Handyman Business Plan Template

how to start a handy man business plan template

Are you interested in starting your own handyman Business?

Introduction
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.
Target Market
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.
Business Model
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..
Competitive Landscape
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.
Conclusion
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:
  1. Executive Summary
  2. Company Overview
  3. Industry Analysis
  4. Consumer Analysis
  5. Competitor Analysis & Advantages
  6. Marketing Strategies & Plan
  7. Plan of Action
  8. Management Team

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 info@avvale.co.uk . 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?

Our Expertise

 

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.

 

About Us

 

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.

Handyman Business Plan Template FAQs

What is a business plan for a/an Handyman business?

A business plan for a Handyman business is a written document that outlines the goals, strategies, and financial projections for starting and operating a successful Handyman business. It serves as a roadmap for the entrepreneur, providing a clear and comprehensive overview of the business, including its services, target market, competition, marketing and sales strategies, operational structure, and financial projections.

The business plan for a Handyman business helps the owner or investor understand the viability and potential profitability of the venture. It outlines the steps required to launch and grow the business, including obtaining necessary licenses and permits, acquiring equipment and supplies, hiring and training employees, and implementing effective marketing and advertising strategies.

Additionally, a business plan for a Handyman business also serves as a valuable tool for securing funding from lenders or investors. It demonstrates the entrepreneur's understanding of the market, competitive landscape, and financial projections, which can help instill confidence in potential investors or lenders.

Overall, a well-crafted business plan is essential for any Handyman business owner who wants to establish a successful and sustainable venture. It provides a solid foundation for decision-making, helps attract funding, and guides the growth and development of the business.

How to customize the business plan template for a Handyman business?

To customize the business plan template for a Handyman business, follow these steps:

1. Open the business plan template: Start by opening the template in a word processing software such as Microsoft Word or Google Docs. Make sure you have the latest version of the software to avoid any compatibility issues.

2. Customize the cover page: Replace the sample company name and logo on the cover page with your Handyman business's name and logo. You can also add your contact information, such as phone number, email address, and website.

3. Modify the executive summary: Edit the executive summary to provide a concise overview of your Handyman business. Describe your business's mission, vision, services offered, target market, and competitive advantage. Tailor the content to highlight what sets your business apart from competitors.

4. Adjust the company description: Revise the company description section to provide a detailed overview of your Handyman business. Include information about your company's history, legal structure, location, and any unique selling points. Emphasize the experience and expertise of your team members.

5. Define your services: Customize the section that outlines the services your Handyman business will provide. Specify the types of repairs, maintenance, or installations you offer, such as plumbing, electrical work, carpentry, or painting. Add or remove services to align with your business model.

6. Conduct market research: Update the market analysis section with relevant data and insights about the local market for Handyman services. Include information about your

What financial information should be included in a Handyman business plan?

In a Handyman business plan, the following financial information should be included:

1. Start-up costs: This includes the expenses required to launch your Handyman business, such as equipment purchases, licensing fees, insurance costs, marketing expenses, and any necessary renovations or upgrades to your workspace.

2. Revenue projections: Provide an estimate of your expected revenue for the first few years of operation. This can be based on market research, competitor analysis, and anticipated demand for your services.

3. Cost of goods sold (COGS): Calculate the direct costs associated with providing your Handyman services. This may include the cost of materials, subcontractor fees, or any other direct expenses related to the completion of projects.

4. Operating expenses: Include all the ongoing costs necessary to run your Handyman business. This may include rent or mortgage payments, utilities, insurance premiums, employee wages, advertising costs, office supplies, and any other recurring expenses.

5. Profit and loss statement: Create a comprehensive profit and loss statement that outlines your projected revenue, COGS, and operating expenses. This will help you determine your net profit or loss for each period, allowing you to assess the financial viability of your Handyman business.

6. Cash flow projections: Forecast your cash inflows and outflows to ensure you have sufficient funds to cover your expenses. This will help you identify potential cash flow issues and plan accordingly.

7. Break-even analysis: Determine the number of projects or hours of work you need to complete in order

Are there industry-specific considerations in the Handyman business plan template?

Yes, the Handyman business plan template takes into account industry-specific considerations. It includes sections and information relevant to the Handyman industry, such as an overview of the services you plan to offer, target market analysis, competitor analysis, marketing strategies specific to the Handyman industry, and financial projections that align with the financial expectations of a Handyman business. The template provides a comprehensive framework tailored to the Handyman industry, ensuring that all relevant aspects of your business are covered in the plan.

How to conduct market research for a Handyman business plan?

To conduct market research for a Handyman business plan, follow these steps:

1. Define your target market: Identify the specific demographic and geographic characteristics of the customers you plan to serve. Consider factors such as age, income level, location, and specific needs or preferences.

