Starting Your Own Handyman Business
Now that you know what to expect concerning your duties as a business owner and the Australian market trends for tradesmen and handyman franchises, itβs time to start building the business you love.
Below, weβve provided a step-by-step guide to help you build a profitable handyman business.
1. Determining Your Business GoalsΒ
The first thing you must do before you pursue your passion for starting a handyman business is to clarify your reason for doing so.Β
Whether you wish to start your own business to multiply your income or because you like the idea of becoming your own boss, you must identify what motivates you to embark on this journey.Β
By doing so, youβll have established a solid foundation for your business. Itβs crucial that you determine your business goals before devising your business plan - your personal and professional objectives will help you guide your business to your visions of success.Β
2. Creating Your Business Plan
Your business plan is where your initial ideas transform into a tangible structure. A well-designed business plan will contain every one of your businessβs stages of growth. You should treat your business plan as a guide that will lead you to your businessβs successful launch.Β
Additionally, by taking the time to meticulously craft your business plan with complete transparency, youβll increase your chances of securing funding and attracting prospective employees.
You should ensure that your business plan includes the following:Β
- A title page, including your businessβs name and the title of the document.Β
- A table of contents.Β
- A brief summary of your business planβs most important details.Β
- An introduction that introduces yourself and your business, including a description of your businessβs goals.Β
- Β An itemized services list that you intend to offer to prospective customers.Β
- A breakdown of the costs that you intend to charge for each of your services.Β
- A market analysis that demonstrates your well-informed awareness of your service area.Β
- A competitive analysis of other handyman businesses in your service area.Β
- A marketing strategy that reveals how you intend to advertise your business to attract new customers.Β
- A breakdown of your employment plan, including how many employees you intend to hire and for which roles.Β
- Your financial projections.Β
3. Registering Your Handyman Business
Now that you have a solid business plan to refer back to when needed, the next step is to register your business. Not only is registering your business a legal requirement, but it also gives you the opportunity to decide whether you are a sole trader or a limited company.Β
Once youβve registered your business, youβll receive an ABN. ABN stands for Australian Business Number, and appears as a unique 11-digit number that your government and community can use to identify your business.Β
You can apply for an ABN on the Australian Business Register (ABR) website.Β
4. Investing In Training & Skills
Now itβs time to prepare yourself for your launch, but before you delve into essential financial aspects of your business, you must ensure you have the necessary training and skills to support your business.Β
These training and skills donβt just refer to work-related competencies but also the following:Β
- Leadership and management skills.Β
- Attentiveness.Β
- Time management.Β
- Physical fitness.Β
- Customer service skills.Β
- Health and safety knowledge.Β
- A knowledge of current market trends.Β
- Problem-solving skills.Β
5. Getting InsuranceΒ
As a tradesperson, you should prepare for any potentiality where accidents may occur, or customers may feel dissatisfied with your services.Β
Insurance will protect you in the unfortunate event that you find yourself in a legal dispute where you may have otherwise incurred fines or compensation fees.Β
From personal accident insurance to public liability insurance, protecting your business and its reputation is worth the additional expenditures.Β
6. Covering Your FinancesΒ
Now, itβs time to focus on the financial aspects of growing a new business.Β
At the start, you may initially experience a financial loss due to expenditures like insurance, tools, and equipment. To avoid a major financial loss, you should list everything your business needs with accompanying costs.Β
If you arenβt in a position to financially support your business yourself, consider applying for a small business loan or government funding.
Another important financial aspect of running a business is filing taxes and creating professional invoices. With Quickbooks, accounting software, you can streamline how you conduct such administrative tasks by creating a tailored plan that caters to your needs as an independent handyman and business owner.Β
7. Purchasing Tools & EquipmentΒ
Purchasing a diverse range of tools will allow you to offer a vast array of services to prospective clients. Needless to say, purchasing tools that allow you to provide multiple services is a great way to generate more income from your business.Β
However, whatβs more important than purchasing various tools is investing in high-quality tools. If your budget allows for it, you should purchase tools that are durable and allow you to carry out high-quality services.Β
8. Marketing Your BusinessΒ
At this stage, your goal is to maximise the visibility of your business in order to expand your customer base.Β
Here are a few ways you can market your business effectively:Β
- Create a website for your business.Β
- Create social media accounts for your business.Β
- Distribute leaflets and flyers.Β
- Invest in vehicle graphics that show your businessβs name and contact details.Β
- Advertise your business in a local newspaper or magazine.Β
