Starting a home repair business is a great idea, and also a great first business choice for a new entrepreneur. It’s a business that is in demand 24-hours a day, seven days a week and a sector where there is strong long-term demand.
It’s also something that you can start on a shoestring budget and from home. You can also decide to narrow down your scope of service to reduce costs and simplify your operations. In this article, we’re going to run down what you need to do if you want to start your own home repair and maintenance business from home.
Know if you Have What it Takes
The long-term success of your business is not as much about how well you planned your attack or how smart you are as it is about how motivated you are about getting the job done. Unless you actually like what you’re doing, your motivation will dwindle and your business as well.
You also need to have a certain temperament to be successful as a self-employed contractor. If you need external motivation to get things one, then that might not be the best field for you. But if you’re a self-starter, you have part of what it takes to be successful.
Determine Your Scope of Service
When determining your services, first do a rundown of your strengths and expertise. Again, you don’t want to only look at demand or what pays the most. You should also consider services you would actually enjoy giving.
For instance, some people might hate doing gutter work but love repairing appliances. Or others might like working on smart home devices. Find what you like and what you’re great at and start narrowing down the choices from there.
Set up Shop
Now that you have everything down, it’s time to set up shop. When it comes to licenses, know that some states will not require that you have one. However, you will most likely need to register with a board of contractors or something similar. So, make sure that you understand the requirements where you are. Your local Chamber of Commerce is a great place to start.
Then you will need to find a name for your business, choose the proper business structure, set up a bank account, and choose an official business address. You will also need to start looking at things like general liability insurance.
This type of insurance will protect you against damages caused to people or properties you’re working on. Insurers like The Hartford Insurance, for instance, offer general liability insurance that will protect you against liability claims ranging from bodily injury and property damage all the way up to libel and slander. Their general liability insurance will cover for legal costs and medical expenses if you’re facing a lawsuit.
Once everything is in order, you can start looking for clients. We suggest that you start with the people around you. You might not get overwhelmed by work just by word of mouth of your friends and family, but you’ll be able to start getting references and build a reputation in your business, which will open doors later.
Starting a home repair business is a great way to transform your skill and love for home repair and improvement into a full-time income. However, make sure that you have the right plan, and have all the pieces in place before you make your move.
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