Through your handyman business, you’ll be able to offer various home repair services. The kind of services you offer will be based on the skill set you have, as well as what the customer demands are. Your skills can include but aren’t limited to trade skills of both the interior as well as the exterior, repair work, and maintenance.
If you want to register your own handyman business, then you’ll need to do more than registering your business. This is how you start your own handyman business:
1. Planning the Business
The first step is to make a business plan. This will enable you to chart out your path, as well as discover what the unknown factors are. There are some factors you need to consider here, such as what costs are involved in starting your business. You’ll need to purchase materials as well as tools, and may also need a van to get to work.
At the same time, you’ll also need to think about expenses that are ongoing. For handymen, their overhead costs tend to be minimal, but you would have to pay them nonetheless. You may also need to obtain licenses to offer certain services in your state.
At this point, you should also consider who your target market is. When it comes to finding customers for handymen, a lot of your clients will be homeowners. This is as many homeowners don’t know how to fix problems around the house, such as changing a lightbulb. You’ll need to list out what services you can offer and set rates for them as well.
2. Forming a Legal Entity
You can choose to run your business as a sole proprietor, or you could choose to enter into a partnership. You can also choose to form a corporation or a limited liability company. When you choose to open a corporation or an LLC, then you can be protected from liability. However, many handymen choose to run their businesses as sole proprietors.
You should also consider handyman insurance. This is as your career makes you vulnerable to certain risk factors, such as getting sued by clients. With handyman insurance, you can protect your career and your finances. If you would like to learn more about handyman insurance, then click here.
3. Registering for Taxes
Before you can officially open the doors to your business, you’ll need to consider state as well as federal taxes. If you want to register your business for taxes, then you’ll first need to apply for an Employer Identification Number. The legal structure of your business will play a role in deciding how much taxes you need to pay. There are also certain state specific taxes that could apply to your business as well.
Do your research to know what all kinds of taxes you need to register your business for.
4. Bank Account For Your Business
Having a bank account that is dedicated to your business can help you separate your personal finances from your business. When your personal account is the same as your business account, you run the risk of losing your personal assets in the event you get sued. This is why you should consider getting a separate bank account for your business.
This can also make accounting as well as filing for taxes an easier process. You should also think about getting a dedicated credit card for your business, as this can also help you build the credit history of your company.
5. Permits and Licenses
You may need to have certain permits to offer certain services in your state. Sometimes these could be city specific as well, with certain cities requiring you to be licensed in order to offer certain kinds of work. Do your research regarding what these licensing requirements are, in order to avoid hefty fines later on.
6. Building a Brand
The brand of your business will be important to you. This is how the public will view your business. This is why you should create marketing plan designed to promote your business to your target market. You can think about getting a website for your business, as well as business social media profiles. Actively make relevant posts on your social media profiles, and engage with potential customers.
Create a blog and share useful information on your website, which can be shared through your social media too. The more people learn about your business, the more likely they are to remember you when they need help. This ensures that you get a steady stream of customers. Also ask your customers to leave behind reviews and testimonials, to help you get work in the future.
Use this guide to learn everything you need to do to start your handyman business.