Beginner’s Guide on Starting a Handyman Business in the United Kingdom
The handyman business offers a wide range of services. Starting a handyman business does not require a huge sum of money or any expertise knowledge. You can offer the different services as a handyman are; basic rewiring, maintaining, or repairing fittings and fixtures. Others include changing fuses, bulbs, simple landscaping or garden maintenance, decorating, painting, cleaning, plumbing, etc.
Handyman requires different kinds of tools and equipment for starting a handyman business. Some of these tools include; screwdrivers, hammers, vacuum, step ladders, painting supplies, cordless drill, etc. This equipment varies depending upon the type of business you prefer.
You may not require formal training to be a handyman. However, you need to qualify in certain courses to be in the competitive market. It’s advantageous if you have a wide range of basic skills such as painting, brushing, electrical, or plumbing skills.
Apart from the tools and qualifications required for starting a handyman business, there are legal sides that you must follow. The registration of business and ensuring your activities secures your business from potential threats. Company incorporation services in the United Kingdom provide a professional team to help you with commercial activities and comply with legal matters.
Steps for Starting a Handyman Business
Every business should be started in a smart way. If you’re ready to start a business, here are some steps you must follow to make the most out of your business.
Specify Your Niche
Identifying your service area is crucial for a profitable business. You may think that providing a wide range of services may earn you a huge amount. But, the case is different. Therefore, initially, start from what you are qualified at and grow your business in the future.
Be Familiar With the State Laws
You don’t want to hamper your business by going against the law. For this, you need to find out if your business requires any registration or licenses. There are many services that can be run without a license. However, you may need a contractor license for doing business above a certain amount.
Know Your Potential Customers
As a handyman, you can have plenty of customers. But, you’ve to decide to whom you’re willing to give the services. Choose the right customers who are willing to pay for the services. This keeps your business profitable and yourself satisfied.
Build a Marketing Strategy
There is a high demand for handymen in the market. Also, you can find lots of handyman services. Therefore, it’s essential for the business to take the market that can provide the highest return on investment. A corporate service provider in the UK may come up with the best marketing strategy to promote your handyman business.
Determine the Price for Your Services
Price fixing is necessary, both for the customers and the profit of the business. You can rate the standard price for the services you provide. It’s better not to lower the price for the sake of retaining customers. The potential customers will know the value of the quality and are willing to pay for it.
Registration Process For Starting a Handyman Business
Every business requires a business license to start. You need to decide the type of entity you want to create for your business. You may choose sole proprietorship or LLC, or S Corp. Sole proprietorship holds more risk in comparison to LLC and S Corp.
After deciding the business entity, you should register your business with the state. For this, you can register yourself by visiting the Secretary of the State’s website. It may cost you less. However, you may find various difficulties during the process.
Next, you can hire an attorney for carrying out the registration process of your business. The attorney chargers are expensive, and they may cost you a fortune. Moreover, you can consult 3E Accounting that guides you for company registration in the United Kingdom. The process is easy and affordable, and you will get a professional team to handle your business matters.
Licenses and Permits Required For Starting a Handyman Business
A handyman business is easy to start with. But, there are some requirements you need to comply with to get started with the business. Here are some licenses and permits you need. Let’s take a look at them.
It’s essential, and you can’t start any business without having a business license. It ensures your business complies with the laws of the country.
Employer Identification Number (EIN)
It’s a social security number for the business and is required while filing the taxes. You can apply online to get an EIN number. It’s necessary when your entity type is corporation or LLC.
You may require to have a state license to carry out your business activities. It depends upon the laws of the state. If you’re providing services in multiple cities, you should apply for multiple state licenses. It’s not necessary for all states to have a license, but if required, you may be fined for not doing so.
Handyman business offers a wide range of services. And many services may not require a license. Therefore, you should do some research and find if the services you are providing require a license or not. You should get a contractor license if the contractor license is mandatory.
These are some of the important licenses and permits you should have to start a handyman business in the United Kingdom. Initially, it may be difficult for you to track down all the processes. But don’t give up. With proper guidance and patience, it takes little effort and resources to start your handyman business.
Business Insurance for Your Handyman Business
A handyman business is popular and in high demand. As it embodies a lot of services, insurance secures your business from claims of property damage and accidents. Furthermore, the insurance also covers illness and injuries to employees that arise from work. Here is some business insurance you may find attractive for your handyman business.
Public Liability Insurance
It’s particularly essential when any of your customers make claims for damaging their property or for any injuries. The insurance can cover compensation payouts, legal fees, and other charges that are made in the policy.
Employers’ Liability Insurance
This insurance is required when the employees of your business claim illness, or injury, or damage due to business activities. It covers such claims of employees.
Professional Indemnity Insurance
Professional indemnity insurance covers you if your clients make a claim against you. Such claims may arise if clients feel that your advice is bad or if you mishandle the data of your clients.
These are some of the major business insurance that protects your business from huge losses. There is some other business insurance that covers your business tools and stock, equipment, contents, business building, etc. Contact us to get more detailed information regarding business insurance and commercial practices.
Potential for the Growth of Handyman Business and its’ Benefits
The new business startup can flourish over time upon proper guidance and support. There is significant potential for the handyman business to prosper in the market. Moreover, starting a franchise will be lucrative for your business. A handyman offers several advantages to other businesses as well.
Any business hiring a handyman can enjoy its benefits. Such as cost-effectiveness; rather than hiring multiple people to fix pipes, electricity, a single handyman can perform well. This way, a business can save its finance for multiple purposes.
A handyman can provide optimal performance to boost any business capabilities and attain goals. The company can hire a handyman for maintenance of the business engine or equipment to prevent it from malfunctioning. Moreover, a handyman can be of huge benefit to any business by its wide range of services.
Coming to conclude about the handyman business, it’s highly profitable with the proper skills, resources, and teams. The registration process is simple. And, the permits or licenses that are required for the business can be obtained easily. Any person desiring to start a handyman business can succeed with little patience and effort.