The home improvement industry is thriving and is a lucrative business ownership opportunity. If you are interested in starting a handyman business and think you have the skill set to be successful, right now might be the perfect time to invest in a franchise business. Opening a home services or handyman business can provide you with the income you need and a career you love.
Small businesses are the backbone of the American economy, and entrepreneurship can help you escape the daily grind of working for someone else.. There are 31.7 million small-business owners in the United States, the U.S. Small Business Administration reported. At least 29% of people start a business because they want to be their own boss, and 16% want to pursue their passion, according to a survey of 2,400 people by Guidant Financial.
A handyman can charge $60 to $70 per hour for their services, according to BobVila.com, a home renovation website. Having your own handyman business will put you in charge of your future and allow you to be part of the booming home services sector. Starting a home improvement business from scratch requires more than hanging up a sign and buying a few tools. It will require long hours, hard work, and lots of paperwork, not to mention your very own business plan.
Households are completing 728.3 million projects per year to improve, maintain, and fix their homes, according to Angi, the online home services platform formerly known as Angie’s List. As Americans stayed home to flatten the curve during the pandemic, they began tackling home projects in greater numbers to make their living spaces more appealing and accommodate virtual work from home. . Low interest rates implemented to help bolster the economy last year are prompting a rise in home prices, which corresponded with a rise in home improvement projects as more homeowners decided to love the homes they already own. Consumers started spending less on traveland dining out, freeing up more money for fixing up their homes. That, coupled with the housing boom, is anticipated to mean more demand and more revenue for the handyman and home renovation industry.
Steps to Start Your Own Handyman Business
Not sure how to start a handyman business? Fresh Coat, the leading franchise in commercial and home painting, has compiled this short list of what you’ll need to get your business up and running.
- Research. It’s important to understand competitive rates in your area so you can start your business on an even footing. Check out online neighborhood reviews, Facebook pages and local ads to get a sense for what’s considered fair pricing in your target market.
- Develop a business plan. A business plan is the roadmap to establishing and growing your business. Your business plan should include a description of your company, an overview of your service offerings, how many employees you’ll need to complete all the projects you will need to be profitable and financial projections for your first five years in business. This is the tool you’ll use to persuade lenders and investors that your new business venture is a worthy risk.
- Fund your dreams. A good business plan should provide a detailed breakdown on the cost of starting your business. What tools will you need? How will you get to and from job sites? You’ll want to hire someone to launch a marketing campaign to build a loyal customer base. You can borrow from lenders or raise capital among family and friends to make your dreams of entrepreneurship come true.
- Choose an office location. Picking where your business is located is key. One big advantage of the handyman industry is that you can usually operate out of your home office or a mobile unit to cut costs significantly. It’s important to keep in mind you will still need to target an area with your ideal customer demographic.
- Don’t forget the paperwork. Small businesses need to pay taxes, keep insurance updated and comply with local, state and federal business regulations. Municipalities require different licenses and permits. You need to cover all your bases to avoid penalties as your business grows.
Franchising Reduces Startup Challenges
If you are feeling overwhelmed with the requirements needed to start a business from scratch and still feel you don’t know how to start a handyman business, Fresh Coat has the perfect solution. If you invest in one of our franchises, you can get started on the right track immediately.
Franchise owners pay a franchise fee to use a trusted brand name and the proven business model. Fresh Coat Painters provides onboard training, ongoing operational support and a dedicated business coach to ensure your business is successful. Franchise support teams will help owners find customers with expert marketing advice, and while you’re running your own business, you can rely on a network of peers for best practices and support. You can also take advantage of ongoing research and development to offer customers new products and services.
The Advantages of Owning a Fresh Coat Franchise
Fresh Coat is a nationally recognized painting and home services company with more than 175 locations across the country. Our low-cost, home-based franchise offers multiple revenue streams and eliminates the need for inventory by partnering with Sherwin Williams and PPG. Fresh Coat also provides franchise owners with state-of-the-art quoting software, a customized website connected to the corporate site, lead generation support and a 24-hour call center for customer scheduling.
Fresh Coat knows that hiring staff can be an intimidating part of business ownership, that is why there are business coaches to help you through the hiring and painter training process. Fresh Coat offers a turn-key business that can be up and running in about three months which is significantly less than most startups take to get operating. The startup costs for Fresh Coat Painters are very affordable, ranging from $53,945-$76,845, according to Item 7 of the Franchise Disclosure Document (FDD).
Learn more about the Fresh Coat business opportunity
Fresh Coat has been included in the prestigious Entrepreneur Franchise 500, and is considered a leader in the $140 billion home services industry.
If you’re ready to start operating your own handyman business, fill out the inquiry form here to learn how a Fresh Coat franchise might be the next best step in entering the lucrative home improvement industry.