital or some other creative means.
- Find your business vehicle. If you don’t have an existing vehicle for your business, you may be able to lease, buy or even borrow a truck for your startup. Some of the smallest construction or handyman businesses start with a borrowed vehicle, but most quickly acquire their own vehicle asset as soon as they have the means to do so.
- Invest in tools. No matter what kind of general handyman practice you’re building, you’ll need some of the most common tools. From hammers and saws to power drills, compressors and even bigger equipment, you’ll need to get your hands on the physical tools you’ll need to get a tough job done for clients. These costs will be part of your startup cost, that you can most likely deduct as business expenses, but you’ll need them before you take on any jobs.
- Define your services. In order to provide customers with a good idea of what your business does, you’ll need to make it clear just exactly what projects your firm is set up to accept.
- Pick a concentration. In most cases, it’s going to help to identify your most primary kind of expertise to customers. You may bill yourself as a carpenter, electrician, drywall expert, framing pro or even hazardous materials abatement service. Narrowing down your primary services helps you match your business to customers who can benefit from it the most.
- Produce educational literature for your service. Beginning handyman services like to include a bullet list of the things that they have done in the past, or are most prepared to do. Customers can look at this easy “short list” and order services accordingly.
- Look into legal aspects of your handyman business. Most start-up businesses have some responsibilities for paperwork, and a handyman business can benefit from proper business insurance, business classification of assets, and even, in many cases, a fictitious name or dba (doing business as) that helps identify a business, especially if it’s larger than one person.
- Find your initial clients. One of the crucial elements of starting your handyman business is to get yourself a list of existing clients, partly to keep taking in start-up capital, and partly to establish yourself as a working business. As you gradually build your client list, you’ll hopefully see your work orders becoming more and more consistent and continuous, resulting in a business that starts to build up profit rather than just spin its wheels.
- Administrate your business well. When you have your handyman business up and running, you might be busy working in your clients’ homes and properties every day, but you will still need to provide time for some key administrative activities. As a sole owner or operator, you’ll have to keep all the books straight and provide for all record-keeping that you’ll need over the long term.
- Double check your business set-up. Small businesses have various options for their configuration, including a sole proprietorship, limited liability corporation (LLC) or S Corp. Each of these has specific benefits and disadvantages. Figure out which is best for your needs.
- Prepare for annual tax filing as a business. One of the biggest administrative jobs for a start-up is figuring out how to communicate gain or loss as well as other key information to the IRS. Get a handle on this early in the process, and you’ll be able to focus more of your time and energy on growing your business correctly.
Reference: http://www.wikihow.com/Start-a-Handyman-Business for this information
You are going to learn:
How to get what it takes to succeed
What tools to use
What types of jobs you'll be running into and how to handle them
How to get customers!
How to handle your clients smoothly and effectively so they'll call you back for more business
How to price your jobs and what to charge
The optimum way to keep records so you stay organized
And much more!
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