Are you interested in starting your own handyman Business?
If you're good with your hands and enjoy fixing things around the house, then starting your own handyman business may be the perfect entrepreneurial venture for you. In this article, we'll give you a step-by-step guide on how to start a successful handyman business from scratch. First and foremost, you'll need to obtain the necessary licenses and permits required to operate as a business in your state or municipality. Once you have all of the required paperwork in order, you'll need to purchase insurance to protect yourself and your business from any potential liabilities. Next, you'll need to purchase the necessary tools and equipment for your business. Depending on the services you plan on offering, you'll need to invest in a variety of hand tools, power tools, ladders, and other equipment. Once you have all of your supplies in order, it's time to start marketing your business. You'll need to create some marketing materials (e.g. business cards, flyers, website) and start spreading the word about your handyman services. Last but not least, always provide top-notch customer service and workmanship to ensure that your clients are satisfied with your work. By following these tips, you'll be well on your way to starting a successful handyman business.
Global Market Size
The global handyman market is expected to reach USD 345.3 billion by 2025, according to a new report by Grand View Research, Inc. The market is anticipated to grow at a CAGR of 4.8% over the forecast period. Rising demand for renovation and improvement services in both commercial and residential sectors is expected to boost the market growth. The residential sector is projected to be the largest end-use industry for handyman services, owing to the increasing number of households and the growing trend of do-it-yourself (DIY) projects among homeowners. The commercial sector is also expected to witness significant growth over the forecast period, owing to the rising construction activities and the need for maintenance and repair services in office buildings, hotels, and retail outlets. The Asia Pacific region is expected to be the largest market for handyman services, owing to the growing construction industry in China, India, and Japan. The market in North America is also expected to witness significant growth over the forecast period, owing to the rising demand for home improvement services in the U.S. and Canada. Some of the key players in the handyman market include Home Depot, Lowe's, Sears Holdings, The Stanley Works, and United Technologies Corporation.
When starting a handyman business, it's important to identify your target market. Who will you be providing services for? Will you focus on residential customers, or will you also serve commercial businesses? Once you know who your target market is, you can begin to craft your marketing strategy and target your advertising to reach them. For example, if you're targeting residential customers, you may want to place ads in local newspapers or online classifieds. You can also distribute flyers in neighborhoods that you plan to serve. If you're targeting commercial businesses, you may want to advertise in trade publications or online directories. You can also contact businesses directly to inquire about providing services.
There are a few different business models that you can choose from when starting your handyman business. You can be a sole proprietor and operate as a one-man show, or you can choose to have a few employees to help with the workload. You can also choose to franchise your business, which comes with its own set of pros and cons. The most important thing is to figure out which business model will work best for you and your goals. Do some research and talk to other handymen in your area to see what has worked for them. Once you have a plan in place, you can start putting together the pieces of your business..
When you’re starting a handyman business, it’s important to understand the competitive landscape. There are a few different types of businesses that you’ll be competing against, and each has its own strengths and weaknesses. First, there are the big national chains. These companies have deep pockets and can offer a wide range of services. They’re also very good at marketing, so they may be the first choice for many customers. However, they can be more expensive than smaller businesses, and they may not have the same level of personal service. Second, there are the regional chains. These businesses may not be as large or well-known as the national chains, but they can still offer a good selection of services. They may also be a bit cheaper than the national chains. Third, there are the local independent businesses. These businesses are usually owner-operated, so you’ll get a more personal level of service. They may not have the same selection of services as the larger businesses, but they can be more affordable. Finally, there are the online businesses. These companies may not have a physical location, but they can often offer lower prices and more flexible service. When you’re starting your handyman business, it’s important to understand the competitive landscape and what each type of business has to offer. By understanding your competition, you can better position your own business for success.
Assuming you have the handyman skills and business acumen to start a successful handyman business, there are a few key things you need to do to get started. First, research your local market to determine what services are in demand and what pricing you can expect to charge. Next, develop a business plan and acquire the necessary licenses and insurance. Finally, get the word out about your business by marketing yourself to potential customers. By following these steps, you'll be on your way to starting a successful handyman business.
Why write a business plan?
