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Handyman Maintenance Business Plan
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HandyMan Stan offers the community of Duluth the finest home repair and maintenance for home owners and property managers. All services start at just $30 per hour plus parts. HandyMan Stan will give every customer at least one hour of work at their property.
All work is “handyman” work, for larger jobs that require a contractor, HandyMan Stan will pre-screen a service provider free for the customer.
By providing only handyman services, HandyMan Stan will always attempt to repair the problem first, replacement is only an option if the item cannot be repaired. This differs from a contractor philosophy which is generally to replace everything first.
Repairing items is far less expensive for the consumer. HandyMan Stan offers a one year guarantee for all of their work, if something goes wrong, HandyMan Stan will make it right. The goal is to not have any unsatisfied customers.
Offered services include:
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Handyman Business Plan Template
Written by Dave Lavinsky
Handyman Business Plan
Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their handyman companies.
If you’re unfamiliar with creating a handyman business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.
In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a handyman business plan step-by-step so you can create your plan today.
Download our Ultimate Business Plan Template here >
What Is a Business Plan?
A business plan provides a snapshot of your handyman business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.
Why You Need a Business Plan
If you’re looking to start a handyman business or grow your existing handyman company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your handyman business to improve your chances of success. Your business plan is a living document that should be updated annually as your company grows and changes.
Sources of Funding for Handyman Businesses
With regards to funding, the main sources of funding for a handyman business are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for handyman companies.
How to Write a Business Plan for a Handyman Business
If you want to start a handyman business or expand your current one, you need a business plan. The guide below details the necessary information for how to write each essential component of your handyman business plan.
Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.
The goal of your executive summary is to quickly engage the reader. Explain to them the kind of handyman business you are running and the status. For example, are you a startup, do you have a handyman business that you would like to grow, or are you operating a chain of handyman businesses?
Next, provide an overview of each of the subsequent sections of your plan.
- Give a brief overview of the handyman industry.
- Discuss the type of handyman business you are operating.
- Detail your direct competitors. Give an overview of your target market.
- Provide a snapshot of your marketing strategy. Identify the key members of your team.
- Offer an overview of your financial plan.
In your company overview, you will detail the type of handyman business you are operating.
For example, you might specialize in one of the following types of handyman businesses:
- Plumbing Handyman Business: Specializing in light plumbing services such as fixing a water leak or replacing a garbage disposal.
- Drywall Installation Business: Specializing in installation, drywall repair services, and re-finishing drywall.
- Fixture Replacement Business: Specializing in replacing fixtures including cabinetry, ceiling fans, lighting, and kitchen and bathroom faucets.
- Painting Business: Specializing in painting and patching interior and exterior walls.
- Tiling Business: Specializing in tile installation, replacement, and waterproofing.
In addition to explaining the type of handyman business you will operate, the company overview needs to provide background on the business.
Include answers to questions such as:
- When and why did you start the business?
- What milestones have you achieved to date? Milestones could include the number of clients served, the number of repeat clients, reaching $X amount in revenue, etc.
- Your legal business Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.
In your industry or market analysis, you need to provide an overview of the handyman industry.
While this may seem unnecessary, it serves multiple purposes.
First, researching the handyman industry educates you. It helps you understand the market in which you are operating.
Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.
The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.
The following questions should be answered in the industry analysis section:
- How big is the handyman industry (in dollars)?
- Is the market declining or increasing?
- Who are the key competitors in the market?
- Who are the key suppliers in the market?
- What trends are affecting the industry?
- What is the industry’s growth forecast over the next 5 – 10 years?
- What is the relevant market size? That is, how big is the potential target market for your handyman business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.
The customer analysis section must detail the customers you serve and/or expect to serve.
The following are examples of customer segments: homeowners, property managers, schools, and corporations.
As you can imagine, the customer segment(s) you choose will have a great impact on the type of handyman business you operate. Clearly, individuals would respond to different marketing promotions than corporations, for example.
Try to break out your target market in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.
Psychographic profiles explain the wants and needs of your target market. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.
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Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.
Direct competitors are other handyman businesses.
- What types of customers do they serve?
- What type of handyman business are they?
- What is their pricing (premium, low, etc.)?
- What are they good at?
- What are their weaknesses?
With regard to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.
The final part of your competitive analysis section is to document your areas of competitive advantage. For example:
- Will you make it easier for your customers to acquire your product or schedule handyman service?
- Will you offer products or handyman services that your competition doesn’t?
- Will you provide better customer service?
- Will you offer better pricing?
Think about ways to establish a competitive edge and document them in this section of your plan.
Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a handyman business, your marketing strategy should include the following:
Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your plan, you are presenting the products and/or services you offer and their prices.
Place : Place refers to the site of your handyman company. Document where your company is situated and mention how the site will impact your success. For example, is your handyman business located in a busy retail district, an industrial district, a standalone office, or purely online? Discuss how your site might be the ideal location for your target market.
Promotions : The final part of your handyman marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:
- Advertise in local papers, radio stations and/or magazines
- Reach out to websites
- Distribute flyers
- Engage in email marketing
- Advertise on social media platforms
- Improve the SEO (search engine optimization) on your website for targeted keywords
While the earlier sections explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.
Everyday short-term processes include all of the tasks involved in running your handyman business, including answering calls, scheduling appointments with clients, billing clients, and collecting payments.
Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to book your Xth client, or when you hope to reach $X in revenue. It could also be when you expect to expand your handyman business to a new city.
To demonstrate your handyman business’ potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.
Ideally, you and/or your team members have direct experience in managing handyman businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.
If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a handyman business.
Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.
An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.
In developing your income statement, you need to devise assumptions. For example, will you see 5 clients per day? Will you offer discounts for referrals? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.
Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your handyman business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.
Cash Flow Statement
Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.
When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a handyman business:
- Cost of equipment and office supplies
- Payroll or salaries paid to staff
- Business insurance
- Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, and equipment
Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your office location lease or a list of certifications you’ve obtained.
Writing a business plan for your handyman business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will understand the handyman industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful handyman business.
Handyman Business Plan Template FAQs
What is the easiest way to complete my handyman business plan.
Growthink's Ultimate Business Plan Template allows you to quickly and easily write your handyman business plan.
How Do You Start a Handyman Business?
Starting a handyman business is easy with these 14 steps:
- Choose the Name for Your Handyman Business
- Create Your Handyman Business Plan
- Choose the Legal Structure for Your Handyman Business
- Secure Startup Funding for Your Handyman Business (If Needed)
- Secure a Location for Your Business
- Register Your Handyman Business with the IRS
- Open a Business Bank Account
- Get a Business Credit Card
- Get the Required Business Licenses and Permits
- Get Business Insurance for Your Handyman Business
- Buy or Lease the Right Handyman Business Equipment
- Develop Your Handyman Business Marketing Materials
- Purchase and Setup the Software Needed to Run Your Handyman Business
- Open for Business
Learn more about how to start your own handyman business .
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Other Helpful Business Plan Articles & Templates
- Business Plans Handbook
- Business Plans - Volume 11
- Handyman Service Business Plan
"I 'm the Man!" Handy man Services
23 Western Ave. Chicago, IL 60617
This business plan describes a comprehensive handyman service targeting busy or tool–impaired home owners and apartment dwellers. It raised $300,000 for the company's owner, who plans on someday franchising his concept nationwide.
Home owners and apartment renters have requirements for "small job" maintenance, including tasks constructing prefabricated furniture, installing shelving and curtains, hanging artwork, changing lighting fixtures, and many other tasks that are typically referred to as "handyman services".
It is difficult to find qualified people who will take on these small jobs. Contractors, carpenters, plumbers, and electricians are not interested in these smaller tasks. Superintendents are normally too busy to be available at the customer's convenience, or can not provide a professional level of customer satisfaction.
Enter "I'm the Man!" Handyman Services!
