How to Start a Handyman Business: Franchising Makes It Easier
You’ve probably heard how well the current home remodeling industry is doing. Boosted by the continued growth of the housing market, many people are considering the opportunities offered by this space. Some entrepreneurs have already jumped in by starting their own businesses or purchasing a franchise and are making big profits. If you’ve got the urge to get in on the opportunity and start a handyman business, there are a few things you should consider, including if a handyman business in general is really the best option?
Here, we’re going to cover some of the things you need to know when it comes to starting a handyman business, as well as the best way to start a business with little risk, excellent support, and a great reputation right out of the box.
The Long Road
The Small Business Administration lists 10 steps to starting a business. Let’s explore those here so that you can have a better idea of what it takes to create your own handyman business.
#1: Conduct market research
Market research is the initial phase. Here, you’ll want to do research in your area and figure out how many opportunities there are for handyman services and what businesses are already in the space. They will be your competitors. To succeed, you’ll need to know how to differentiate your business, and market research can help with that.
#2: Write your business plan
The business plan is your playbook. You and anyone else on your team will refer to that playbook as guidance for your processes and objectives. You’ll need a business plan to provide a snapshot of your idea’s potential profitability to investors.
#3: Fund your business
Speaking of investors, you’ll need money to start your business, and getting it is step 3 of the process. The amount you’ll need will depend on your goals. You may have enough saved to self-fund your business, or you may need to speak to investors.
#4: Pick your business location
This is where you decide where you’ll do business. This decision impacts the market you’ll be serving as a handyman and has tax implications. Choose carefully.
#5: Choose a business structure
Several common business structures, from corporations to partnerships, can have tax and liability implications. You may want to consult a lawyer for advice when choosing your business structure to ensure you make the best choice.
#6: Choose your business name
This step is simple but essential. You’ll need to find a name that is consistent with your brand and accurately reflective of the services you’ll provide as a handyman.
#7: Register your business
You’ll need to register your business, which gives it a government identity and protects your brand from being stolen.
#8: Get federal and state tax IDs
Depending on your state, you may need to register for various identification numbers.
#9: Apply for licenses and permits
As a handyman, licenses to do business vary by state. Depending on your location, you may need to secure specific licenses or permits before legally operating.
#10: Open a business bank account
It’s critical to keep your new small business separate from your personal finances. It should be easy to have your business bank account set up and ready to go at this stage.
That’s a Lot of Steps!
If you looked at that list and thought as it sounded like a long, boring list of to-dos, you’re not alone. When you see what you have to do just to start a handyman business, it’s enough to dim the spark of entrepreneurial courage that got you here in the first place.
Not to mention that even if you do get past all of these steps, your business will have no reputation. The community won’t know who you are, so your already-established competitors will have a clear advantage. If only there was a shortcut that would allow you to start a business without these disadvantages…
The Shortcut: Franchise
What if I told you a way to skip nearly every step on that list and still get almost all the advantages of running your own business? There is, and it’s called franchising. When you buy a franchise business, you don’t have to start from scratch; you’ll be working with a team of business professionals with years of experience in the home improvement industry. Not only that, but you’d be joining an already established and recognized brand as an industry leader with high-quality services.
Now it’s time to consider if starting a handyman business is the best choice for succeeding in the home improvement industry. Perhaps you should consider a more specialized business, like a kitchen remodeling franchise. A kitchen remodeling franchise will allow you to use the skills and knowledge you have in handyman services and apply it to the more lucrative and in-demand kitchen remodeling industry.
Owning a home improvement franchise business is a serious opportunity. Like any business it has both benefits and risks, but if you have an entrepreneurial spirit and good customer service skills, it might be a good option for you. A Kitchen Tune-Up franchise offers many franchise benefits, including a low initial investment of $72,000 that covers your franchise fee, exclusive territory, and everything you need to start your business. Interested in partnering with Kitchen Tune-Up and our 33 years of experience in the home remodeling industry? Inquire today!