The Pros and Cons of Starting a Handyman Business
Home ownership comes with an endless list of things to fix, improve and put together, and finding the time to get it all done is a common challenge for homeowners. Plus, some of the items on the typical homeowner to-do list may require more than your average do-it-yourself knowledge.
If you have a well-rounded knowledge of how to fix things, starting a business as a handyman can provide you with a great business opportunity and a chance to help struggling homeowners finally get their homes in order.
Know the Pros....
Along with getting to use your jack-of-all-trades, fix-it passion to help others, you may experience these benefits of starting a handyman business:
- Your startup costs are low if you already have the tools and equipment needed.
- It's an excellent business to start on a part-time basis.
- You have the potential for high profits.
- Your overhead expenses are generally low.
- Word-of-mouth and referrals are great marketing tools in this business.
- There is an opportunity to specialize, such as working exclusively with real estate agents, or on home remodels.
- You can focus on commercial and/or residential services.
- There are franchise opportunities available.
...As Well as the Cons
Some of the potential challenges of starting a handyman business include:
- You need to be in good physical condition.
- Some of your work may be seasonal.
- Licensing requirements in some areas can be challenging because you must meet certain criteria.
- It can take some time to build a profitable client base.
- You need thorough knowledge and experience in all aspects of home construction, remodeling, maintenance, and repair.
- You need a comprehensive set of solid work tools.
- You may need a business license, liability insurance, and in some areas you need to be bonded.
- You may need a contractors' license.