Published on: August 25, 2022 A handyman business plan is essential whether you’re a first-time business owner or an established handyman trying to expand your handyman business. Based on an analysis, researchers have concluded that business planning aids company founders in making better decisions, balancing resource supply and demand, and concretizing otherwise intangible goals into actionable ones. You may increase the likelihood of success for your handyman business by writing a handyman business plan and using it to secure financing, if necessary. As your handyman business evolves and develops over time, it is important to revise and update your handyman business plan every year. In this blog, we’re giving you every detail about how to put together a comprehensive business strategy for your handyman services. Table of Content How to Write Business Plan for Handyman Business Handyman Business Plan Template FAQs Conclusion How to Write Business Plan for Handyman Business The following are the key components that explain how to write a handyman business plan:- 1. Executive Summary Although it serves as an introduction to the rest of your handyman business plan, the executive summary is typically written last because it summarises each important part. One of the main purposes of an executive summary is to catch the reader’s attention right away. Inform them of the nature and progress of your handyman business. For instance, do you own a new business, handyman services that you intend to expand, or a handyman service franchise? The following are the key components of your home repair business plan:- How is the current handyman industry? Describe in a high-level summary.What is the type of your handyman services? Will it be technical services, repair services, or maintenance services? Who is your target audience? Who are your key competitors? Describe your marketing strategy in brief. A brief of your financial strategy 2. Company Description Your company summary is where you get to really sell yourself and explain just what kind of handyman services you offer. There are different kinds of handyman services offered by a handyman business. These include services related to plumbing, drywall, painting, fixtures, tiles and stones, and waterproofing. Describe in detail what kind of handyman services you offer and the details of your company to the reader. For example, the key dates of your company like the date of establishment, your accomplishments, sales goals, and your company’s legal details. 3. Market Research To complete your market or handyman industry research, you must give a brief summary of the handyman business. It’s a useful tool for learning about the industry in which you’ll be competing. Additionally, if you analyze the data and find market trends, market research can help you develop a more effective marketing strategy. You should include details such as:- Total Revenue generated by your handyman business The leaders in the handyman businessThe handyman industry growth over the next 10 years The market size 4. Customer Analysis This section of your handyman business plan should include information about who you’ve served in the past and who you hope to serve in the future. Anyone from people to large businesses to families and even educational institutions could make up your target market. The industry you run a business in depends entirely on the niche you pick. Individuals’ reactions to advertising efforts won’t necessarily mirror those of your business. You should segment your potential buyers by their demographic and psychographic characteristics. In terms of the sex, age range, geographic spread, and income of the target audience for your business. Client desires and expectations can be described in detail using psychographic profiles. The more you can detect and describe these needs, the better you will do in attracting and retaining your potential clients. 5. Competitive Analysis Identify who the competitors of your handyman business are and find their specific details. Describe each competitor’s business and list their advantages and disadvantages in the competitive analysis section. The following are the key details you must find about them:- Who exactly does this business cater to?What are their key handyman services?How do they price their handyman services? What are their major selling points? What do they lack? Further on, you’ll have to detail how you stand out from the competition. How is your handyman business better for the customers?What special features or advantages over the competition do you want to boast?Will there be competitive prices? What will be your unique marketing approach? 6. Marketing Strategy The following are the key pointers that need to be included in the handyman advertising strategies of your handyman business plan:- Specify handyman services that you’re planning to offer to your target market. Will you help with things like plumbing, wiring, painting, drywall, or more?Detail the planned rates of your handyman business and how they stack up against the competition in marketing. The items and prices portions of your handyman business plan are where you’ll detail what you sell and at what cost.Include a description of your handyman business’s location and how it will affect its success. Where exactly are you setting up shop as a handyman? Talk about why your location would be perfect for the target audience.The methods of promotions that you will be using to attract target clients will be in this section of your handyman business plan. What is your preferred marketing channel? Will it be traditional advertising, online advertising, or both? 7. Operations Strategy While the introduction and body of your handyman business plan focus on explaining your goals, your operations, and your sales strategy detail how those objectives will be attained. There should be two main parts to your operations strategy:- How will be the operations of your handyman business? How will you be attending to customers, and managing invoices? It’s best to manage everything digitally with the help of service scheduling software like FieldCamp. What are your short-term and long-term goals in terms of customers and revenue generation? Are you planning on expanding your business and what is your sales strategy? 