Starting in Chicago, "I'm the Man!" Handyman Services will offer small–job handyman services. Bonded, screened, and highly trained Handymen will be assigned to a limited number of buildings (based on demand) for the specific purpose of providing handyman services for the tenants. Each handyman will support enough buildings to occupy them on a full–time basis with the ability to respond to tenants' requests quickly. The fee for on–site handyman services will range, based on market conditions and geographic location. However for the purpose of this business plan we are assuming $65 per hour.
"I'm the Man!" Handyman Services also will create relationships with third–party vendors, such as plumbers, electricians, computer technicians, home theater experts, and others. All outside vendors will be pre-screened for their professionalism and expertise. When additional services are needed, "I'm the Man!" Handyman Services will schedule and oversee that work for an incremental fee.
Additionally, "I'm the Man!" Handyman Services will create the "Making It Easier Line" of specialized tenant services.
Making It Easier
Everyone today is barraged by the media and overwhelmed with the technology that takes an ever-increasing amount of time to master and that seems to never have and end. There is always something to complicate your life making your daily routine more difficult. From using your cell phone, home wireless phone and computer, to dealing with multiple television remote controls, the home theater and wireless internet connections, to figuring out how to program the clock in your car or keep your VCR from blinking all the time … It seems there is always something to confuse you, trip you up, cause a delay, and make your life more complicated.
The "Making It Easier Line" is a suite of services designed to remove some of this difficulty from your life. It consists of a telephone hot–line combined with concierge–type services to provide assistance to people in reducing life's complexities. The telephone hot–line will be initially staffed 40 hours per week with after hour on–call services at an additional fee. Qualified consultants will politely and expertly help you to get through just about any technical or electronic problem you might come across. These individuals will utilize the Internet, other resources for information, and their own product familiarity to guide callers through whatever problems they may be experiencing. A leading help–desk software package will be utilized to track client problem resolutions, so that over time, the Company will build a collection of fixes for specific problems. Further, consultants will be available to be dispatched within 24 hours to address problems that callers don't wish to handle themselves and are willing to pay to have done for them.
Calls received Monday through Friday between the hours of 9 a.m. to 5 p.m. will be returned within four hours, and off–hour calls will be returned within 12 hours, unless the caller specifies they are willing to pay an extra fee to expedite the process.
The pricing structure for the Making It Easier Line most likely will focus on a per incident fee with discounts for purchasing multiple calls in advance. For purposes of this business plan, we are assuming a per–incident fee of $35 with no discounts. Onsite consulting services offered through the hot-line will be charged at the rate of $125 per hour plus materials—distinctly separate from handyman services.
Additionally, a Simplification Assessment will be offered through the hot–line, specifically to analyze the complexities in ones life and present an action plan for simplifying them. The charge for the assessment will be $995, and will consist of one day on–site at a person's home, one day off–site to prepare a proposal, and phone call to review the recommendations that come from the assessment. The customer may then choose whether or not to utilize "I'm the Man!" Handyman Services to implement any recommendations made, which would be done for an additional fee.
Not Just Computers or Technology
The Company expects that a significant portion of calls to the telephone hot–line may be in relation to computers and technology and will gear up for this accordingly. However the Company will not heavily market itself as a computer and technology help desk. Instead it will focus on other areas where a little help can have dramatic results.
Examples of non computer/technical areas where the hot–line will be of value to customers include:
- using the home office
- interior design and appliance feature choices
- features and capability comparisons of any number of products
- automobile services
- comparing service providers of any kind
- personal organization
- home organization
- home projects
The purpose of the Making It Easier Service and its associated hot–line are to help people remove complex decisions from their lives. The Company intends to become a trusted source of information much the same way Consumer Reports does in its magazines—but with a personal touch—available to callers immediately when they want it by simply making a phone call.
The goal of the Company's business model is to establish a customer base before hiring personnel or taking on investment in physical assets so that the Company grows with the demand for its services.
Test Market Scenario
From February through August 2004, Charlie Miller did "hands–on" research advertising handyman services solely on Craigslist.org, a free online bulletin board serving individuals in Chicago. Business was brisk prior to July 4th, slowing in late July and early August. Appointments for late August into September have already been increasing. The most hours scheduled for handyman services in one week was 65, the average was 35.
Business has been divided about 40 percent from central Chicago, 50 percent from northern metro Chicago, and 10 percent from southern/western metro Chicago. The customer base came from Craigslist online; basically from lower rent buildings. It is believed that creative marketing and advertising strategies would yield increased business.
Seventy–five percent of customers scheduled a minimum of three hours, and 20 percent required one full day or more. Most customers had prepared lists of items needing attention, requiring multiple appointments to address them. Additionally, 45 percent of existing customers requested additional services, covered in this business plan under strategic relationships. Twenty percent of customers have referred Mr. Miller to other accounts.
It should be noted that between 10 a.m. and 4 p.m. on weekdays the hourly charge was $45, and $75 per hour after 4pm weekdays and on weekends. Of the total amount of business done, over 40 percent of requests were for times when the higher rate was in effect.
The conclusion drawn from this test market is as follows. There is a strong need for handyman services in Chicago, and the convenience of having a handyman available after hours and on weekends outweighs the price for these services. "I'm the Man!" Handyman Services intends to build its business by specifically filling this need.
The niche identified by this plan is large. For example, in Greater Chicago alone there are tens of thousands of apartments in rented, coop and condo buildings. Some of these buildings have available concierge or handyman services, but most do not.
Further, there are thousands of third–party businesses that provide products and services for company's clients, and the Company intends to form strategic partnerships with many of them.
Marketing & Sales
The intended marketing/sales plan will be to advertise heavily in local newspapers that are distributed in key geographic areas of the city, and to use direct mail campaigns to send brochures to all the tenants that live within those areas. The Company will make use of multiple advertising techniques, including the posting of flyers wherever possible (and legal), and in the future as business warrants, radio or cable television advertising.
The primary objectives of the Company's marketing plan are to:
- Advertise directly to tenants to inform them of "I'm the Man!" Handyman Services, the Company, and its services, and to get the Company's value proposition in front of potential clients.
- Build customer satisfaction in "I'm the Man!" Handyman Services as a premiere service provider for individuals seeking handyman services.
- Identify and create strategic alliances with third–party companies that offer products and services that when combined with "I'm the Man!" Handyman Services provide a value added proposition to potential clients.
When the Company reaches its goal of 10 full–time handymen in Chicago, the Company will consider expanding into additional markets.
PRODUCTS & SERVICES
Pricing for the Making It Easier service, the associated telephone hot–Line, and other on–site services are detailed above.
All handyman services will be billed to tenants at $65 per hour, plus materials. This represents a $20 per hour incremental net hourly charge over anticipated costs. The Company may change this fee based on market conditions and actual costs as they are determined, but will in any case maintain a minimum of $20 per hour minimum net over–ride.
The scope of handyman services will include jobs that do not require permits or building approval. This includes services such as the ones listed in Table 1 below.
Services that fall outside the scope of standard handyman services will be provided through the use of third-party contractors. "I'm the Man!" Handyman Services will determine what type of additional expertise is required and will quote the customer a rate for that service based on the "I'm the Man!" Handyman rate card or list of services and fees yet to be determined. "I'm the Man!" Handyman will coordinate the delivery of the service, taking all the "worry" out of the customer's hands.
Strategic partners will consist of services firms that provide a specific value when combined with "I'm the Man!" Handyman Services, or companies that sell products our clients may have interest in purchasing. Examples of strategic partners might include moving firms, firms that sell and install home theater systems or furniture, or stores such as Home Depot, Gracious Home, and Bed, Bath and Beyond.
"I'm the Man!" Handyman Services will build strategic partnerships with these companies. Some of these relationships will be made available to our clients through the "I'm the Man!" Handyman Services Web site and others will be featured in a monthly newsletter and other advertising materials. Co–branded direct mail advertising may be an optional way to keep costs down while providing an increased value proposition to potential clients.