2. Analyze the competition: Research other Handyman businesses operating in your area. Study their services, pricing, customer reviews, and overall market presence. Identify gaps or areas where you can differentiate your business.

3. Conduct surveys and interviews: Develop questionnaires or conduct interviews with your target market to gather insights. Ask questions about their current Handyman service experiences, preferences, and any unmet needs. This data will help you tailor your offerings accordingly.

4. Utilize online resources: Utilize online platforms such as social media, forums, and review websites to gather insights about customer preferences, common complaints, and emerging trends in the Handyman industry.

5. Analyze industry trends: Stay updated on industry publications, reports, and trade associations to understand the latest trends, technologies, and regulations affecting the Handyman industry. This will help you anticipate market changes and adjust your business plan accordingly.

6. Monitor local economic conditions: Research local economic indicators that may impact your Handyman business, such as housing market trends, construction activity, and population growth. This will help you assess the potential demand for your services.

7. Seek professional advice: Consider consulting with professionals or experts in the Handyman industry, such as business consultants or

What are the common challenges when creating a business plan for a Handyman business?

Creating a business plan for a Handyman business may come with several challenges. Some common ones include:

1. Identifying target market: Determining your target market and understanding their needs can be a challenge. It requires thorough research and analysis to identify the specific demographics and preferences of potential customers for your Handyman services.

2. Competition analysis: Conducting a comprehensive analysis of your competition is crucial. Identifying their strengths, weaknesses, pricing strategies, and unique selling points can be challenging but is necessary to position your Handyman business effectively in the market.

3. Estimating startup costs: Calculating the initial investment required to start a Handyman business can be tricky. It involves considering expenses such as licensing, permits, equipment, insurance, marketing, and more. Accurately estimating these costs is vital for creating a realistic financial plan.

4. Developing a marketing strategy: Developing an effective marketing strategy to promote your Handyman services can be challenging, especially if you're not well-versed in marketing. Identifying the most suitable marketing channels and crafting compelling messages to reach your target audience requires careful planning.

5. Forecasting revenue and expenses: Projecting the financial performance of your Handyman business can be challenging due to various factors like seasonal fluctuations, competition, and economic conditions. Accurately estimating revenue and expenses is essential for creating a realistic financial forecast and ensuring the long-term sustainability of your business.

6. Managing cash flow: Cash flow management is crucial for any business, including a Handyman business

How often should I update my Handyman business plan?

It is recommended to update your Handyman business plan at least once a year. This will allow you to review your goals, objectives, and strategies and make any necessary adjustments. Additionally, you may need to update your business plan if there are significant changes in your industry or market conditions, such as new competitors or regulations. Regularly updating your business plan will help you stay focused and adapt to any changes in the market, ensuring the long-term success of your Handyman business.

Can I use the business plan template for seeking funding for a Handyman business?

Yes, you can definitely use the business plan template for seeking funding for a Handyman business. A well-written and comprehensive business plan is essential when applying for funding from banks, investors, or other financial institutions. The template will provide a structured format and guidance on how to present your Handyman business in a professional manner, including information on your target market, marketing strategies, financial projections, and more. By using the business plan template, you can ensure that you have all the necessary information and analysis to convince potential lenders or investors of the viability and profitability of your Handyman business.

What legal considerations are there in a Handyman business plan?

When creating a Handyman business plan, it is crucial to address several legal considerations to ensure compliance and protect your business. Here are some key legal aspects to consider:

1. Business Structure: Choose the appropriate legal structure for your business, such as a sole proprietorship, partnership, LLC, or corporation. Each structure has different legal and tax implications, so consult with an attorney or accountant to determine the best option for your specific situation.

2. Licenses and Permits: Research and obtain the necessary licenses and permits required to operate a Handyman business in your jurisdiction. This may include a general contractor's license, trade-specific licenses, or permits related to local regulations and building codes.

3. Insurance: Protect your business and mitigate potential risks by obtaining the appropriate insurance coverage. General liability insurance, workers' compensation insurance, and commercial auto insurance are some common policies to consider. Consult with an insurance professional to determine the specific coverage needed for your Handyman business.

4. Contracts and Agreements: Develop standard contracts and agreements to establish clear terms and protect your business interests. This may include client service agreements, subcontractor agreements, non-disclosure agreements, and liability waivers. It is advisable to consult with an attorney to draft or review these legal documents to ensure they align with your business needs and comply with local laws.

5. Intellectual Property: Consider trademarking your business name, logo, or other unique branding elements to protect your intellectual property. Conduct a thorough search to ensure your chosen name or logo does