Handyman Business Plan
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Executive Summary
Business Overview
Fix-It Pro Services is a startup company located in Augusta, Maine. The company is founded by Jimmy Larkin, who has experience in multiple areas of home repair and services Now, with the expertise of knowledge and business acumen, he has determined he can confidently start and effectively grow a successful Fix-It Pro Services company. Jimmy believes his experience of strategic growth, marketing skills, financial capabilities, and wide and deep knowledge of home repair and home service practices will provide everything needed for long-term growth and profitability.
Fix-It Pro Services will provide a comprehensive array of products and services for a wide variety of clients. Fix-It Pro Services will be a one-stop shop, providing for the specific needs of each client while supporting the strategic goals of the company. Fix-It Pro Services will be the ultimate choice in Augusta for clients to ensure that every need of the customers is fully and completely met.
Product Offering
The following are the services that Fix-It Pro Services will provide:
- General repairs and maintenance
- Plumbing and electrical work
- Carpentry and woodworking
- Painting and drywall repair
- Unique services in wallpapering and wall treatments
- Day to day software management system of all projects, guaranteeing on-time completion of projects
Customer Focus
Fix-It Pro Services will target all residents within the greater Augusta region. They will target owners of office buildings, apartment complexes, and commercial buildings, in addition. They will also target those individuals who have residential properties that are rentals and often need repair or painting to prepare for new renters who will occupy the homes. No matter the client, Fix-It Pro Services will deliver the best service and timely completion of projects.
Management Team
Fix-It Pro Services will be owned and operated by Jimmy Hawkins. He recruited his brother and former handyman assistant, Tommy Hawkins, to be his assistant manager of operations and help oversee the handyman projects overall.
Jimmy Hawkins is a professional handyman with over twenty years of experience in residential and commercial properties. Whether repair or maintenance work is required, Jimmy has the expertise and capability to fix or replace items and building components with professionalism and excellent references from former clients.
Tommy Hawkins has served as the assistant to Jimmy Hawkins in his former position and has been in that position for ten years. He graduated from Augusta Community College with an Associates Degree in Electrical Repair. Tommy has concentrated on electrical repair services since his graduation and has completed over one hundred repair contracts for residential and commercial clients during the past ten years. He will take on the role of assistant manager of operations in the new company.
Success Factors
Fix-It Pro Services will be able to achieve success by offering the following competitive advantages:
- Friendly, knowledgeable, and highly-qualified team of Fix-It Pro Services
- Comprehensive menu of services and a full slate of capabilities within the professional handyman arena. Such services include:
- General repairs and maintenance
- Plumbing and electrical work
- Carpentry and woodworking
- Painting and drywall repair
- HVAC maintenance
- Appliance installation and repair
- On occasion, landscaping and outdoor maintenance service are offered
- Unique wallpaper and wall treatment services are provided upon request
- Fix-It Pro Services offers the best pricing in town. Their pricing structure is the most cost effective compared to the competition.
Download the Handyman business plan template (including a customizable financial model) to your computer here <–
Financial Highlights
Fix-It Pro Services is seeking $200,000 in debt financing to launch its professional handyman company. The funding will be dedicated toward securing the office space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and marketing costs. The breakout of the funding is below:
- Office space build-out: $20,000
- Office equipment, supplies, and materials: $10,000
- Three months of overhead expenses (payroll, rent, utilities): $150,000
- Marketing costs: $10,000
- Working capital: $10,000
The following graph outlines the financial projections for Fix-It Pro Services.
Company Overview
Who is Fix-It Pro Services?
Fix-It Pro Services is a newly established, full-service professional handyman company in Augusta, Maine. Fix-It Pro Services will be the most reliable, cost-effective, and efficient choice for residential and commercial clients in Augusta and the surrounding communities. Fix-It Pro Services will provide a comprehensive menu of products and services for any client to utilize. Their full-service approach includes a comprehensive wallpaper and wall treatment special application and repair service.
Fix-It Pro Services will be able to quickly and efficiently provide services for all clients. The team of professionals are highly qualified and experienced in handyman projects and maintenance. Fix-It Pro Services removes all headaches and issues of property maintenance and repair and ensures all issues are taken care of expeditiously while delivering the best customer service.
Fix-It Pro Services History
Fix-It Pro Services is owned and operated by Jimmy Hawkins, a former handyman who worked for a national handyman company as a manager of residential and commercial services for fifteen years. Jimmy built a large portfolio of properties that were entrusted to his care by clients who experienced Jimmy’s very high degree of professionalism and valuable repair and overall property services. Jimmy has requested that his brother, Tommy, join him in the company, creating a professional duo with over twenty years of experience behind them and a full portfolio of customers waiting to join them in their new company.