"I'm the Man!" Handyman will receive a commission on the sale of products or will charge an incremental hourly fee on the use of third party strategic partner services.
"I'm the Man!" Handyman Services will host special events on a semi–monthly basis in order to leverage the strategic partnerships that are built with third party companies and service providers.
One such event will be routine trips to local home stores, such as Home Depot, Lowe's, or Gracious Home. "I'm the Man!" Handyman employees will help customers to select products for their homes, plus arrange for delivery and installation. The stores visited will offer special incentives and discounts specifically for "I'm the Man!" Handyman customers. Other perks, such as transportation to/from the store location may also be included.
It is anticipated that any costs associated with an event will either be covered by a small fee charged to customers for attending the event, or by the strategic partner hosting the event.
Typical services offered:
- Appliance installs
- Basement Cleanup
- Bathroom Repairs
- Ceiling leaks
- Child proofing
- Christmas lights
- Counter tops
- Dimmer switches
- Dryer vents
- Fixture installs & repair
- Fence & gates
- Flood lights
- Flooring: hardwood, vinyl, tile
- Flower boxes
- Furniture Moving
- Garage door install & repair
- Garbage disposal
- Glass installs & replacement
- Gutter install & cleaning
- Handicap ramps & railings
- Hanging items
- Kitchen repairs
- Light fixtures
- Masonry work
- Pet Doors & Cat Condos
- Pressure washing
- Roof repairs & leaks
- Sliding doors
- Smoke detectors
- Speaker, Phone & TV cabling
- Stairs, steps & railings
- Storage sheds
- Storm windows
- Sweeping & cleaning
- Swing set installs
- Toilet installs & repairs
- Towel racks
- Weather stripping
- Window repairs
Primary advertising will be in local newspapers and circulars, through direct mailings sent to people who live in a specific geographic region, and through posted brochures and literature that will be distributed throughout the specific area. In the future, the Company intends to undertake an external advertising campaign using larger newspapers and magazines, radio, and/or television in order to reach a broader range of tenants who may live outside of the specific geographic territories that will be initially targeted.
Additionally, the Company will advertise through the extensive use of signs and placards placed around the city at establishments where potential clients entertain themselves. For instance, bowling alleys are great places for signs, as are coffee shops, laundromats, and grocery stores.
The Company's strategic partners also will play a major role in advertising the Company's services. Part of the strategic partner agreement will require the Company's strategic partners to send "I'm the Man!" Handyman marketing materials to their customers or to co–market and/or co–brand specific products and services with "I'm the Man!" Handyman Services in an effort to add value to the customer by bringing together specific products with specific services. These co–marketing agreements will change and grow on a month–to–month basis depending on customer response, market conditions, and overall Company growth.
"I'm the Man!" Handyman will also advertise on the Internet using recurring ads on free sites such as Craigslist, and fee–for–placement ads on sites like Google, though the use of Internet advertising will be strictly limited to regional localities.
An Advisory Board will be established to provide expert opinions, guidance, and creative marketing to best target potential customers and to grow and manage the business. People with extensive prior expertise in this or related industries as well as key "I'm the Man!" Handyman strategic partners and large investors will be invited to join the Advisory Board. A maximum of two percent of the Company will be reserved for Advisory Board members, to be distributed in quarter–percent or half–percent increments.
Initially, "I'm the Man!" Handyman will consist of two individuals who will create the marketing and sales materials, build relationships with third party providers, identify and hire "I'm the Man!" Handyman staff members and negotiate relationships with consultants. In addition, they will provide the vital marketing and advertising tools to develop the strategic relationships and implement the advertising campaigns. In the future, additional employees will be hired to take on more specific roles that develop as the Company grows and matures.
In the process of designing the Company's strategic focus, "I'm the Man!" Handyman Services will build a diverse organizational structure that drives the Company's success. This structure will be designed around a shared mission and vision for the future, which is inspiring, exciting and challenging, but not unrealistic. There will be a high level of internal communication to leverage the Company's services. The Company will continue to develop strategic partners; customer service and satisfaction will be paramount.
There will be a high level of employee screening in the Company's hiring process, and an in–depth customer satisfaction training program. It will not be enough to simply deliver services on time— the achievement of customer satisfaction will be of the highest importance in every customer interaction by every "I'm the Man!" Handyman employee. The performance of our handymen, hot–line consultants, and field consultants, will be judged on their ability to generate customer satisfaction.
The Company will operate under the assumption that the customer is always correct, regardless of the specific details. To that end, the Company will offer free return visits to correct a problem or a 100 percent no–questions–asked refund within 30 days of service.
The Company is examining the possibility of a franchise program as a vehicle for sustained growth and intends to either launch this program after a proof of concept of one year in length, or to physically build its services in multiple cities starting in the Northeast and branching outward from there. Only large metropolitan areas will be considered for growth areas because suburban handyman services already exist from a large number of providers.
The Simply Your Life services will be offered first in metropolitan areas and based on its success may extend nationwide within a reasonably short period of time.
The mission of the management team is to build a sustainable and profitable organization in multiple locations throughout the United States. The management team may at some future date choose a growth strategy that fits the anticipated growth strategy of other large service firms in an attempt to produce interest from them, though the primary mission of the organization is to build sustainable momentum for the Company's services.
The Company's quarterly revenues and operating results are difficult to predict and may fluctuate from quarter to quarter as a result of a variety of factors, including changes in pricing to accommodate market conditions, and seasonal patterns of spending. Further, to attract and retain customers the Company will need to continue to expand its market offerings, utilizing third party strategic relationships. This could lead to difficulties in management of contractors, competition for specific services, or adverse market conditions affecting a particular partner.
The Company will take active steps to mitigate risks. In preparation of the Company's pricing many factors will be considered. The Company will closely track the activities of all third parties, and will hold monthly review meetings to escalate and resolve issues and review and update the terms associated with strategic partnerships. The Company will utilize marketing and advertising campaigns to promote brand identity and will coordinate all expectations with internal and third party resources prior to release. This strategy should maximize customer satisfaction while minimizing potential costs associated with unplanned expenditures.
By guaranteeing a high level of customer satisfaction, providing fast, effective and professional work, "I'm the Man!" Handyman Services will provide a valuable service in Chicago. Combining this unique business with other value–added services such as the Making It Easier Service and the Simply Your Life—Line, "I'm the Man!" Handyman Services will be poised to attain a large and loyal customer base.
POINT OF CONTACT
Your questions and comments are most welcome. Please contact: Charlie Miller, (312) 232–1133 [email protected]
Business Plan Assumptions
This business plan is based on the following assumptions:
- In an effort to keep initial costs down, handymen will be hired as subcontractors and required to carry their own insurance, though the Company may simplify the process by offering the insurance as a deductible expense for each contractor.
- The Company's founder and CEO, Charlie Miller, will provide all client services until growth meets projections and additional staff are hired. Over time, Mr. Miller's activities will be more focused on strategic relationship creation and Making It Easier assessments and services.
- For the purpose of this business plan the net revenue realized from each billable handyman will be $40 per hour, and starting in the fourth month following an intensive advertising campaign, handyman contractors will be placed at the rate of one per month, billing an average of 120 hours per month.
- The net revenue realized from handyman services after 6 p.m. and on weekends will be $60 per hour, and will consist of an average of 10 hours per month per person. These hours will be in addition to the estimated 120 monthly billable hours.
- Making It Easier telephone services and on-site services will be provided by "I'm the Man!" Handyman Services full time employees. Subsequently, the following projections utilize gross realized revenue for these services, unlike the handyman contractors as stated above. The cost of services is then deducted in the P&L statement.
