How to Start a Handyman Business
Are you the first person people call when they need home repairs or odd fixes done in their houses? If you are, you can leverage your skills to start a handyman business. The average handyman earns $43,180 per year, while some handymen earn up to $3,000 per week. So, if you do your business right, you can earn significant profits as a handyman.
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Offer Specific Services
The easiest way to succeed in a handyman business is to do something you are naturally adept at. Therefore, the first step in starting your business is evaluating your skills. Afterward, make a list of services you can offer.
It also helps to choose your services based on the legal requirements in your area. Perhaps the laws in your state don’t allow you to do electrical work or plumbing without a permit. If you don’t qualify for a permit based on the regulatory requirements, there are still other services you can offer. For instance, you can specialize in garage door repairs, home security installation, or lawn care.
Deciding which services to offer helps you create a brand for your business. Branding matters as it tells your customers what to expect and guides your marketing strategy. For instance, if you choose to be a garage door contractor, you can build your brand around that service by creating a logo that matches your services.
Register an LLC
There is some amount of risk involved in running a business. Thus, when choosing a legal structure for your business, choose one that minimizes your risks. Registering your handyman business as a limited liability company (LLC) offers key benefits that ease your journey as a new business owner.
An LLC is a separate legal entity from the business owner. You are not liable for the company’s debts as an LLC owner. Thus, creditors collecting from your business cannot seize your personal property. You are also not liable for the company’s legal obligations and cannot be sued on its behalf.
An LLC benefits from various business income deductions during taxation. For instance, governments do not directly deduct tax on an LLC’s profits. Instead, the profit goes directly to the owners, who pay the tax on their share of the profits on their income tax returns. These deductions translate to a lighter tax burden.
Establishing an LLC requires less initial paperwork compared to other corporate legal structures. Additionally, registering an LLC is easy enough for you to do yourself, which saves you attorney’s fees. However, states have varying regulations on starting an LLC. So, research your state’s regulations before starting registration.
Streamline Your Business
Software or apps can help you streamline your business’s operational aspects. Thus, you can focus on serving your clients without getting distracted by your administrative duties. Construction estimating software alleviates stress and is a must-have for a handyman business. This software is helpful as it can calculate taxes and material or labor costs quickly and accurately and maintain a schedule of payments from customers.
Build Your Handyman Business
After setting up your business, you want to create a definitive brand identity that gives you a competitive advantage. Reach out to Reevl™ for more information on how to grow your handyman business through branding.
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