How to Start a Handyman Business in 10 Steps – Business Plan

Is it hard to be a handyman? You probably must be thinking not at all – just learn how to fix a tap and how to repair a heating device, approach a building or a residential area, and you are good to go! You don’t need to reflect much on this or plan out how you will be earning profits. Wait! If you plan on the above lines, you need to think correctly. A handyman business is a serious one and should not be taken for granted. Though people might advise you not to overthink and go ahead with your venture, we suggest planning out before you step up. 

Yeah, anyone can become a handyman; you don’t have to learn rocket science for it. But if you do not know anything about plumbing or electricity issues or building maintenance, you surely cannot call yourself a handyman. Even if you prefer to hire handypersons under you, you need to know the A to Z of your business venture as you cannot afford to be ignorant about it. 

People losing a technical job before and during the pandemic have found relief in such businesses. With a little bit of expertise and technical know-how, you can now launch a sustainable business and tap clients for the future. 

Here is the Handyman Industry Overview: 

The handyman industry is a business line that depends entirely on the housing market trends. If there is a decline in the real estate sector, this industry is one of the first ones to get impacted. On the other hand, when there is a boom, the handyman business witnesses a rising trend. Before 2000, the residents in the United States were self-reliant and were huge fans of DIY approaches. It could be painting the whole house or fixing a tip issue. People would love to take care of their buildings and houses, and they learned all the skills at home and executed the same. 

But after 2000, the trend of relying on professionals and sitting back and relaxing came into existence. As a result, there was rising demand for skilled handyman, unlike in the earlier days. Due to this new consumer behavior pattern, one can see a noticeable demand in the handyman industry for the next five years. The annual growth for the five-year period between 2009 and 2014 has been 3.5 percent, and the total revenue of the handyman industry is more than $1 billion. 

According to 2014 records, more than 880 handyman services are registered all over the country. This industry remains unsaturated as it could be a promising venture for you. If you have the requisite training and certification, you can earn enough revenue and be stable in this business line. 

Handyman Business Plan Sample

  1. Executive Summary provides the brief idea of the business to the investors and creditors or to the team partners to take the future course of action. Hence, ensure that the details in this component are perfect. 
  2. Name the corporation – It has to be simple. For example, Gomes Handyman Services or Nail it Handyman Services. Something that a client can remember is with your last name or through a simplified name. 
  3. Positioning – Since handyman services need to be done at a client’s place, you can even start the business from your home. But if you aim for an established business, we suggest securing a proper facility to be visible. 
  4. Type of handyman services you aim to provide – Just give a gist of the services; you can elaborate it in the later section. 
  5. Business goals – To be the leading handyman service provider in the city and expand the business to other parts of the country. 
  6. Promises – We will train the workforce diligently, provide excellent services within timelines and achieve perfection in the services we offer. 
  7. Owners – Mention your qualifications and experience, as it will create an impression on the readers. 

Services 

The primary aim of handyman services is to provide all kinds of repair, maintenance, and replacement to earn profits. 

  1. Repairs of pipes and taps, electrical wires and systems, and flooring. 
  2. Carpentry, drywall installation services. 
  3. Repairs and installation of appliances, doors, and fences. 
  4. Bathroom and shower remodeling. 
  5. Kitchen remodeling and repairs. 
  6. Roof repairs and replacement, if possible. 
  7. Gutter cleaning, attic insulation, repairs of heating and cooling systems. 
  8. Building, garden, and yard maintenance services. 

Mission – “To provide all kinds of installation, repair, replacement, maintenance and insulation services with perfection and high quality and on time to clients.”

Vision – “To set up a well-established and reliable handyman service that clients can rely on with faith and confidence in us. To spread these services to all cities in the United States and create a chain of handyman services.”