Since incorporation, Fix-It Pro Services has achieved the following milestones:
- Registered Fix-It Pro Services, LLC to transact business in the state of Maine.
- Has a contract in place for a 10,000 square foot office at one of the midtown buildings
- Reached out to numerous contacts to include Fix-It Pro Services.
- Began recruiting a staff of two and office personnel to work at Fix-It Pro Services.
Fix-It Pro Services
The following will be the services Fix-It Pro Services will provide:
- General repairs and maintenance
- Plumbing and electrical work
- Carpentry and woodworking
- Painting and drywall repair
- Unique services in wallpapering and wall treatments
- Day to day software management system of all projects, guaranteeing on-time completion of projects
Industry Analysis
The handyman industry is expected to grow over the next five years to over $315 billion. The growth will be driven by an increase in homeownership as the population grows. In addition, the handyman industry will grow as commercial properties are utilized for expanding technology and commercial concerns. Costs will likely be reduced as repairs or replacement of items will be conducted via software management applications and technology not yet utilized. The costs will also be reduced by an increase in self-employed repair services as individuals move into positions that offer work-life balance.
Download the Handyman business plan template (including a customizable financial model) to your computer here <–
Customer Analysis
Demographic Profile of Target Market
Fix-It Pro Services will target all residents within the greater Augusta region. They will target owners of office buildings, apartment complexes, and commercial buildings, in addition. They will also target those individuals who have residential properties that are rentals and often need repair or painting to prepare for new renters who will occupy the homes. No matter the client, Fix-It Pro Services will deliver the best service and timely completion of projects.
The precise demographics for Fix-It Pro Services are:
| Total | Percent | |
|---|---|---|
| Total population | 1,680,988 | 100% |
| Male | 838,675 | 49.9% |
| Female | 842,313 | 50.1% |
| 20 to 24 years | 114,872 | 6.8% |
| 25 to 34 years | 273,588 | 16.3% |
| 35 to 44 years | 235,946 | 14.0% |
| 45 to 54 years | 210,256 | 12.5% |
| 55 to 59 years | 105,057 | 6.2% |
| 60 to 64 years | 87,484 | 5.2% |
| 65 to 74 years | 116,878 | 7.0% |
| 75 to 84 years | 52,524 | 3.1% |
Customer Segmentation
Fix-It Pro Services will primarily target the following customer profiles:
- Residents within the greater Augusta region
- Owners and managers of commercial buildings
- Owners of apartment buildings
- Owners of residential properties
Competitive Analysis
Direct and Indirect Competitors
Fix-It Pro Services will face competition from other companies with similar business profiles. A description of each competitor company is below.
Handyman-in-a-Hurry
Handyman-in-a-Hurry is a national chain of handyman franchises with franchisees who own and operate businesses within various geographic locations. The franchisee, Taylor Tomkin, operates the Augusta location business; however, the national franchisor company oversees the products used, repair services offered, and marketing and brand messaging. Taylor Tomkin started the company in 1998 and has continued in the franchisor/franchisee relationship during the past several years. The company has a solid following of clients who trust Taylor and Handyman-in-a-Hurry, in part due to the national franchise connection and national, on-going marketing efforts.
Handyman-in-a-Hurry does not repair or maintain outdoor landscaping or irrigation, nor does Handyman-in-a-Hurry offer services for wallpapering or wall treatments. The roster of services includes general repair and electrical services, as needed.
The Service Station
Pinky and Charlie Staton started The Service Station ten years ago while the housing industry was booming in the Augusta region. Their company grew quickly as they serviced new residential homes with moving in services, electrical hookups, and set-up of appliances. As the housing industry slowed during recent years, The Service Station has focused more on general repairs and residential painting.
Pinky and Charlie Staton were experienced handyman service providers prior to opening their company. Together, they managed a large residential complex for a nationally-known celebrity homeowner. The multiple-acreage property with several residences and outbuildings required constant repairs and upkeep. Exterior landscaping and maintenance included the twenty-acre complex and, as a result, Pinky and Charlie brought a high level of expertise to the handyman industry.
The Service Station is housed in a former gas station, which lends itself to the name of the company and the owners offer the unique advantage of attracting current and new customers by serving coffee and snacks in one of the converted repair bays of the station on a weekly basis. Homeowner courses in repair and maintenance are offered by Pinky and Charlie at each gathering.
