Homeowners will always need repairs and improvements, no matter the state of the economy. The home will obtain damage through regular wear and tear and severe weather conditions. Families will be on the lookout for a reliable contractor who can provide quality services at an affordable price.
Starting a small general home repair business can be a great way to make some extra money if you have basic carpentry, plumbing, and electrical skills. But before you begin accepting clients, there are a few things you should keep in mind. Take a look at the tips below to help you get started.
- Get insured and bonded
Accidents can happen in every home project, so the first step is to obtain insurance and bonding. This will protect you and your business if something goes wrong during a job. General liability insurance will cover any damages that occur to the property, and workers’ compensation will take care of any injuries to you or your employees.
Because home construction and repair is a regulated industry, you will also need to obtain a business license from your city or state. This will allow you to operate your business legally. Some localities require special permits for home-based businesses, so check with your city or county clerk’s office.
You also need to check with your homeowner’s insurance policy to see if there are any restrictions on running a business from your home. You may need to purchase a separate policy to cover your business activities.
- Develop a business plan
Once you have the legalities out of the way, it’s time to develop a business plan. This document will serve as a roadmap for your business, outlining your goals and how you plan to achieve them.
Your business plan should include:
- your business name, logo, and tagline
- a description of your business and services
- your target market
- your pricing structure
- a marketing plan
- your business location
- your company’s organizational structure
- your financial forecast
- Get the proper tools and equipment
No home repair business can operate without the proper tools and equipment. You will need various hand tools, power tools, and construction materials. Try to look for an industrial equipment supply company that offers discounts for small businesses. This will help you save money on the necessary tools and equipment.
If you don’t have the upfront capital to purchase these items, you can consider renting or leasing them. This is an excellent option if you only need the tools for a specific project. Some suppliers offer short-term rentals to help small businesses.
You may also need to invest in a truck or van to transport your tools and materials to and from job sites. This is a necessary expense to consider when starting your business. Find a reliable vehicle that can accommodate all of your equipment.
- Hire qualified employees
Although a single person can run a small home repair business, you will eventually need to hire employees. As your business grows, you will need to delegate tasks to others so you can focus on marketing and sales.
When hiring employees, look for candidates who have experience in the construction or home repair industry. You can hire a few people to start and then train them on the specific tasks you need to perform.
You will also need to develop a system for managing your employees. This includes creating job descriptions, setting work schedules, and handling payroll. Insuring your employees is also essential. This will protect your business if one of your workers is injured.
- Find your niche
When you’re first starting, you may be tempted to take on any job that comes your way. But it’s essential to find your niche and focus on the type of home repair work you’re good at. For example, you may want to specialize in roofing, painting, or electrical work. Or you may want to focus on specific types of customers, such as seniors or low-income homeowners.
Don’t be afraid to turn down jobs out of your area of expertise. It’s better to do a few jobs well than to spread yourself too thin and do a poor job. Always give your customers your best work, and they will be more likely to recommend you to others.
- Market your business
Once you have everything in place, it’s time to start marketing your business. There are many ways to market a small home repair business. You can start by creating a website and social media accounts. You can also distribute flyers and business cards in your community.
You may also want to consider advertising in local newspapers or radio. And don’t forget to leverage word-of-mouth marketing. Ask your satisfied customers to leave reviews on your Google My Business page or other online directories.
You can get your small home repair business off to a great start by following these tips. Just remember to take things one step at a time and always give your customers your best work. With hard work and dedication, you can build a successful business that will provide you with a good income for years to come.
