Starting a Handyman Business – Pros and Cons
There are always good and bad aspects of any business. The handyman business is no exception. Yes it can be very good for the right people and very bad for the wrong type of people.
In order to become successful in this type of business, you:
Must be experienced:
If you are reading this article today, you have either been your own boss before or would like to be your own boss now. The handyman business is a good idea and fit for the type of person who is very skilled with their hands. You should have some kind of prior experience working in this line of work. This type of business is not recommended for those who have little to know experience in this trade. Lacking the experienced required could cause legal issues against you should you damage a customers property.
Must be a self starter:
If you have been in business before, then you should know the importance of self discipline. You will have to be your own boss and delegate your own duties each day. If you lack the discipline to follow through with your own plans each day, you will not make it in the handyman business.
Must be an Entrepreneur:
You must be an entrepreneur in order to become successful or partner up with someone who has entrepreneurial skills. This would be a good idea for a husband and wife team as long as one knows the trade and the other knows about business. No matter how big or small a business, the lack of entrepreneurial skills is what usually causes failure.
Must be able to advertise:
Without advertising the services to those who are looking for it, your business will be dead in the water. If you let the your targeted market (people who need your service and have money to pay) know that your business exists, you could make a lot of money.
Must be incorporated:
When doing any business, you should always open up a limited liability company or incorporation. An incorporation is just some documents that you will have to file with the government that regards your business as its own entity. This will enable you to protect your personal assets such as home and car etc, from being taken away from you should you be sued.
Must file your own taxes and hire your own accountant:
Yes you should still file your own taxes. A good accountant will enable you to know your rights as to what and what not to right off. A good accountant may cost you $500 per year but they will be one of your most valuable assets. Businesses and Incorporations pay very little in taxes. Employees pay the lion’s share but I guess that is the price of ‘security’.
The handyman business can be a very good idea for the right candidates. Yes there are some legalities to be taken care of but this business can be very rewarding. It allows you to be boss free and self reliant. It can also allow you to keep more dollars in your pocket since you will be doing this as a business and not as an employee. Employees pretty well can not right off anything substantial causing them to pay heavy in taxes each year. You can make any where from $500 and up depending on how good you are in combining business skills with practical hands on experience.