How to Write a Handyman Business Plan
The handyman industry has been growing steadily over the last several years, driving the need for handyman business plans, templates, and proforma financial projections.
The handyman industry provides various repair, maintenance, and installation services for residential and commercial properties. In 2023, the U.S. handyman market was valued at $4 billion and is projected to grow at a compound annual growth rate (CAGR) of 5.1% through 2030, fueled by increasing demand for skilled labor in home improvement and repair projects. With the popularity of DIY culture and professional repair services, this industry offers lucrative opportunities for entrepreneurs.
In Phoenix, Arizona, a small handyperson business, Reliable Repairs LLC, recently closed in 2022 due to inconsistent client bookings and operational challenges. Despite offering skilled and timely service, the business struggled with poor marketing, an undefined pricing strategy, and insufficient financial planning, eventually leading to its closure.
A well-written handyman business plan could have dramatically improved Reliable Repairs LLC’s success. The plan would have included financial projections to manage cash flow, marketing strategies to attract repeat clients, and operational plans to optimize scheduling and resource management. Initiatives like implementing referral programs, using social media for local advertising, and offering package deals for recurring services could have boosted customer retention and profitability.
Here are some tips and tricks by Dr. Paul Borosky, MBA, business plan writer, and business consultant, for writing an effective handyman business plan…
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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 the establishment of a comprehensive range of services while emphasizing areas of particular expertise for differentiation.
Company Information and Location for a Handyman Business.
The business plan’s company information section shows that many handyperson 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 and 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, compare them with your local competitors' practices to ascertain whether they have adapted to these industry-wide changes. If they have not, you have gathered valuable industry research and 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. After completing this summary, be sure to elaborate on the various roles and positions 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
A broad spectrum of financial needs might be addressed in the funding request section for a handyman business plan. Some handyman services initiate their operations with essential 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 essential to begin 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. 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, I'd like you to begin by detailing your expected daily or weekly sales. This section might itemize customer visits, the variety of services rendered, or any services prepaid weekly or monthly. 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, email or call us.
Author: Dr. Paul Borosky, MBA., Author
Owner of: Quality Business Plan and Quality Business Consultant.
Date: 1/22/2025