Business Structure 

Even if the first baby steps are meant to restrict in a city, efforts will be taken in the future to create a chain of handyman services in the United States. A solid business structure will help in the process. You need to hire a talented and qualified workforce to achieve this massive goal, and laying down a business structure is vital for the same. Following are the job roles for which you will need creative, diligent, and skilled employees: 

  1. CEO/Owner/Managing Director – He is responsible for overall management effectiveness, making decisions, entering into contracts, finalizing agreements, and so on. 
  2. Manager – Technical Services – He acts as the project manager and prepares plans to implement technical projects. For instance, if there is a fence repair project for a villa, the manager will formulate a strategic plan and collect human and other resources to cater to it. 
  3. HR and Admin Executive – He is the one who oversees and evaluates all HR and administration-related tasks of the business. 
  4. Sales and Marketing Executive – He will help you bring new clients and retain them for future assignments. 
  5. Accountants – They will prepare final accounts, financial statements and take care of forecasting and budgeting aspects of the organization. 
  6. Handymen – Remember, if you want to start a full-fledged business, one or two handymen won’t be sufficient. You will have to appoint handymen experienced with different skill-sets such as plumbing, electrician, carpentry, painting, installation, insulation, and others. The more you hire, the more efficient you will be in serving clients. 
  7. Client Support Executive – Unlike marketing executives, they do not bring clients but deal with them and resolve their doubts and grievances. 

SWOT Evaluation 

  • Strengths – “Handyman, as the name suggests, is about a skilled person. And that’s why our biggest strength is our talented workforce. All the technicians and staff are skilled, qualified, certified, and licensed and know their job very well and achieve it with higher degrees of perfection. Moreover, our customer support team will guide the clients about the overall process and costs. Once a client approaches us, they will be relaxed as everything will be taken care of by our staff.”
  • Weaknesses – It takes considerable time to prove your existence and worth to the clients. Moreover, it also takes time and money to find the right talent for your corporation. 
  • Opportunities – People buying homes to live in, vacation homes, weekend homes, and some properties as an investment. As a result, the demand for maintenance and repair services is on the rise. So, simply harnessing the available opportunities can make your business viable financially. 
  • Threats – Economic crisis and new businesses coming up can result in a few threats for your business. 

Market Analysis 

You won’t need a critical evaluation of the industry and the existing market condition, but primary market research will also be beneficial. Starting this venture is cost-effective, provided you hire a skilled workforce and tap clients brilliantly. Consistent quality is the key to being in the business for an extended duration. No one might remember an attractive website, but they will recollect their experience they had with you and will share it with others. 

Market Segmentation 

  1. Households – It could be apartments, villas, bungalows, and weekend homes. 
  2. Corporations, institutions of all kinds. 
  3. Real estate contractors who can help you collaborate with colonies and buildings. 
  4. Schools, hotels, sports facilities, and government and public sector organizations. 
  5. Sales, advertising, marketing strategies 
  6. Contacting households and business organizations and introducing them to your business. It is a good start as you approach them in the first instance and get them acquainted. 
  7. Listing your business on Google, in yellow pages, and distributing fliers and brochures whenever possible. 
  8. Providing services at discounted rates for the first 10 customers. They will surely contact you as every household needs some kind of repair or installation services most of the time. 
  9. Advertising business in the print medium such as newspapers and magazines, and on social media and other internet portals. 
  10. Starting a website and a blog that talks about home maintenance and related services. 
  11. Direct marketing and word-of-mouth publicity. 
  12. Running ad campaigns on the internet. 

Sales Forecast 

We suggest keeping a target of $100,000 revenue for the first year and do not over-expect till you establish your presence in the market. You can double this sales goal in the next year as you will gain hold of the market. 

Pricing 

Following the average market rates, offering discounts for bulk services, and signing up contractors with government organizations are a few tactics to earn revenue and be on track. 

Start-up Budget 

To start a standard handyman business with no physical set-up and a few resources, one needs around $100,000 in the initial stages. Alternatively, you can start it as a big-sized business by investing approximately $200,000 and run this business in a highly full-fledged manner. Funds can be generated from your savings or borrowings. The best way is to prepare a concrete business plan and ask for financial institutions from banks. If you prove you are promising, banks and financial enterprises will be delighted to offer you assistance. 

This business template gives you a brief idea of how a business plan should be. You can add more components as per your preferences and circumstances.