- Making It Easier services are projected to begin in the second quarter of operations and ramp up from there at a rate of 10 calls per month and increasing at the rate of 150 percent per month thereafter. Onsite assessments will start in month three at one per month, increasing in month five to two per month, and thereafter adding one extra assessment per month. Simply Your Life onsite consulting hours will start at 20 hours per month in month four and ramp up at 150 percent per month thereafter.
- Strategic Third Party Relationships will generate revenue in the form of value added sales and commissions, but more importantly they will generate increased demand for standard services. It is impossible to quantify this number in this business plan.
- Though all services are billed on a time and materials basis, our handymen will not bill for small items used while onsite at customer locations. Each handyman will be initially outfitted with appropriate tools and small parts (screws, mollies, bolts, wire, etc.) that will be replenished by the Company as a cost of doing business. Materials that will be charged to the customer will include items ordered by the customer through "I'm the Man!" Handyman Services, or installations where materials utilized are in excess of $10 total cost. In such cases, "I'm the Man!" Handyman Services will bill the customer cost plus 20 percent to cover handling and acquisition costs.
Proposed Equity Financing
This business plan seeks to raise $150,000 to cover operating expenses until Company cash flow builds to the projected level to cover cash expenditures. Twenty–five percent of the Company will be offered in exchange. As per the investor subscription agreement, investment funds will be held in escrow and not released for use until a minimum investment of $75,000 is attained.
First year revenue projection
Five year staffing projection
Five year profit and loss statement (Dollars in thousands)
First year cash flow analysis
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How To Start a Handyman Business in Kansas
Handyman businesses are a dime a dozen. In order to be successful as a handyman, it is important to be licensed and insured. It is also important to have a business plan and marketing strategy. This article will provide an overview of how to start a handyman business in Kansas.
The Benefits of Starting a Handyman Business in Kansas
There are many benefits to starting a handyman business in Kansas. The first benefit is that Kansas is a great place to start a business. The state has a low cost of living and a variety of business incentives. Additionally, the handyman industry is growing rapidly in Kansas. This provides a great opportunity for handymen to start their own businesses and be their own boss.
Another benefit of starting a handyman business in Kansas is that there is a high demand for handyman services. This is due to the fact that many homeowners and businesses are in need of repairs and maintenance. As a result, there is a great opportunity for handymen to provide these services and make a good income.
How To Register an LLC in Kansas
In order to start a handyman business in Kansas, it is necessary to register an LLC. This can be done online through the Kansas Secretary of State website. The filing fee for an LLC is $165. Once the LLC is registered, it is important to obtain a business license. A business license can be obtained through the Kansas Department of Revenue.
How To Obtain a Business License For a Handyman Business in Kansas
In order to obtain a business license for a handyman business in Kansas, it is necessary to submit an application to the Kansas Department of Revenue. The application must include the name and address of the business, the type of business, and the names of the owners. The application fee is $25. Once the application is approved, the handyman business will be issued a business license.
The business license must be renewed every year, and the renewal fee is $25. The handyman business must also maintain a surety bond of $500 in order to operate in Kansas.
How To Grow Your Handyman Business in Kansas
There are many ways to grow a handyman business in Kansas. One way is to offer additional services. Handymen can offer home repair services, appliance repair services, and even lawn care services. Another way to grow a handyman business is to offer discounts. Handymen can offer discounts for seniors, military personnel, and first-time customers. Additionally, handymen can offer coupons and special deals through their website or social media channels.
Another way to grow your handyman business is to offer loyalty programs. Handymen can offer loyalty programs for customers who use their services frequently. Additionally, handymen can offer referral programs for customers who refer new customers to their business. Handymen can also offer discounts for customers who pay in cash. Finally, handymen can offer discounts for customers who book appointments online.
The Challenges of Starting a Handyman Business in Kansas
Starting a handyman business in Kansas can be challenging. The first challenge is finding customers. Handymen can find customers by advertising their services in local newspapers, online directories, and on social media. Another challenge is managing finances. Handymen need to track their income and expenses carefully in order to be successful. Additionally, handymen need to be sure to set aside money for taxes and insurance.
Another potential challenge for handymen is obtaining the necessary licenses and permits to operate their business. Handymen should check with their local city or county government to find out what licenses and permits they need. Finally, handymen need to be prepared for the physical demands of the job. Handymen should be in good physical shape and have the stamina to work long hours on their feet.
Starting a handyman business in Kansas can be a great way to be your own boss and make a good income. In order to be successful, it is important to be licensed and insured. Additionally, it is important to have a business plan and marketing strategy. Handymen can find customers by advertising their services in local newspapers, online directories, and on social media.
There are a few things to keep in mind when starting a handyman business. First, it is important to be licensed and insured. This will protect you and your business in the event that something goes wrong. Second, it is important to have a business plan. This will help you map out your goals and strategies for success. Finally, it is important to market your business. You can do this by advertising your services in local newspapers, online directories, and on social media. By following these tips, you can set your business up for success.
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Handyman Business Plan [How to Write + Template]
- Last Updated: Aug 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
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 business
- The 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 supplies
- Wages and salaries paid to employees
- Insuring a company financially
- Legal fees, permits, software, and hardware are just some of the other costs associated with starting a handyman business .
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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
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.
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
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.
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Handyman Business Plan
Are you thinking of starting a Handyman Business We have prepared a solid handyman business plan sample that guides you on every stage of your business plan writing
Fixing small problems around the house, tinkering with stuff, and repairing things to make them work as good as new, might seem a simple job.
But it can only be done by someone who has the skill, eye for detail, and passion for it. After all, these small things can make life terribly inconvenient if not fixed the right way.
If you are planning to start a new handyman business, the first thing you will need is a business plan . Use our sample Fixit – Handyman Business Plan created using upmetrics business plan software and write your business plan in no time.
Before you start writing your business plan , spend as much time as you can reading through some samples of Cleaning, Maintenance & Repair Business Plans .
Read on to find out more about the industry and important things to take care of before you start your business.
The handyman services market stood at a global value of 281.65 billion dollars in 2018 and has continued to grow ever since due to the increase in the number of people who look for repair services online.
Handyman services are high in demand due to their multipurpose nature. Most of the services are charged either on a per-hour basis or based on how challenging the job is.
From fixing curtains, bulbs to maintenance services, a handyman can take care of everything making their services in demand.
Things to Consider Before Writing a Handyman Business Plan
Find out the market for your services.
As the handyman business covers a variety of services it is a good practice to figure out what services are in demand and how they are procured. It is also advisable to see what localities need handyman services the most and can help you have a profitable business.
Research about your competitors
Carry out thorough research about who your competitors are, what services do they offer, and how they reach out to their target audience. This gives you a head start on the services you should and potentially would have to offer, it helps you figure out a better marketing strategy and also gives you a chance to do something that’ll help you stand apart from your competition.
Have handy skills to take up unexpected tasks
Handyman services are known for and sought after due to their multipurpose nature. Hence, you need to stay prepared for taking up unexpected tasks that come your way. It is necessary to have both the skill and the right equipment for such problems .
Market research and competitive analysis can help you with this too.
Get permits and insurance
Having the proper legal licenses ensures that you stay on the right side of the law. And having insurance is essential for a handyman business due to the nature of the work that brings about claims of accidents and property damage.
Insurance helps rest assured and focus on what really matters.
Chalking out Your Business Plan
If you have the talent and skill for fixing such problems, you can make it your profession through a handyman business.
All you need to do is find a way to get customers and a handyman business plan.
Reading sample business plans will give you a good idea of what you’re aiming for and also it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.
We have created this sample handyman business plan for you to get a good idea about how a perfect handyman business plan should look like and what details you will need to include in your stunning business plan.
Handyman Business Plan Outline
This is the standard Handyman business plan outline which will cover all important sections that you should include in your business plan.
