It comes as no immediate surprise that more and more people are entering the handyman business. After all, the general home maintenance and repair industry is booming today like never before. Here are some of the reasons why:
- With the uncertainty imposed upon by the pandemic, more people have decided to work remotely and channel their finances into home improvement instead of traveling.
- Repairs and improvements will always be a part of maintaining an aging home. However, since many are at least forty to fifty years old, there's a sizable market to tap into.
- An increasing number of millennials are purchasing homes and are looking to improve and update them.
But just because the sector is profitable, it doesn’t immediately guarantee success. If you want to develop and grow your entrepreneurial venture, you will need to have the skills to address your clients’ concerns and excellent business acumen, and good people skills. With that in mind, here are some tips on how you can succeed as a handyman business.
1. Familiarize yourself with the legislation in your area
The last thing that any handyman business needs is to be fined and have its image tarnished because it operates beyond the law. Therefore, you must first be aware of any licenses and certifications that you may require to perform specific services for your clients. For example, some U.S. states need licenses before HVAC, plumbing, or electrical work can be done.
Another thing that’s worth considering is pricing. In certain areas, jobs that cost over $500 may require you to have a license as a contractor. However, in other places, the number could be $3,000. The good news is that it’s relatively simple to familiarize yourself with the laws in the state and city that you’re in. A quick search online should give you all the information you need to ensure that you always operate within legal parameters.
2. Don’t forget about insurance
Regardless of what area you operate in or your services, it’s essential to have handyman insurance. When you get right down to it, you’ll want financial protection for your business that covers negligence claims, injuries, and accidents. Without it, you’ll put your enterprise at risk and leave it in dire financial straits if a problem arises. It may not be the most exciting aspect of running this kind of business, but it’s an essential component that no successful handyman business can ever be without.
3. Scope the competition out
It’s always a good idea to conduct a comprehensive competitive analysis when starting a handyman business. Doing so won’t just allow you to find out about the competition’s strengths and weaknesses and how best to price the services you offer, but it’ll also give you an idea of what gaps you can fill to seize your target market.
Conclusion
There’s no denying the lucrative nature of a handyman business, especially in this day and age. However, it’s also an industry rife with competition. If you fail to stand out from the crowd, there’s a good chance that you won’t be able to tap into your market and generate the desired sales. So make sure you follow the tips listed above. It will make a difference in helping your enterprise succeed.
