How to Write a Handyman Business Plan
The handyman industry has been growing steadily over the last several years, which is driving the need for handyman business plans, handyman business templates, and handyman proforma financial projections.
There are so many reasons why the demand for handyman business plans is growing. First, our handyman business plan writer has found that home prices throughout the US have been skyrocketing. In order to ensure that sellers receive top dollar for their properties, hiring a handyman is often an excellent investment to ensure small repairs do not cost sellers big dollars. As the demand for handyman services increases by home sellers, the need for a handyman business plan also increases as well. Further, more and more handyman businesses are expanding their services to include complementary services like gutter cleaning, power washing, and even window cleaning. As a handyman company expands, updating its handyman business plan is an excellent way to stay current strategically. Regardless of why a handyman business plan or handyman business plan template is needed, using some tips and tricks from our handyman business plan writer may help in this process (12/21).
Executive Summary for a Handyman Business Plan.
In the executive summary section of the handyman business plan, our business plan writer recommends first stating general services provided, such as drywall repair, painting, or completing a honey-do list. Once this is done, the next step is to quickly differentiate your handyman business from other competitors in the area. An excellent way to do this would be to discuss specific skills or practices that you do better than most competitors. An example of this would be if your firm sets tile better than other competitors, then explicitly state this as a competitive advantage. By following this practice, the business plan writer can set a broad scope of services provided and then accentuate exceptional services for differentiating purposes (1/22).
Company Information and Location for a Handyman Business.
In the company information section of the business plan, most handyman services do an excellent job of describing their services in a bullet point fashion and structure. However, for some reason, the location of the handyman service is often not covered in detail. In selecting a handyman service location, the choice is oftentimes either a home office or a location close to home. Further, because of this convenient selection, the location or geographic coverage of services is often predicated on the office location. Because of this strategic decision-making process, an explanation should be provided in the business plan regarding the thoughts and ideas about how the handyman company may be able to exploit opportunities such as this.
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Industry research for a Handyman Business Plan
When conducting handyman research for a business plan, most handyman services love to examine the local competition. From this can local competition examination, business owners often differentiate how their services may differ from the competitors. However, in my most humble of opinion, a better strategy may be utilized when doing competitor research. When doing this type of research, start with examining national trends for the home repair and handyman service industry. Once national trends are identified, then compare these trends with local competition to see if they have embraced these changes. It’s not you, then not only do you have good industry research but you also have a competitive advantage that might be implemented in the organization. If they have, then now you’ve identified one of the few true competitors for your organization and then an in-depth analysis is necessitated.
Owner and Management Section of a Handyman Business Plan
As for the owner and management section of the business plan, always start with summarizing your resume for this section. By following this practice, business owners are able to show why they have the experience to start and run a handyman business. Once the structure is complete, then make sure to discuss positions held within the handyman business. Common positions would include handyman assistant, construction experience, and schooling.
Funding Request for a Handyman Business Plan
The handyman funding request section of a business plan could cover a wide array of needs. For example, some handyman services start simply with a drill, car/truck, and a well-designed website. Other handyman services are a little bit more involved. In these types of services, funding requests may include purchasing new trucks, high-end hand tools, various power tools, and a significant amount of working capital to cover startup costs and operational needs.
Regardless of your funny request needs, make sure to start this category with a specific dollar amount needed to start your organization. Once this is identified, then expand upon the dollar amount needed by breaking up the funds into different categories identifying specific needs for your startup or expansion. Finally, always total each category into a total sum section. This total sum section should be identical to the dollar amount requested upfront. In other words, it sure that when you’re requesting money, have a specific dollar amount in mind and justify it accordingly.
Financials for a Handyman Business Plan.
When creating a financial statement or financials for a handyman service, make sure to start with daily or weekly sales. In the daily or weekly sales section, line items may include customer visits, services performed, or weekly/monthly prepaid services. Regardless of your financial billing structure, whether it be daily, or weekly, make sure to take these numbers and expand them to cover a full month of services in the second step. Once this is complete, then focus on your fixed costs.
Monthly fixed costs may include a lease, truck payments, gas, and wage payments. Once all monthly costs are identified, total them up and subtract the monthly cost from the monthly revenues. This number will be your net profits for the month. From this foundation, then expanding the monthly profits to annual profits is as simple as updating your spreadsheet to cover a 12-month timeframe as compared to one month.
Hopefully, these insightful tips and tricks for writing a business plan were helpful. As always, if you need help with a business plan or financial projections, just send us an email or give us a call.
Author: Paul Borosky, Doctoral Candidate, MBA., Author