Suppose you've always gotten a kick out of helping others repair their homes as best you could. Perhaps you enjoyed it so much that starting your own handyman business seemed the most logical next step. Here's how to start your own company with the least amount of sweat equity.
A well-thought-out business plan is essential for any company that wants to start off with a solid foundation. Moreover, a business plan can also help to point the way forward because you'll have a plan of action to abide by when outside circumstances threaten to derail you. Also, you'll hopefully be one step ahead of the competition at those crucial times when it matters most.
Of the various business structures you could choose to go with, there are two that stand out as being worthy contenders for new entrepreneurs: LLCs and S corporations. An LLC in North Carolina is the go-to option for many fledgling business owners, as this structure protects one’s personal assets from business litigation proceedings and offers various tax perks. However, an S corp North Carolina designation is the preferred entity for those who want pass-through taxation benefits and the ability to claim their business’s losses as deductions on their taxes. Take some time to review the different business entities to find the right fit, and work with a formation agency to help you file the paperwork so you’re sure it’s done correctly.
Thereafter, you're going to have to consider getting the relevant insurance, such as general liability insurance, to cover catastrophes that are beyond your control. Other costs you might need to take into account include software costs to make running your handyman business that much easier. For example, construction estimating software alleviates stress when it comes to planning your projects better and can help ensure your invoices are scheduled and sent off on time, your taxes are always included in the prices you are quoting, your brand is represented in the best light with professional-looking templates, and you are reminded when bids for jobs are left pending.
The same applies when it comes to updating your website to include an easy payment system that customers can find easily when they are ready to pay. An integrated API to retrieve bank account balance software can save you money in credit card fees while giving your customers assurance that they have sufficient funds to complete the purchase.
Apart from having the applicable license to perform your trade, you'll probably also need the relevant permits as per your state's legislation, so be sure to look out for what is required of you there.
Establishing what your startup capital should be will be one of your main considerations, especially if you require lots of tools and equipment to help get your business off the ground. And then you'll need to look into options of how you'll obtain this funding, whether it be through the bank, your credit card, or a small business grant.
Of course, when it comes to deciding on your pricing strategy, this will come down to how niche or competitive your service is. Here, you should focus on what your key strengths are so that you can price your services correctly. But be sure to never do this exercise in isolation without taking into account what your competitors are offering, what costs you'll need to cover to make a profit, and how to offer value to your customers through discounts, special promotions, etc.
Advertising your business in those first few months will also be crucial if you want to get your company noticed as fast as possible. Of the many marketing tools that work exceptionally well, a website and social media are best if you want to make sure your business keeps up with the times. However, don't discount more traditional marketing methods that may end up working just as well too.
At the end of the day, if your customer feels valued and taken care of, there is a high likelihood of your business succeeding. Also, be sure to go above and beyond at all times to ensure the job is done right - the first time!
Grow your business with local resources and advocates by joining the Kinston-Lenoir Chamber of Commerce.Image via Pexels