- Market Validation
- Short Term (1 -3 Years)
- Long Term (3-5 years)
- Mission statement
- Keys to success
- Fixit – 3 Year Revenue Highlights
- Company Ownership/Legal Entity
- Interior Operating Facilities
- Hours of Operation
- Startup summary
- Fixit will offer the following services
- Customer Service
- Market segmentation
- Market Trends
- Fixit Market Distribution
- Competitive Advantage
- SWOT analysis
- Marketing and Promotion Programs
- Positioning Statement
- Marketing Channels
- Pricing strategy
- Organization chart
- Management Team
- Hiring plan
- Important Assumptions
- Brake-even Analysis
- Profit Yearly
- Gross Margin Yearly
- Projected Cash Flow
- Projected Balance Sheet
- Business Ratios
After getting started with Upmetrics , you can copy this handyman plan into your business plan and modify the required information and download your handyman business plan pdf or doc file . It’s the fastest and easiest way to start writing your business plan.
Business Planning Resources
We have plenty of free business planning resources available to help you with your planning. You can download our resources to learn all about business planning.
Not found what you are looking for? Explore our 200+ sample business plans to find match for your business.
DISCLAIMER: The business plans, templates, and articles contained on upmetrics.co are not to be considered as legal advice. All content is for informational purposes, and upmetrics makes no claim as to accuracy, legality or suitability. The site owner shall not be held liable for any errors, omissions or for damages of any kind.
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Handyman Business Plan Sample
Handyman business plan for starting your own business
Apartment renters and homeowners often need professionals for small maintenance tasks like installing curtains and shelves, pre-fabricated furniture installation, hanging artwork, changing lighting fixtures, AC repair, plumbing, and so on. It is not easy to find qualified experts who can provide such handyman services. If you are interested in starting a handyman business and offering the above services, you should come up with a well-analyzed and written business plan for handyman to seek financing from investors and banks.
Handyman Next Door is a professional and licensed handyman repair company established with a well-positioned and maintained office space in LA, California. We are the professional handyman service providers who are aimed to compete in this highly competitive market in our home market Los Angeles and across the US.
Management of Handyman Service
If you are wondering how to start a handyman business , consider adding professional team to your business. Our professional team will include a talented pool of highly experienced and certified tradesmen and technicians with skills in different trades in and across Los Angeles and other parts of the US.
All our team members will be selected with proper trainings and they will be hired to meet the needs of our company and will lead us to stand out as the leading handyman service providers and we will be engaged in maintenance, installation and repair throughout the country.
Customers of Handyman Service
The sample handyman business plan includes the general repair and maintenance services for commercial and residential clients, such as electrical repairs, plumbing, AC repair and installation, carpentry, painting, etc.
At Handyman Next Door, we are aimed to come out as one of the top handyman service providers in the US and we will ensure doing everything possible to compete with industry leaders.
Maintenance tasks like AC repair and installation, furniture repair, electrical works, plumbing, etc. have high demands among residential customers all the year round. In this part of handyman business plan examples , explain that you have professionally trained handymen and professionals who are bonded and trained by your company. Also describe how you are networked with third-party vendors like plumbers, electricians, computer techs and others.
When writing a business plan for handyman service , you need to describe who the owner of the company is.
Handyman Next Door has been owned and formed by Cal Wardin. He will be the sole owner of the company with a vast team of professionals. The company is going to incur some start-up costs and basic tools detailed below.
Why the handyman business is being started?
Handyman Next Door is a startup aimed to offer complete handyman service to the residents of Los Angeles and California. Cal Wardin was also engaged in offering such types of services with other organization. With vast and proven knowledge and experience, Cal is aimed to launch his family business as a reasonably priced, trusted, and qualified service provider. If you are wondering how to start a successful handyman business , having a strong base of repeat customers and generating market penetration are the keys.
How the handyman business will be started?
Handyman Next Door is going to build a solid web presence as part of our handyman marketing ideas . The following table includes detailed start-up summary along with needed capital to start operations. Cal is going to start with his own tools for jobs, but he will also need to acquire the following tools and equipments –
- Plumbing tools like snakes, slip wrenches, Teflon tape, nuts, caps, and bolts.
- Electrical tools like wire cutters, gauge meters, several wires, soldering iron, and wire caps.
- Painting materials like paint rollers, paint brushes, air compressor, pneumatic paint sprayer, spackle tools, sand papers, and masking tape.
- Some general tools.
- Pressure washer.
- Power tools like sander, drill, saw, etc.
- Laptop with portable printer for printing invoice
Services for Customers
In order to run a successful handyman business , we are aimed to compete well with top handyman service providers and maintenance, installation and repair companies in the country.
We have put an excellent quality assurance team in place to ensure every installation, repair, and service is provided well to meet and exceed customers’ needs. We will strive hard to ensure Handyman Next Door will not just be renowned in Los Angeles, but also across the US. Here are the following services we have included in our handyman business plan template –
- Drywall installation/repair
- Plumbing repair
- Electrical installations
- Rooting repairs
- Appliance installation and repair
- Flooring installation and repair
- Kitchen remodeling
- Attic insulation
- Bathroom and shower remodeling
- Deck repair
- Fence repair
- Door installations
- Gardening and building service
- Power tool and yard repair and maintenance
- Exterior and interior painting
- Other installation, repair and maintenance services
Marketing Analysis of Handyman Business
If you want to know how to start a renovation company , be sure to analyze the market segment and trends related to it. For example, Handyman Next Door will focus on both online and offline advertising. We will use direct mail campaigns and email marketing to notify all the tenants and homeowners living in our target areas. We will distribute our pamphlets in local newspapers across the major geographic regions of the city. We will also use other marketing techniques, such as posting flyers, online ads, and ads on radio or cable TV in future.
Before opening a handyman business , you need to start doing proper economic analysis to reduce the threats and risks associated with investing in handyman business ideas or starting a business.
When it comes to how to market a handyman business , it is not all about acquiring a well-furnished office space and getting the place equipped. You also need to figure out how to attract customers and how to retain them so they can keep coming back for your services.
Basically, running and starting a handyman service is cost effective, especially when you have well-qualified, well trained and experienced team members. With the quality of work conducted for your customers, you can easily retain your customers and your company should do all the good work which will be spread by words of mouth. Customers will definitely want to recommend your services to their friends and families once you can get the job done well on their properties.
Your ability to provide quality services at competitive prices to the customers will be a major factor considered in the industry. This way, it will be easier for you to retain customers and attract new ones to get more business. The handyman market seems to be viable considering the existing competition in the industry.
There are basically two different customer groups to segment the market –
- Value of their homes generally range from $150,000 to $650,000
- Around 47% home owners prefer DIY small repairs. They often start the repair themselves and then realize that it’s not their cup of tea. Rests of 53% don’t even start to repair it on their own. They simply call a professional for every small repair.
- Around 62% of homeowners have been the owners for over 2 years.
- Rests of 73% of customers wait until a lot of small problems come ahead before calling a handyman. The reason is simple. They don’t want to bear a huge upfront cost just for small fixes.
- These types of customers usually manage 3 to 20 household units.
- They usually don’t have their in-house team for repair and maintenance to cut down on overhead costs.
- Their monthly rental ranges from $350 to $650.
We conducted a feasibility study and market survey before starting our handyman services in Los Angeles. Hence, we understand that there is a huge range of individual and corporate clients who need handyman services on daily basis. With that in mind, we have come up with certain strategies which would help us to reach out to several households and corporate organizations we know that they would need our services. Here are some of the individuals and organizations who we can target –
- Blue chip companies
- Insurance companies, banks, and other financial institutions
- Corporate clients
- Real estate developers, owners, and contractors
- Government organizations
- High schools, universities, colleges and other educational institutions
- Sports facilities
- Households and individuals
- Religious organizations
Customers usually prefer who they know. They either call a contractor or handyman they know or they ask their neighbors or friends for recommendation. They often stay with their service provider until they get dissatisfied with their service. Cal is planning to dominate the market with words of mouth referrals which is done usually by exceeding the expectations of every customer.
