Starting your own handyman business is not a small step, and it requires careful planning. You will have to invest a lot of money, time, and energy to make your company a success story. You need to know many things and truly understand each aspect if you want to be a profitable entrepreneur. Things can even get scary at times, but your hard work and dedication will pay off eventually.
For all of you thinking about making this professional move, these are some of the most important things you need to consider before you step into a handyman market.
Licenses, Permits, and Insurance
Deciding to start a handyman business also involves getting all the necessary licenses and ensuring you are covered legally. Just like any other professional working in the skilled trades industry (electrician, plumber, construction worker, etc.), you have to get familiar with the local laws before you jump in the game. Each state has a particular set of insurance requirements you need to meet to be able to perform that job legally.
Many online resources will help you get all the information you need to launch your firm. Depending on the job you’re doing, you have to obtain the necessary permits. Also, make sure you get at least general liability insurance. It will cover things like property damage, personal injuries, and medical expenses. With this type of coverage, even if something unexpected happens, your business will be able to stay afloat.
Make a Business Plan
Put on a paper on what your goals are and how you would like your business to develop in the next several months and years. Don’t worry; you don’t have to be super-specific. After all, unexpected things happen in life all the time, but it would be a good idea to have some sort of a roadmap, so you don’t lose your focus on what you want to achieve.
However, it’s more than creating a simple checklist. There are certain costs involved in starting your own company. So your plan needs to include things like startup and operating costs. You need to do market research and see how profitable starting a company like this is. Financial projections are the most important part of this strategy as you want to ensure that the risks and threats are reduced to the minimum.
Market Research
Do a proper market analysis before you launch your company. If there are too many handymen in your town, offering the same type of services as you would, getting a new client wouldn’t be very easy. Stiff competition will make things more complicated, and achieving your goals will take more time. However, many would argue that as long as you provide high-quality service, you will be able to run a cost-effective business.
Branding and Marketing
When it comes to promotion, your company doesn’t differ from any other. You need to create a strong and recognizable brand that will provide customers with a sense of security and make them trust you. Create a catchy logo and print out business cards that you can hand out to potential clients. This will make you look more professional and trustworthy.
Job offers don’t simply fall from the sky, and you will have to learn how to promote what you do and make people notice you. Word of mouth will do the trick to a certain level, but having an online presence is absolutely necessary for this day and age. So make sure you are listed in all the local directories and that you’re active on social media.
Social platforms can be extraordinarily helpful in growing your enterprise. They are one of, if not the best, promotional tool, and if used wisely, they can bring in a great number of clients. You will be able to connect to people living in your area more easily than ever before and show them what kind of services you offer. Be creative! Make short videos showing you and your crew at work and make sure you also show them the end result of your projects.
Bookkeeping and Banking
Although you might think you could do bookkeeping on your own, it would be a bad idea to leave to a professional. After all, you don’t want to make some amateurish mistakes when it comes to something as serious as starting your own company.
Also, the commercial bank account would be a good idea. It will make things more transparent by keeping your professional, and personal finance separated. And it will make things much cleaner when it comes to bookkeeping.
These are some of the basics you need to cover before venturing into the world of small business enterprises. Detailed market research and a solid plan will give you a proper insight into what you’ll have to deal with if you decide to take this step. Make sure your finances are in check and don’t forget to use every possible platform to promote your service.
