Nowadays, opportunities for business-minded individuals are boundless. Resources — both monetary and informational — are also within reach. Therefore, even without a degree in business management or an inheritance of a hefty trust fund, it’s relatively doable to start your own company.
If you have experience and training in plumbing, painting, carpentry, and other similar skills, why not consider starting a home repair business? This will stay in demand for as long as people occupy houses. Thus, this industry is promising in terms of long-term profitability. Not only that, but you’ll also be the boss of yourself, meaning you can follow your own work hours, choose a specialisation based on your personal interests and preferences, set the pricing, and take absolute charge of your career.
According to Chron, Americans spend almost $43 million each year on home repairs. It’s, therefore, safe to assume that prospective clients will be willing to shell out cash for your services. However, before you count the profits you’ll be raking in, it’s crucial to plan your business diligently and carefully. With that, here are the fundamental steps of starting a home repair business:
Seek Professional Legal Help
The most critical phase in starting a business is dealing with legal procedures. It’s indispensable to get a business permit or license issued by your local government, be well-informed regarding regulations in liability insurance policies, open necessary bank accounts to manage finances, and accomplish other vital legal steps.
Paying for the services of a lawyer can help you be guided and protected in the initial stage. Don’t worry about the costs, though, because there’s no need to continually consult a legal professional after your business has been set up — unless a situation arises requiring you to.
Plan the Costs
Be keen on calculating the total projected startup cost to avoid money troubles in the future and to ensure that you can keep your business running in tip-top shape. Create a list of all essential line items and equipment, as well as other spending ventures like rent (if you wish to establish an office outside your home) and liability insurance. From there, you can begin comparing prices and rates. If you prefer, you can consult a financial expert to help you make wiser decisions.
Partner with an Efficient Supplier
Of course, a home repair business won’t be complete without a wide array of tools and equipment. The type and number will depend on what kind of services you wish to offer. Additionally, you’ll need safety equipment, a first-aid kit, proper protective work uniform for employees, a vehicle for business use, and a good phone system.
Other essentials include cordless saws, stepstools and ladders, paint brushes and rollers, and tool chests consisting of various types of screwdrivers, hammers, wrenches, grip vises, screws, bolts, and fasteners from reliable suppliers. Look for those that can provide reasonably priced sets.
Another advantage of working with a specific supplier is you can get better deals in the long run — after building business loyalty and trust. Lastly, you also have to outsource building materials like lumber or concrete.
Having ownership over a company allows you to operate with freedom while generating a substantial income. However, for your business to be a successful venture, it’s a highly integral step to adhere to a comprehensive plan.