Considering the economies, larger contracting companies are expected to offer better rates on hourly basis. But most of the large companies offer different specialized services, which need a lot of skilled workers and tools, which also increase their overhead and billable rates.
Highly Efficient Service
I am incredibly happy with the outcome! Alex and his team are highly efficient professionals with a diverse bank of knowledge!
Our website will serve our customers as a basic catalog of services. We would list different skills our team has, and a range of referrals and testimonials on our site. It will be effective to help unsure visitors who haven’t heard about Handyman Next Door.
In order to attract traffic, Search Engine Optimization would be the cost-effective way to organically grow our web business. We can help people who are looking for a nearby handyman. It will also include searches of people who know about our organization but want to know more.
Our competitive edge is offering best services at reasonable prices. So, our target customers would be more inclined to call Handyman Next Door whenever any problem occurs.
Our sales business strategy would be planned well to convert customers looking for temporary services to the ones choosing Handyman Next Door for different repairs. We would do the same in different ways. We will put a level of professionalism in each repair job. We will also focus on problem areas in home and provide the best solutions.
This section of handyman maintenance business plan includes average monthly sales done by Handyman Next Door –
This section of our handyman services business plan includes average annual sales done by Handyman Next Door –
We have developed a sales forecast in a complete way to help us achieve our sales goals. The following table details the breakdown of sales on the basis of our activities –
When it comes to start a handyman business , you would need experienced team including senior management staff with experience of over 5 years and competent and qualified experts on the following positions –
- Head, Technical Services
- Sales and Marketing Executive
- HR and Admin Manager
- Client Service Executive
- Handymen (with varied skill sets related to your business)
Average Salary of Employees
The following table describes the average annual salary of each employee and total payroll for the next 3 years –
Include the following sections on your handyman business plan sample –
All the vital financial assumptions for the next three years are listed here in this table –
The following graph indicates what our company will need and project in monthly revenue to cross the breakeven point –
Projected Profit and Loss
The tables and charts listed below indicate the project profit and loss of our company –
It includes the projected profit per month from our services.
It describes the annual profit for the next three years.
Gross Margin Monthly
It describes the gross margin on monthly basis for the next one year.
Gross Margin Yearly
It includes the gross margin we are expecting for the next three years.
Projected Cash Flow
Projected Balance Sheet
The following table includes all the assets and liabilities in our projected balance sheet –
In this table, we are going to explain the business ratios of Handyman Next Door along with industry ratios for household and personal repairs and maintenance.
Download handyman business plan sample in PDF
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Home » Business Plans » B2C Sector
How to Write a Handyman Business Plan [Sample Template]
Are you about starting a handyman business ? If YES, here is a complete sample handyman business plan template & feasibility study you can use for FREE . A handyman business is one that provides a wide range of services needed for the maintenance of buildings and properties. The services provided by a handyman include plumbing, electrical works, carpentry, painting, heating and cooling services and other building and property maintenance and repair works.
The handyman business is becoming more popular in recent times and this is because of the fact that people are becoming creative with ways of making money and developing new business ideas so as to be able to make a living. The creation of this business has also been as a result of people losing their jobs and the increasing number of people who want to set up their own businesses.
A Sample Handyman Business Plan Template
1. industry overview.
The handyman industry is one that was affected adversely by the fall of the housing market. This resulted to a low demand for the services in this industry. When the demand for minor household repairs and maintenance rose, the revenue decline was moderated.
The industry has now benefited from the acceleration house market and the increase in household income. This industry provides general maintenance and repair services to residential and commercial customers, including plumbing and electrical repairs, appliance installation and repair, painting and carpentry.
The industry grew as a result of the shift in focus from do-it-yourself (DIY) to do-it-for-me (DIFM) as the eighties drew to a close. This was because time became more precious for the coming generation than money. By the mid-nineties handyman businesses began to appear all over the place to cater to people who did not have time to spare to fix little problems in their homes.
In 2003, the handyman industry was one of the fastest growing ones in the united states and the industry keeps expanding further. This sector is a resource for the growing number of aging homeowners and is also a source of business opportunity for entrepreneurs.
The Handyman services industry will continue to grow in the five years to 2019 due to the support it will get from the accelerating house market. Housing prices are also on the rise and the increase in the existing home sales will help to drive the demand for remodeling projects and repair works in homes and on properties. The sector employs about 9,180 people and the annual growth rate in the industry between 2009 -2014 is 3.5% and the revenue from the industry is $1 billion.
There is a growing need for home repair work and improvement that is reliable because of the emergence of vacation homes, second homes, commercial properties and rental units.
Also the increase in the number of older people who wish to keep on living in their homes is a factor for the growth in the industry and younger families with children of school-age who chooses to renovate and remodel their homes, instead of moving out to look for new homes in the real estate market with its high price.
Statistics has it that the Handyman Services industry in the United States of America, is worth $1bn, with an estimated growth rate of 3.5 percent. There are about 882 registered and licensed handyman services businesses in the United States and they are responsible for employing about 9,180 people. It is important to state that there is no company with a dominant market share.
The Handyman services industry will keep on thriving in the coming decade especially if an entrepreneur in this line of business is committed to providing reliable and quality work for customers in the home repair and property services they render.
The market is highly unsaturated and there is room for growth as the industry is expanding and maturing. The good news for would be entrepreneurs in this line of business is that there is an estimate of continued annual growth for the handyman industry for as high as 20 percent.
Over and above, the handyman services industry is very open to any aspiring entrepreneur who has acquired the required trainings, skills and perhaps professional certifications to start his or her own business and of course make good money from the industry.
2. Executive Summary
Next Door Neighborhood® Handyman Services is a licensed and standard handyman services company. We have been able to secure a standard and well – positioned office facility in a central business district in Inglewood Los Angeles – California. We are a handyman services company that is set to compete in the highly competitive handyman services industry not only in Los Angeles – California, but also throughout the United States market.
Next Door Neighborhood® Handyman Services will provide general maintenance and repair services to residential and commercial customers, including plumbing and electrical repairs, appliance installation and repair, painting and carpentry services et al. Our business goal is to become one of the leading handyman service companies in the United States and we will make sure that we do all we can to compete favorably with leaders in the industry.
Our workers will be selected from a pool of certified and highly experienced technicians and tradesmen with different trade skills as it relates to our service offerings in and around Los Angeles – California and also from any part of the United States of America as the business grows.
We will make sure that we take all the members of our workforce through the required trainings that will position them to meet the expectation of the company and to compete with leading handymen service providers and installation, maintenance and repair companies in the United States and throughout the globe.
At Next Door Neighborhood® Handyman Services, our client’s best interest will always come first, and everything we do will be guided by our values and professional ethics. We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for all our partners, employees and for our clients.
Next Door Neighborhood® Handyman Services is founded by Drake Morrison a graduated from Illinois Institute of Technology (B.Tech.) and his friend and business partner for many years Fred Sugarland (B.Sc. Business Management).
They have a combine experience that can help them build Next Door Neighborhood® Handyman Services to favorably compete with other leading handyman business and installation, maintenance and repair businesses in the United States of America.
3. Our Products and Services
Next Door Neighborhood® Handyman Services is established with the aim of maximizing profits in the handyman services cum installation, maintenance and repair services industry.
We want to compete favorably with the leading handyman service companies and installation, maintenance and repair companies in the United States which is why we have but in place a competent quality assurance team that will ensure that every repairs, installations and services carried out or related services rendered meet and even surpass our customers’ expectations.
