“Handyman service” is actually an umbrella term we can use to describe various different home improvement projects like plumbing, lighting fixture installation, wall repair, painting, HVAC maintenance, and many others, and so there are actually various different business models within the niche of handyman services.
Here, we will discuss six common handyman business models, their unique business approaches, and their pros and cons so you can get a better insight into which of these models you should adopt into your own handyman business.
1. Part-Time Handyman Business
One of the best things about the handyman business is the fact that you can certainly start it as a side business. For example, if you don’t want to leave your full-time job with full benefits at the moment, then starting a part-time handyman business is certainly viable.
You can, for example, offer your handyman repair services to get the repairs done on the weekends or after-hours during weekdays.
The most important benefit of this model is versatility and minimum risk involved. You might not need to commit too much to equipment and infrastructure, and if the handyman business doesn’t work out, you can always fall back to your full-time day job. Once the handyman business is successful and you’ve grown your customer base, you can turn it into your full-time business.
The disadvantage, however, is quite obvious: since you won’t invest as much time to work on the handyman business, the growth most likely will be slowed.
2. Licensing a Handyman Franchise
Another popular business model in the handyman service niche is to invest in an existing, established handyman bAnother popular business model in the handyman service niche is to invest in an existing, established home improvement franchise.
This can be a great option if you only want to run the business side of things and/or want to keep your full-time job but want to have an established handyman business brand and run it. In this model typically you won’t be the one doing the actual handyman service, but instead, you’ll manage a team of handymen.
The advantage of licensing a franchise is fairly obvious: you’ll get an established brand and it’s going to be easier to attract clients. Also, typically you’ll get the business systems in place and regular training for your handymen team, and so it’s going to be much easier to run the business.
The downside? It’s going to be more expensive with the licensing fee to start the business, meaning more risks would be involved.
3. All-In-One Handyman Service
In this business model, you are offering every handyman repair service out there. Your business will serve all your client’s home needs, no matter what their needs are: from installing lighting fixtures to plumbing jobs to a full remodel. Some handyman businesses with this model also offer gardening and lawn services.
The advantage of this business model is that you can build a loyal client base that will never call another contractor, and so you can effectively retain these clients. Also, you can keep the business afloat even if you only have a few clients since there’s a lot of variety of projects you can take on.
The downside? The legal requirements for the handyman and contracting jobs are now quite complicated, and depending on your location, you might be required to possess different trade licenses to perform these different handyman services.
Also, obviously managing the business will be much more complicated as you’ll likely need to manage at least a couple of handymen employees.
Nowadays, however, you can use scheduling and management software to help streamline and automate this process, and so if you can get the right licenses, this type of “jack-off-all-trades” handyman business can be a lucrative opportunity to chase.
4. Specialty Handyman Business
As opposed to the all-in-one handyman business above, in this business model, the handyman business would only specialize in specific few services or even a single service.
For example, the business might decide to specialize only in installing and repairing drywall. Or, another handyman business might decide to specialize only in electrical repairs.
While at the first glance it might seem like offering more services is a better idea, actually, this business model has several key advantages:
- Typically cheaper to start since you’ll only need to invest in specific sets of tools
- Much easier regarding certifications/licenses, as discussed above
- Easier to charge your clients with a flat rate, which tends to be more profitable than charging b the hour
- Easier to hire employees
- Many clients want to only hire specialists, and by specializing in certain niches, you’ll likely surpass the all-in-one business in the specialty you offer
The downside? Since you are only offering one or a few services, you’ll need to market your business properly in order to stay busy. You won’t have as much repeat business as in an all-in-one handyman business since most people will only need the same repair/installation in the same house every few years or so..
There are at least four basic handyman business models you can choose from, and as you can see from these examples, the handyman business is actually quite versatile to start and run.
Even within each handyman business model discussed above, there is additional flexibility and you can personalize the business model further to better meet your needs and objectives. Flexibility is probably the best advantage in starting a handyman business, and you can even start the business part-time and keep your full-time job if you want.
Meaning, there’s simply no excuse for not starting your handyman business now if you are really serious about it.