Being a handyman can be a lucrative profession. After all, with so many of today’s homes being decades old, improvements and repairs are necessary to maintain the aging properties. Moreover, the uncertainty caused by the global COVID-19 pandemic has forced many to work remotely from home, resulting in a growing number of homeowners spending more on home makeover and renovation projects.
Thus, it is no surprise that the market for home improvement is expected to continue rising, with some anticipating it to go over a billion dollars by 2025. However, while it does make it a profitable prospect, that isn’t to say it guarantees success. And there are a few things you’ll need to consider to give yourself a better chance of succeeding, which we’ll discuss in this article.
Know the legislation of the area
Nobody wants to be fined or damage their reputation, especially because of legal issues or violations of industry standards. Therefore, you need to take the time to learn about the legislation of the area you plan to operate in or risk getting in trouble. For example, some states may require licensing and accreditation for HVAC, plumbing, or electrical work. The good news is that it's relatively easy to get, and a quick search online should get you all the information you need.
Don't forget about insurance
Coverage is integral in any profession and is no different for handymen. When you get down to it, it will keep you financially covered in case of any claims, damages, or theft. The key is finding the insurance policies that provide the required coverage. For example, if you're based in the Texas area, it's worth exploring options for handyman insurance in Texas. By giving yourself more options, you’re more likely to find what you need at a price you can comfortably afford.
Check the competition
It's a rule of thumb to always do a competitive analysis before committing to any entrepreneurial venture, especially in oversaturated markets. It may sound like a lot of work, and in reality, it can be. However, it'll also give you a good idea of who you'll be up against, what services they offer, their price points, and how they attract clients. As a result, you'll know what gaps you can take advantage of, how to price your services, and even gain insight into better marketing strategies for your business.
Find a niche
Offering a multitude of services might sound like an excellent way to reel in more business. However, it can be counterintuitive and lead to a greater investment that you'll never see any returns on. So, narrow your focus to on-demand jobs and scale your business from there. Doing so will give you the chance to gain more profit.
Being a handyman can be profitable as long as you do it right. By following the above mentioned tips, you will be able to build a successful business not only in the short term but also in the long term.