We will work hard to ensure that Next Door Neighborhood® Handyman Services is not just accepted in Los Angeles – California but also in other cities in the United States of America. Our service offerings are listed below;
- Plumbing repair
- Drywall installation and repair
- Electrical installations
- Carpentry services
- Appliance installation and repair (TV wall mount installation)
- Flooring installation and repair
- Roofing repairs
- Gutter cleaning
- Kitchen makeover
- Bathroom remodel and Shower remodel
- Attic insulation
- Deck repair
- Door installations
- Fence repairs
- Interior and exterior painting services
- Yard and power tool repair and maintenance
- Building and gardening service
- Other related installation, maintenance and repair services
4. Our Mission and Vision Statement
- Our vision is to establish a standard and all – round handyman services company whose services and brand will not only be accepted in Los Angeles – California but also in other cities in the United States of America.
- Our mission is to provide professional installation, maintenance and repair services and other related services that will assist businesses, individuals, households and non-profit organizations in ensuring that their facility and equipment in good shape.
- We want to build a handyman service company that can favorably compete with other leading brands in the handyman services cum installation, maintenance and repair services industry.
Our Business Structure
Next Door Neighborhood® Handyman Services is a business that intends to start small in Los Angeles – California, but hopes to grow big in order to compete favorably with leading handyman business and installation, maintenance and repair companies in the industry both in the United States and on a global stage.
We are aware of the importance of building a solid business structure that can support the picture of the kind of world class business we want to own. This is why we are committed to only hire the best hands within our area of operations.
At Next Door Neighborhood® Handyman Services we will ensure that we hire people that are qualified, hardworking, creative, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).
As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;
- Chief Executive Officer
- Head, Technical Services
Human Resources and Admin Manager
- Sales and Marketing Executive
- Handymen (With Various Trade Skills as it relates to our Business)
Client Service Executive
5. Job Roles and Responsibilities
Chief Executive Officer – CEO:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
- Responsible for providing direction for the business
- Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
Head, Technical Services:
- Serve as project manager of the organization; works directly with employees
- Develops strategic plan by studying technological and financial opportunities; presenting assumptions; recommending objectives.
- Accomplishes subsidiary objectives by establishing plans, budgets, and results measurements; allocating resources; reviewing progress; making mid-course corrections.
- Coordinates efforts by establishing procurement, production, marketing, field, and technical services policies and practices; coordinating actions with corporate staff.
- Builds company image by collaborating with customers, government, community organizations, and employees; enforcing ethical business practices.
- Maintains quality service by establishing and enforcing organization standards.
- Maintains professional and technical knowledge by attending educational workshops; reviewing professional publications; establishing personal networks; benchmarking state-of-the-art practices; participating in professional societies.
- Make certain that the technical department perform efficiently, coordinate employee efforts, and facilitate communications between management and handymen
- Ensures that the organization work in line with international best practices.
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Defines job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Oversees the smooth running of the daily office and factory activities.
Sales and Marketing Manager
- Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
- Models demographic information and analyze the volumes of transactional data generated by customer
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
- Writing winning proposal documents, negotiate fees and rates in line with organizations’ policy
- Responsible for handling business research, market surveys and feasibility studies for clients
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develop, execute and evaluate new plans for expanding increase sales
- Create new markets cum businesses for the organization
- Empower and motivates the sales team to meet and surpass agreed targets
Accountant / Cashier:
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for Next Door Neighborhood® Handyman Services
- Serves as internal auditor for Next Door Neighborhood® Handyman Services
Handymen (With Various Trade Skills)
- Provides general maintenance and repair services to residential and commercial customers, including plumbing and electrical repairs, appliance installation and repair, painting and carpentry services et al.
- Handles Carpentry services, Appliance installation and repair (TV wall mount installation), Flooring installation and repair, Roofing repairs, Gutter cleaning, Kitchen makeover, Bathroom remodel and Shower remodel, Attic insulation, Deck repair, Door installations, Fence repairs, Interior and exterior painting services, Yard and power tool repair and maintenance
- Welcomes clients and potential clients by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the creative director in an effective and timely manner
- Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
6. SWOT Analysis
Next Door Neighborhood® Handyman Services engaged the services of a core professional in the area of business consulting and structuring to assist our organization in building a well – structured handyman business that can favorably compete in the highly competitive handyman services cum installation, maintenance and repair service industry in the United States and the world at large.
Part of what the team of business consultant did was to work with the management of our organization in conducting a comprehensive SWOT analysis for Next Door Neighborhood® Handyman Services. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Next Door Neighborhood® Handyman Services;
Our core strength lies in the power of our team; our workforce. We have a team of certified and highly trained and experience technicians, plumbers, and carpenters et al, a team with excellent qualifications and experience in various niche areas in the handyman services cum installation, maintenance and repair service industry. Aside from the synergy that exists in our carefully selected workforce, our services will be guided by best practices in the industry.
As a new handyman services company in Los Angeles – California, it might take some time for our organization to break into the market and gain acceptance especially from top profile clients in the already saturated and highly competitive handyman services and installation, maintenance and repair services industry; that is perhaps our major weakness.
Another weakness is that we may not have the required cash to pump into promoting our business the way we would want to.
No doubt, the opportunities in the handyman services and installation, maintenance and repair services industry is massive considering the number of households and corporate organizations that are would always need one or more things to fix in their facilities. As a solar panel installation, maintenance and repair company, we are ready to take advantage of any opportunity that is available in the industry.
Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing / spending power. Another threat that may likely confront us is the arrival of a new handyman business or even installation, maintenance and repair company in same location where our target market exist and who may want to adopt same Business model like us.
7. MARKET ANALYSIS
- Market Trends
To start a handyman business, there is need to carry out a critical economic analysis to ensure that the risks and threats that are associated with starting a business or investing in a business idea are reduced.
Starting the business is not just about getting a fancy office space and equipping the place. You should also be concerned with how to get customers for the business and how to keep existing customers coming back to use the services of your company.
On the average, starting and running a handyman business can be cost effective. This is especially so when you have highly trained, well qualified and experienced staff as members of your team.
With the quality of work carried out by them for your customers, you will be able to retain your customers and the good work your company does will be well spread by word of mouth as customers will tend to recommend your services to their families and friends once you are able to do a good job in their homes and on their properties.
A company’s ability in providing its customers with quality service at affordable prices will also be a factor that will count in the industry. This way the company will be able to retain existing clients and get more business from new customers. The competition in the handyman industry shows that there is a viable market for the services of handymen.
As long as you are prepared to run a high quality business, you will have your own share of the market as some handyman business that exist take their customers for granted and offer them mediocre services. This gives you room as a new entrant into the business to come in and dominate if you are prepared to give quality service to your client.
8. Our Target Market
Before starting our handyman business in Los Angeles – California, we conducted a market survey and feasibility studies and we are certain that there is a wide range of both corporate and individual clients who would need the services of handymen on a regular basis.
In view of that, we have created strategies that will enable us reach out to various corporate organizations and households who we know can’t afford to do without our services. Below is a list of the people and organizations that we have specifically market our services to;
- Banks, Insurance Companies and other related Financial Institutions
- Blue Chips Companies
- Corporate Organizations
- Real Estate Owners, Developers, and Contractors
- The Government (Public works department)
- Schools (High Schools, Colleges and Universities)
- Sport Facilities
- Religious Organizations
- Individuals and households
Our Competitive Advantage
Surviving in the business world as a handyman business or installation, maintenance and repair company requires more than, your expertise, knowing how to deliver standard repairs and maintenance jobs but also how to network with key people that matters; decision makers that can decide who will get an installation, repair and maintenance contract.
There are favorable conditions for growth in the handyman services industry and as a result of this, survival in the industry will require that you build on existing knowledge of the services you offer to your customers and broaden your skill base in order to be able to compete favorably. More handymen companies are coming up and they are using the services of existing franchise in the business to boost their competitive edge and exposure in the industry.
We are quite aware that to be highly competitive in the handyman services industry means that you are not only expected to be able to deliver consistent and highly reliable installation, repair and maintenance jobs, but you must be able to meet set targets. No one would want to continue to hire your services if don’t always meet up with the target date of completion of projects.
