Start & Run a Handyman Business. Sarah White

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      Think seriously about what you want from your business, both from a personal and a financial perspective. Do you want to work two days a week and make a little extra spending money, or seven days a week and make a fortune? It’s up to you. Just remember, you won’t get anywhere if you don’t know where you’re going.

      If you are interested in starting a new handyman business, your first goal is to research the market and prepare for start-up. If you have already put your toe in the handyman waters, you may be looking to expand or professionalize your current business, in which case your goals may include identifying what works and what doesn’t in your current set-up. You might need to think about investing in training, equipment, or advertising to meet your goals.

      Before you go any further, ask yourself these questions:

      • Why are you reading this book?

      • What goals do you have for your business?

      • What do you want your business to look like in two, five, or ten years?

      • How will you know when you have accomplished your goals? (That is, what will be your measure of success?)

      To answer these questions, write down your goals and the interim objectives needed to reach them. Be as specific as possible. Keep in mind that goals can, at times, be moving targets and that adjustments in timing are inescapable. Just try to keep your eye fixed on your target and make whatever corrections are necessary. Your business success is only limited by what you can envision and make happen. Having a clear vision of what you want from your business will allow you to recognize opportunities for success.

      2. Sizing Up the Market

      Whatever goals you have set for yourself, however modest, will be difficult to achieve if you do not have a good idea of the market and competition. Do you know if there are enough customers out there waiting to call you for their next home repair? How will you reach them? You need to take the time to answer these questions before you invest time in start-up planning and money in setting up shop, buying equipment, and hiring any professionals.

      2.1 Market size

      Your market is that segment of the population that potentially may use your handyman service. You may simply assume that your market is every homeowner who lives within a 50-mile radius of you, for example. But it may not be that simple. Yes, all homes need repair from time to time, but will the homeowners look to an outside service for help? For example, younger homeowners may try to do more work on their own because they don’t have as much disposable income. On the other hand, two-income households may be more than happy to pass on jobs to a handyman because their time is limited. If your area has many condominium homes, the strata council may have arranged to have all repairs and renovations done by one or two larger businesses. Will this affect your market share?

      To find out the size of your market, you need to do a little research. This is not as complicated as it may sound. Market research is simply the process of collecting and analyzing information. That information forms the basis for sound decision-making. It will help you pinpoint advertising and develop a marketing plan.

      2.2 Market research

      Market research can provide you with valuable information on who current and potential customers are, if there is a need for a handyman business in your area, and how you will measure up against the competition. By doing some market research on your own, you can prevent costly mistakes.

      Start by looking in the local newspaper, which usually has ads for handyman services or contractors. These ads will give you some basic information on how many handyman services are advertising.

      Open your eyes and ears to the information all around you. Ask your neighbors and acquaintances if they know of any handyman services in the area. Use the information you get to fine-tune your business plan. Don’t let the fact that there is competition worry you! Find your niche by offering slightly different services, such as focusing on older homes, offering specialized seasonal services, or using only environmentally friendly products.

      For more information about potential customers, check the demographic statistics to be sure your chosen market exists in large enough numbers to support your business. For example, if you have identified your customers as owners of older homes, or as single seniors or busy families, you need to determine how many of each category of customer exists in your proposed service area. Most public libraries have valuable information on the demographics of a given community, which is generally free and easy to access. The librarian can help you find the numbers you need.

      If, after your research, you discover that the market you thought existed isn’t large enough, you may have to adjust your business plan. Perhaps you need to broaden your market, service area, or areas of handyman specialization. Don’t give up! Just be sure to enter the market with your eyes open and with a realistic picture of how much work is out there.

      2.3 Facing the competition

      You also want to know how competitive your market is. Will you be the only handyman service within a certain area, or are there several competitive services out there? Competition is not a deterrent to going into business, but it is wise to know who your competitors are and where they are located so that you stand on equal ground. By identifying your competition, you can then observe what they do right and what they do wrong, and learn from this.

      To evaluate the competition for handyman services in your community, look again at the ads in the local paper in the home renovations or handyman sections. These ads will tell you what services different businesses offer, and what their special offerings are, such as 10 percent off for seniors, or free estimates. Some may even give you a hint about what they charge.

      You can also look in the Yellow Pages for more information or contact the local Chamber of Commerce for a list of handyman businesses. You can even call some of these competitors and ask a few questions as if you were a customer. All this information is intended to help you define your business and set out a plan to be better than your competition.

      The competition will change and your business will grow. It is therefore important to keep abreast with what your competitors are offering to customers. You will need to periodically survey the market and find out how you can best position your business for continued success.

      3. Developing Your Business Plan

      A business plan is a document that states the purpose of your business, including the range of services you will supply. It also includes the goals you have for your business, with measurable, definite outcomes. The business plan is one of the most effective management tools a business can employ, and it can help keep you on track over several months and even years.

      Self-Counsel Press publishes business forms kits, if you would like more information on structuring your own business plan.

      This simple format can be adapted and expanded as necessary for your business, no matter how large or small.

      A more formal business plan will be necessary if you need to borrow money to start up your business. A bank or other financial institution will want to see a business plan that includes information on the assets and/or capital you already have, the amount of loan you need, how long you’ll need to pay back the loan, and the purpose of the loan. Before you begin your business plan, СКАЧАТЬ