While starting a handyman business in Columbus may appear to be a challenging task, it actually has low operational costs and high potential income — making it possible to start one with little money. Still, you may be wondering how you can get started. What are the applicable rules and regulations? How should you set your business up? These tips will help you get started.
1. Determine Your Specialization
The first step is to assess your skills, conduct the necessary market research in Columbus and nearby areas, and then choose your area of expertise. There are a variety of business models for handyman companies, including do-it-all local handymen and handymen who are more selective about which customers they service.
A handyman business that specializes in a specific field appears to be among the most lucrative and least stressful types of repair businesses. Regardless of your degree of expertise as a handyman, focusing on a specific field is an excellent method to expand your clientele, accelerate business development, enhance your marketing approach, and charge higher hourly rates and prices.
2. Check Licensing Laws and Registration Requirements
The second step is getting your papers in order. In Indiana, a handyman license is not required, but you may need one depending on the cities and counties you operate in. However, it’s wise to legitimize your business by registering it. There are several entities to choose from, including limited liability corporation (LLC), S corporations, sole proprietorship, trust, corporation, general partnership (GP), limited partnership (LP), or limited liability partnership (LLP).
Due to the potential for litigation involving property damage and bodily harm, the majority of handyman firms seek some type of liability protection. Through an LLC, one of the most popular options for handyman businesses, personal assets are safeguarded in the event that your company is sued or defaults on a loan. LLCs have additional tax advantages and alternatives to increase the credibility of the business. You can learn more about how to start an LLC in Indiana online. Another option chosen by many handyman entrepreneurs is the S corp Indiana designation, as it offers savings for individuals who are self-employed, and business owners can claim their financial losses as tax deductions.
3. Find Useful Software and Applications
The third step involves organizing your software and apps. Being the founder of a handyman business comes with a great deal of responsibility. To ensure that you focus on completing the project instead of dealing with the details of bookkeeping, a good software program will enable you to easily include material and labor costs and a payment plan for clients, account for taxes when providing construction estimating, and send automated email reminders if an estimate has been received and has been accepted.
You'll also need to create a website or mobile application to make it easier for customers to make reservations and connect with you. It is crucial to integrate a payment system that works effectively for you and your clients on your website or app. Also, by using a balance API that quickly and easily retrieves up-to-date account balance info, you can help avoid costly credit card fees while giving your clients the comfort of mind that they have the cash to complete payments.
Success as a Handyman Service Provider
Getting your business up and running may seem daunting, but it is doable if you follow these steps.Connect with other Columbus entrepreneurs by joining the Columbus Area Chamber of Commerce today!
Image via Pexels