Our competitive advantage lies in the power of our team; our workforce. We have a team of certified and highly trained and experience technicians, plumbers, and carpenters et al, a team with excellent qualifications and experience in various niche areas in the handyman services cum installation, maintenance and repair service industry.
Aside from the synergy that exists in our carefully selected workforce, our services will be guided by best practices in the industry.
Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category (startups handyman services cum installation, maintenance and repair businesses in the United States) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Next Door Neighborhood® Handyman Services is established with the aim of maximizing profits in the handyman (repair) services industry and we are going to go all the way to ensure that we do all it takes to meet and surpass the expectations of all our clients.
Next Door Neighborhood® Handyman Services will generate income by offering the following services;
10. Sales Forecast
One thing is certain, there would always be corporate organization, government agencies, households and individual who would need the services of handymen cum installations, maintenance and repair companies.
We are well positioned to take on the available market in the handyman services industry and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow our company to enviable heights.
We have been able to critically examine the handyman services cum installation, maintenance and repair market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to similar startups in Los Angeles – California.
Below is the sales projection for Clean Energy Technologies®, LLC, it is based on the location of our business and of course the wide range of our services and target market;
- First Year-: $100,000
- Second Year-: $250,000
- Third Year-: $500,000
N.B : This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same installation, maintenance and repair services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
We are mindful of the fact that there is stiffer competition in the handyman services industry; hence we have been able to hire some of the best marketing experts to handle our sales and marketing.
Our sales and marketing team will be recruited based on their vast experience in the handyman services cum installation, maintenance and repair services industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall business goal of Next Door Neighborhood® Handyman Services
Our corporate goal is to grow Next Door Neighborhood® Handyman Services to become one of the top 10 handyman services brands in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in Los Angeles – California but also in other cities in the United States of America.
Next Door Neighborhood® Handyman Services is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our business by sending introductory letters alongside our brochure to individuals, households, corporate organizations, religious organizations and key stake holders.
- Promptness in bidding for installation, repair, and maintenance contract from the government and other cooperate organizations
- Advertise our business in relevant business magazines, newspapers, TV stations, and radio station.
- List our business on yellow pages ads (local directories)
- Attend relevant international and local expos, seminars, and business fairs et al
- Create different packages for different category of clients in order to work with their budgets and still deliver excellent services
- Leverage on the internet to promote our business
- Engage direct marketing approach
- Encourage word of mouth marketing from loyal and satisfied clients
11. Publicity and Advertising Strategy
We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to become the number one choice for both corporate clients and households in the whole of Inglewood – Los Angeles and beyond which is why we have made provisions for effective publicity and advertisement of our handyman services company.
Below are the platforms we intend to leverage on to promote and advertise Next Door Neighborhood® Handyman Services;
- Place adverts on both print (newspapers and magazines) and electronic media platforms
- Sponsor relevant community based events / programs
- Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our services
- Install our Bill Boards on strategic locations all around Los Angeles – California
- Engage in road show from time to time in targeted neighborhoods
- Distribute our fliers and handbills in target areas
- Contact corporate organizations and households by calling them up and informing them of Next Door Neighborhood® Handyman Services and the services we offer
- List our company in local directories / yellow pages
- Advertise our company in our official website and employ strategies that will help us pull traffic to the site.
- Ensure that all our staff members wear our branded shirts and all our vehicles are well branded with our company logo et al.
12. Our Pricing Strategy
At Next Door Neighborhood® Handyman Services we will keep the prices of our services below the average market rate for all of our customers by keeping our overhead low and by collecting payment in advance from corporate organizations who would hire our services. In addition, we will also offer special discounted rates to all our customers at regular intervals.
We are aware that there are some one – off jobs or government contracts which are always lucrative, we will ensure that we abide by the pricing model that is expected from contractors or organizations that bid for such contracts.
- Payment Options
At Next Door Neighborhood® Handyman Services our payment policy will be all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that we will make available to our clients;
- Payment by via bank transfer
- Payment via online bank transfer
- Payment via check
- Payment via bank draft
- Payment via mobile money
- Payment with cash
In view of the above, we have chosen banking platforms that will help us achieve our plans with little or no itches.
13. Startup Expenditure (Budget)
In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.
This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business. The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked.
As for the detailed cost analysis for starting a standard handyman company; it might differ in other countries due to the value of their money. However, this is what it would cost us to set Next Door Neighborhood® Handyman Services in the United of America;
- Business incorporating fees in the United States of America will cost – $750.
- The budget for Liability insurance, permits and license will cost – $3,500
- Acquiring an office space that will accommodate the number of employees for at least 6 months (Re – Construction of the facility inclusive) will cost – $100,000.
- The amount required to purchase the needed tool box and repair equipment – $10,000
- Equipping the office (computers, printers, projectors, markers, servers / internet facility, furniture, telephones, filing cabinets, and electronics) will cost – $10,000
- Amount required to purchase the needed software applications to run our business – $ 3,500
- Launching an official Website will cost – $500
- Amount need to pay bills and staff members for at least 2 to 3 months – $70,000
- Additional Expenditure such as Business cards, Signage, Adverts and Promotions will cost – $1,000
Going by the report from the market research and feasibility studies conducted, we will need about two hundred thousand (200,000) U.S. dollars to successfully set – up a standard handyman company in the United States of America.
Generating Funding / Startup Capital for Next Door Neighborhood® Handyman Services
Next Door Neighborhood® Handyman Services is a business that will be owned and managed by Drake Morrison and his friend and business partner for many years Fred Sugarland. They are the sole financial of the business which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.
These are the areas we intend generating our start – up capital;
- Generate part of the start – up capital from personal savings and sale of his stocks
- Generate part of the start – up capital from friends and other extended family members
- Generate a larger chunk of the startup capital from the bank (loan facility).
N.B: We have been able to generate about $100,000 (Personal savings $70,000 and soft loan from family members $30,000) and we are at the final stages of obtaining a loan facility of $100,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
14. Sustainability and Expansion Strategy
The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.
One of our major goals of starting Next Door Neighborhood® Handyman Services is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.
We know that one of the ways of gaining approval and winning customers over is to offer our installation, maintenance and repair services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.
Next Door Neighborhood® Handyman Services will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Check List / Milestone
- Business Name Availability Check:>Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts various banks in the United States: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Securing a standard office facility: Completed
- Application for business license and permit: Completed
- Purchase of All form of Insurance for the Business: Completed
- Conducting Feasibility Studies: Completed
- Generating part of the start – up capital from the founders: Completed
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of Logo for the business: Completed
- Purchase of repair and installation tools and equipment: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the Needed furniture, office equipment, software applications, electronic appliances and facility facelift: In Progress
- Creating Official Website for the business: In Progress
- Creating Awareness for the business: In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with vendors and key players in various industries: In Progress
Treat every customer as if they were the most important customer the business has. · Honestly evaluate the needed skills for a job, passing it onto a contractor
Services ; Minor plumbing, Leaky faucets, repair/replace fixtures, sprinkler repair, minor drain problems, garbage disposal install, install ice maker lines.
Executive Summary · Give a brief overview of the handyman industry. · Discuss the type of handyman business you are operating. · Detail your direct competitors.
Evening/weekend handyman services, 2,400, 3,000 ; Simplify your life line incidents, 2,363, 3,544 ; Simplify your life assessments, 3,980, 4,975 ; Onsite simplify
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1. Executive Summary · How is the current handyman industry? Describe in a high-level summary. · What is the type of your handyman services? · Who
Things to Consider Before Writing a Handyman Business Plan · Find out the market for your services · Research about your competitors · Have handy skills to take up
The sample handyman business plan includes the general repair and maintenance services for commercial and residential clients
A handyman business is one that provides a wide range of services needed for the maintenance of buildings and properties. The services provided by a handyman
An executive summary and company description · Market research, competitive analysis, marketing plan, and sales strategy · Products and services you will offer