8. Personnel in Charge In order to prove the viability of your handyman business, you need a capable business management team. Bring attention to the experience and qualifications of your key individuals, particularly as they relate to the expansion of your organization. You and/or your team members should ideally have previous expertise in leading handyman operations. In that case, you should emphasize your knowledge and experience in the field. However, don’t forget to mention any relevant experience you may have that could be useful to your company. Building an advisory board might help fill any gaps in your team. There should be between two and eight people on your advisory board, all of whom would be willing to offer advice and guidance to your company. As a result, they would be able to answer queries and offer strategic advice. Seek out board members, if necessary, who have worked in management roles at handyman services. 9. Budgeting Strategy Consider including a financial statement for the next 5 years in your financial plan, breaking down the first year into monthly or quarterly projections and the subsequent 4 years into yearly projections. Your income statement, balance sheet, and cash flow statement are the three main components of your financial statements in the financial plan. 10. Income Statement Add a Profit and Loss (P&L) statement to your handyman business plan. It shows your revenue and then subtracts your costs to demonstrate whether you generated a profit or not. What will be your income strategy? Will you offer referral discounts? What will the sales growth rate? The financial projections of your company are highly sensitive to the assumptions you make. Try to ground your assumptions in reality as much as possible through study in your handyman business plan. 11. Income and Expense Statements The assets and debts of a company are detailed in a balance sheet in your handyman business plan. While balance sheets might be lengthy, it is important to distill the essential information down to the most crucial aspects. 12. Record of Transactions In order to ensure that your organization never runs out of money, a cash flow statement is essential in your handyman business plan. Most business owners and entrepreneurs don’t understand that it’s possible to make a profit while yet going bankrupt due to a lack of capital. To ensure the accuracy of your income and balance sheets, it’s important to account for all of the following essential expenses associated with running and expanding your handyman business: Total expense for machinery and suppliesWages and salaries paid to employeesInsuring a company financiallyTaxesLegal fees, permits, software, and hardware are just some of the other costs associated with starting a handyman business. TRY HANDYMAN SOFTWARE FOR FREE Schedule and dispatch jobs, Create invoices, Get paid, Generate service reports with our All-in-one Handyman Business Software. Try FieldCamp for Free Handyman Business Plan Template Here’s the link to the handyman business plan template that will help businesses understand how to create a handyman business plan Free PDF Template of Handyman Service Business Plan Download FAQs How profitable is it to start a business as a handyman? The income that a handyman working for himself may expect to make on an annual basis typically ranges from $51,000 to $110,000. (after expenses). This is for a handyman who works independently and does not have any workers. In conclusion, a successful handyman business can be certainly very profitable for you. What are the most typical handyman services? Some of the most common handyman services included drywall installation, repairing damaged gutters, painting, fixture replacement, and the construction and maintenance of decks. How long is an appropriate business plan for a small handyman business supposed to be? When you write a business plan for your handyman service, you must remember to make it concise and easy to read, typically not exceeding 15 to 20 pages in length. If you do have other documents that you believe may be useful to your audience and the goals you want to accomplish, you might want to think about including them as appendices. It’s best to check handyman business plan templates to have a clear idea. How does one get started in the business of being a handyman? Getting your handyman business off the ground is simple when you follow these 13 steps: Think about a good name for your handyman company Develop a strategy for your handyman enterprise Think about the best legal structure for your handyman business How to get start-up money for Your handyman business (If Needed) The first step in starting a handyman business is finding a suitable site and registering with the IRS You should open a business bank account immediately Make sure your business has a credit card Get your company the required permits and business license The owner of a handyman business might be wise to purchase professional liability insurance Get the right tools for your handyman business by buying or renting them You should advertise your handyman services, so prepare some promotional materials Get the programs you need to run your handyman business and set them up Prepare your company for clients Conclusion If you’re starting a handyman service, it’s a good idea to put together a handyman business plan. Following the aforementioned outline will make you an expert in no time. When you finish this handyman business plan, you will have a solid grasp of the fundamentals of marketing and the steps necessary to begin and grow a profitable handyman business. For those starting a new handyman business or those who wish to grow their current business exponentially, it’s best to have your operations optimized. FieldCamp is a service scheduling software that manages all the tedious tasks such as workforce management, managing invoices, tracking the growth, and more for your business. Get in touch with us if you wish to know more or avail a free 7-day trial to check the difference yourself. Author Bio Gaurang Bhatt Gaurang Bhatt is a techie in himself with an ability to solve problems technically and present solutions in the form of a product. He is one of the pioneers to curate FieldCamp with his 15+ years of knowledge and expertise in providing solutions to home service industries. Gaurang aims to overcome challenges faced by service business owners through software solutions and blogs. Sign up for weekly updates from Fieldcamp.
