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 is a multitude of factors contributing to the rising need for handyman business plans. Initially, our expert in handyman business plan composition has observed a significant surge in housing prices across the United States. To maximize their returns, sellers increasingly enlist handymen’s services, ensuring that minor repairs do not lead to substantial financial losses. This growing reliance on handyperson services directly correlates with an increased demand for well-structured handyman business plans. Additionally, a trend has been noted where handyperson businesses are diversifying their offerings, incorporating additional services such as gutter maintenance, pressure washing, and window cleaning. As these companies broaden their scope, revisiting and refining their handyman business plans becomes crucial for maintaining strategic alignment. Regardless of the specific motivations behind seeking out a handyman business plan or a template for such a plan, leveraging insights and guidance from our expert in handyman business planning can be advantageous in navigating this process (10/23).
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Executive Summary for a Handyman Business Plan.
In the executive summary of the handyman business plan, our expert in business planning suggests initially outlining the primary services offered, ranging from drywall repair and painting to tackling the ubiquitous honey-do list. After establishing this foundation, the focus should shift to distinguishing your handyperson enterprise from local competitors. A potent strategy for achieving this differentiation is to spotlight particular skills or methods in which your operation excels relative to others. For instance, if your business demonstrates exceptional proficiency in tile setting, it is imperative to articulate this as a distinct competitive advantage. This approach enables establishing a comprehensive range of services while emphasizing areas of particular expertise for differentiation.
Company Information and Location for a Handyman Business.
In the business plan’s company information section, it is observed that many handyman services proficiently itemize their offerings in a structured, bullet-point format. Nonetheless, the specific location of the handyman service frequently does not receive adequate attention. When choosing a location, handymen typically opt for a home office or a site near their residence. Moreover, the geographic scope of services is often linked to the office’s location. Given these strategic considerations, it is imperative to elucidate in the business plan the rationale behind such choices, as well as the potential opportunities that may arise from this method of operation.
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Industry Research for a Handyman Business Plan
In conducting industry research for a handyman business plan, many in the handyman service field prefer analyzing their local competitors. Through such an analysis, business owners often identify ways their services differ from those of their competition. Nevertheless, I believe a more practical approach could be employed in conducting this research. Begin by exploring national trends within the home repair and handyman service industry. Following the identification of these trends, proceed to compare them with the practices of your local competitors to ascertain whether they have adapted to these industry-wide changes. If they have not, you have not only gathered valuable industry research, but you have also pinpointed a potential competitive advantage that could be integrated into your organization. Conversely, if they have adapted, you have successfully identified your actual competitors, necessitating a more thorough analysis.
Owner and Management Section of a Handyman Business Plan
In the owner and management section of the business plan, it is advisable to commence by providing a summary of your resume. This approach allows business owners to demonstrate their qualifications and experience in starting and managing a handyman business. Following the completion of this summary, be sure to elaborate on the various roles and positions that exist within the handyman business, which could include roles such as handyman assistant, positions relating to construction experience, and relevant educational background.
Funding Request for a Handyman Business Plan
In the funding request section for a handyman business plan, a broad spectrum of financial needs might be addressed. Some handyman services initiate their operations with a basic set of tools, a vehicle, and a professionally designed website. Meanwhile, other handyman services necessitate a more extensive array of resources. For these businesses, funding requests could encompass acquiring new vehicles, premium hand tools, various power tools, and a substantial working capital reserve to accommodate startup expenses and ongoing operational demands.
Regardless of the specific nature of your funding request, it is crucial to commence this section by specifying the exact dollar amount required to establish or expand your business. After determining this amount, delineate how the funds will be allocated across different categories, each corresponding to a specific aspect of your startup or expansion efforts. Upon completing this breakdown, ensure that the sum of these categorized allocations precisely matches the initial dollar amount requested. In essence, when soliciting funds, it is imperative to have a clear and justified financial target in mind.
Financials for a Handyman Business Plan.
In crafting the financials for a handyman business plan, begin by detailing your expected daily or weekly sales. This section might itemize customer visits, the variety of services rendered, or any services prepaid on a weekly or monthly basis. Regardless of your chosen billing structure, it is essential to extrapolate these figures to project a month’s worth of services. Following this, focus on fixed monthly costs, including lease payments, vehicle-related expenses, fuel costs, and salaries. Upon identifying and totaling all such monthly expenditures, subtract them from your projected monthly revenue to calculate your net monthly profit. With these monthly figures in hand, extending your financial projections to cover an entire year requires adjusting your spreadsheet to reflect 12 months.
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, send us an email or give us a call.
Author: Paul Borosky, Doctoral Candidate, MBA., Author
Owner of: Quality Business Plan and Quality Business Consultant.
Date: 10/28/2023