A business plan is a critical tool for businesses and startups for a number of reasons:
Business Plans can help to articulate and flesh out the business’s goals and objectives. This can be beneficial not only for the business owner, but also for potential investors or partners
Business Plans can serve as a roadmap for the business, helping to keep it on track and on target. This is especially important for businesses that are growing and evolving, as it can be easy to get sidetracked without a clear plan in place.
Business plans can be a valuable tool for communicating the business’s vision to employees, customers, and other key stakeholders.
Business plans are one of the most affordable and straightforward ways of ensuring your business is successful.
Business plans allow you to understand your competition better to critically analyze your unique business proposition and differentiate yourself from the market.
Business Plans allow you to better understand your customer. Conducting a customer analysis is essential to create better products and services and market more effectively.
Business Plans allow you to determine the financial needs of the business leading to a better understanding of how much capital is needed to start the business and how much fundraising is needed.
Business Plans allow you to put your business model in words and analyze it further to improve revenues or fill the holes in your strategy.
Business plans allow you to attract investors and partners into the business as they can read an explanation about the business.
Business plans allow you to position your brand by understanding your company’s role in the marketplace.
Business Plans allow you to uncover new opportunities by undergoing the process of brainstorming while drafting your business plan which allows you to see your business in a new light. This allows you to come up with new ideas for products/services, business and marketing strategies.
Business Plans allow you to access the growth and success of your business by comparing actual operational results versus the forecasts and assumptions in your business plan. This allows you to update your business plan to a business growth plan and ensure the long-term success and survival of your business.
Business Plan Content
Many people struggle with drafting a business plan and it is necessary to ensure all important sections are present in a business plan:
Competitor Analysis & Advantages
Marketing Strategies & Plan
Plan of Action
The financial forecast template is an extensive Microsoft Excel sheet with Sheets on Required Start-up Capital, Salary & Wage Plans, 5-year Income Statement, 5-year Cash-Flow Statement, 5-Year Balance Sheet, 5-Year Financial Highlights and other accounting statements that would cost in excess of £1000 if obtained by an accountant.
The financial forecast has been excluded from the business plan template. If you’d like to receive the financial forecast template for your start-up, please contact us at email@example.com . Our consultants will be happy to discuss your business plan and provide you with the financial forecast template to accompany your business plan.
Instructions for the Business Plan Template
To complete your perfect handyman business plan, fill out the form below and download our handyman business plan template. The template is a word document that can be edited to include information about your handyman business. The document contains instructions to complete the business plan and will go over all sections of the plan. Instructions are given in the document in red font and some tips are also included in blue font. The free template includes all sections excluding the financial forecast. If you need any additional help with drafting your business plan from our business plan template, please set up a complimentary 30-minute consultation with one of our consultants.
Ongoing Business Planning
With the growth of your business, your initial goals and plan is bound to change. To ensure the continued growth and success of your business, it is necessary to periodically update your business plan. Your business plan will convert to a business growth plan with versions that are updated every quarter/year. Avvale Consulting recommends that you update your business plan every few months and practice this as a process. Your business is also more likely to grow if you access your performance regularly against your business plans and reassess targets for business growth plans.
Want a Bespoke Business Plan for your handyman Business?
Avvale Consulting has extensive experience working with companies in many sectors including the handyman industry. You can avail a free 30-minute business consultation to ask any questions you have about starting your handyman business. We would also be happy to create a bespoke handyman business plan for your handyman business including a 5-year financial forecast to ensure the success of your handyman business and raise capital from investors to start your handyman business. This will include high-value consulting hours with our consultants and multiple value-added products such as investor lists and Angel Investor introductions.
Avvale Consulting is a leading startup business consulting firm based in London, United Kingdom. Our consultants have years of experience working with startups and have worked with over 300 startups from all around the world. Our team has thousands of business plans, pitch decks and other investment documents for startups leading to over $100 Million raised from various sources. Our business plan templates are the combination of years of startup fundraising and operational experience and can be easily completed by a business owner regardless of their business stage or expertise. So, whether you are a budding entrepreneur or a veteran businessman, download our business plan template and get started on your business growth journey today.