Starting a handyman business can initially seem intimidating. It can involve making many different decisions and performing a range of actions.In this article, we take a look at the steps you can follow to get your venture off the ground.
- Choose a name for your handyman business
Choosing your company name is a great, straightforward, and hopefully enjoyable place to start.
There’s no need to be very original or eccentric. The greatest names are simple, make a direct connection to what you do, and set you apart from the competitors. Make it simple to say and easy to remember.
- Determine what business structure you will use
It can be difficult to choose the type of business structure you wish to launch. If you plan to work solely for yourself, you are considered self-employed; but, if you wish to start your business with employees and personnel, a sole trader or company would probably be the best option. A partnership arrangement can also be created by a number of business owners.
Changing your business structure at a later date is conceivable, but it frequently necessitates certain registrations or re-registrations, such as your Australian Business Number (ABN).
A pre-existing franchise can also be purchased, which saves you money because the franchise has already paid for marketing and websites; all you are doing is joining a chain of businesses that are already well-established. It is easier to find leads and business because many business assets, like branding, advertising, marketing, and frequent training, are already creating a sizable profit for you.
- Write your business plan
Always maximize your chances of success by planning. Your business strategy serves as a road map for achieving your business goals. Your handyman business plan will outline your company’s objectives, target market, unique selling proposition, and everything you expect to accomplish over the next three to five years to expand and establish your company. Setting prices, researching your competition, analysing the market, or conducting a SWOT analysis of your company to identify its strengths, weaknesses, opportunities, and threats are some examples of how this can be achieved.
A business plan may include a list of your financial resources,handyman licence in NSW, necessary investments, necessary equipment, a marketing strategy,insurance for handyman and more.
- Financial planning and budgeting
Although it may not be enjoyable, budgeting is crucial. Determine the amount of money (referred to as capital in the business world) you will need to get your enterprise going. You will need to think about the cost of uniforms, vehicles, promotional items, insurance, office space, etc.
- Pricing
To succeed, a company needs to generate revenue. It’s important to consider the market, your rivals, and how you’ll price your services, such as by the hour or by the project, before selecting what price to charge.
Finding out what your immediate competitors are charging and adjusting your price to match their prices is the simplest place to start. The firms that are similar to yours in terms of size and services are your direct competitors.
- Organizational structure
The administrative and back-end tasks for your business range from setting up an ABN to dealing with payroll (if you have workers). To save time and hassle, you could consider using a Customer Relationship Management (CRM) tool or job scheduling program in addition to setting up an invoice and quoting system, a business bank account, and other financial arrangements.
At this point, you should also set up a phone number, email address, office, and van (if your firm will be mobile).
- Marketing
Design a straightforward but eye-catching logo that clearly identifies you as a handyman. Create social media accounts for your website, design a discount program to encourage referrals, and print business cards with your contact information on them.
The volume of work you receive ultimately determines the success of your handyman business!