Name: 10 Things I Wish I Knew When I Started as a Handyman
Uploaded: 2023-10-09T04:00:16+00:00
Duration: 49 min 53 s
Description: We have been seeing a lot of videos and articles about how easy it is to become and make money as a handyman. We thought we would put out a few thought provoking ideas for you to investigate if you ar

7 months ago

We have been seeing a lot of videos and articles about how easy it is to become and make money as a handyman. We thought we would put out a few thought provoking ideas for you to investigate if you are contemplating changing careers and becoming a handyman.

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Starting a handyman business can be a rewarding venture, but there are several important lessons and pieces of advice that many entrepreneurs in this field wish they had known when they first started. We broke this into three categories.
Before Starting
1. Legal and Licensing Requirements: Research and understand the legal requirements for starting a handyman business in your area. This may include licensing, insurance, permits, and tax obligations. Compliance is crucial to avoid legal issues down the road.
a. Customer Contracts: Always use written contracts that clearly outline the scope of work, pricing, payment terms, and any warranties. This helps prevent misunderstandings and disputes.
2. Specialization vs. Generalization: Decide whether you want to specialize in a particular area (e.g., plumbing, electrical work) or offer a wide range of services. Specialization can help you stand out, while being a generalist may attract more clients initially.
3. Marketing, Branding and Sales: Invest in marketing and branding from the beginning. A strong online presence, professional business cards, and word-of-mouth referrals can be powerful marketing tools. Create a website and utilize social media to showcase your work.
a. Marketing Budget: Allocate a portion of your earnings to marketing and advertising. Consistently promoting your services can help maintain a steady flow of clients
b. Networking: Build a network of other professionals in related fields, such as plumbers, electricians, and contractors. Collaborating with them can lead to referrals and partnerships.
c. Pricing Strategies: Develop a clear pricing strategy. Consider factors like your expenses, competition, and the local market when setting your rates. Underpricing can be as detrimental as overpricing.
d. Customer Feedback: Encourage feedback from your customers and use it to improve your services. Positive reviews can be powerful marketing tools, and constructive criticism can help you grow.
e. Customer Service: Excellent customer service is key to building a successful handyman business. Communicate effectively, be punctual, and exceed customer expectations to build a solid reputation.
Your up and running
4. Documentation: Keep detailed records of your projects, expenses, and income. This will simplify tax preparation and help you track the financial health of your business.
5. Tools and Equipment: Invest in high-quality tools and equipment. While they may be expensive upfront, they will save you time and money in the long run. Consider leasing or renting specialized tools for occasional use.
6. Time Management: Efficient time management is crucial. Plan your schedule, prioritize tasks, and avoid overcommitting. Balancing work and personal life is essential for long-term sustainability.
7. Continuing Education: Stay up-to-date with industry trends and techniques. Consider attending workshops, courses, or trade shows to enhance your skills and knowledge.
Business Expansion and Growth
8. Business Growth: Be prepared for business growth. As your reputation spreads, you may need to hire additional staff, expand your services.
9. Fiscal responsibility: Savings and Emergency Fund: Set aside money for emergencies and savings. The handyman business can have its ups and downs, so having financial reserves can provide peace of mind.
10. Changing legal entity: Contact your business professionals (accountant, lawyer) and see if there is advantage to changing business entities (from sole proprietor to LLC or Corporation)
Starting a handyman business requires careful planning and ongoing effort. Learning from the experiences and insights of others who have walked the same path can help you navigate the challenges and build a successful enterprise.
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