Handyman Haven
Handyman Haven was started in Augusta, Maine in 2018 by Darren Woods. Darren, a former property manager for a large Augusta company, oversees the maintenance and repair of residential home rental properties in the region. Services include move-in/move-out cleaning, painting, wall repairs, electrical installation and other general repair or improvement services for rental properties.
Handyman Haven has produced a business strategy that operates with yearly contracts between rental owners and Handyman Haven. The strategy provides for monthly payments irrespective of general repairs needed and effectively spreads the cost of the residential upkeep over twelve months during each contracted period. Yearly contracts are updated each January and are reflective of the age and condition of each residence. Rental owners may contact Handyman Haven as needed for repairs, painting or other services without incurring additional costs.
Download the Handyman business plan template (including a customizable financial model) to your computer here <–
Competitive Advantage
Fix-It Pro Services will be able to offer the following advantages over their competition:
- Friendly, knowledgeable, and highly-qualified team of Fix-It Pro Services
- Comprehensive menu of services and a full slate of capabilities within the professional handyman arena. Such services include:
- General repairs and maintenance
- Plumbing and electrical work
- Carpentry and woodworking
- Painting and drywall repair
- HVAC maintenance
- Appliance installation and repair
- On occasion, landscaping and outdoor maintenance service are offered
- Unique wallpaper and wall treatment services are provided upon request
- Fix-It Pro Services offers the best pricing in town. Their pricing structure is the most cost effective compared to the competition.
Marketing Plan
Brand & Value Proposition
Fix-It Pro Services will offer the unique value proposition to its clientele:
- Highly-skilled management with extensive handyman expertise.
- Unique wallpaper and wall treatment services are provided upon request
- Software management that tracks and schedules appointments, offering customers the ease of online appointments and cancellations, as well as up-to-the-minute tracking of repair and service personnel.
- Unbeatable pricing to their clients; they will offer the lowest pricing in the city.
Promotions Strategy
The promotions strategy for Fix-It Pro Services is as follows:
Word of Mouth/Referrals
Fix-It Pro Services has built up an extensive list of contacts over the years by providing exceptional service and expertise to their clients. The contacts and clients will follow them to their new company and help spread the word of Fix-It Pro Services.
Professional Associations and Networking
Jimmy Hawkins will build on existing client relationships to create new opportunities within associations and trade groups of the handyman industry. He will enter into leadership roles in these groups and encourage new business from these relationships.
Print Advertising
Fix-It Pro Services will offer via a direct mail piece a “first month” discount for all new clients. The piece will be mailed two weeks before the opening of the company and will cover the entire Augusta region. In addition, clients who choose to sign contracts for extended coverage of services (12-18 months), will receive a sizable discount on services if they choose the coverage within the first two months of the company opening.
Website/SEO Marketing
Fix-It Pro Services will fully utilize their website. The website will be well organized, informative, and list all the services that Fix-It Pro Services provides. The website will also list their contact information and highlight their unique wallpapering and wall treatment services . The website will engage in SEO marketing tactics so that anytime someone types in the Google or Bing search engine “handyman company” or “handyman near me,” Fix-It Pro Services will be listed at the top of the search results.
Pricing
The pricing of Fix-It Pro Services will be moderate and on par with competitors so customers feel they receive excellent value when purchasing their services.
Operations Plan
The following will be the operations plan for Fix-It Pro Services.
Operation Functions:
- Jimmy Hawkins will be the owner and president of the company. He will oversee all staff and manage client relations. Jimmy has spent the past year recruiting the following staff:
- Tommy Hawkins has served as the assistant to Jimmy Hawkins in his former position for ten years. He graduated from Augusta Community College with an Associates Degree in Electrical Repair. He will take on the role of assistant manager of operations in the new company.
- Sue Rodgers will take on the role of Marketing Manager and will provide all marketing for Fix-It Pro Services.
Download the Handyman business plan template (including a customizable financial model) to your computer here <–
Milestones:
Fix-It Pro Services will have the following milestones completed in the next six months.
- 5/1/202X – Finalize contract to lease office space
- 5/15/202X – Finalize personnel and staff employment contracts for the Fix-It Pro Services
- 6/1/202X – Finalize contracts for Fix-It Pro Services clients
- 6/15/202X – Begin networking at industry events
- 6/22/202X – Begin moving into Fix-It Pro Services office
- 7/1/202X – Fix-It Pro Services opens its doors for business
Management Team
Fix-It Pro Services will be owned and operated by Jimmy Hawkins. He recruited his brother and former handyman assistant, Tommy Hawkins, to be his assistant manager of operations and help oversee the handyman projects overall.
Jimmy Hawkins is a professional handyman with over twenty years of experience in residential and commercial properties. Whether repair or maintenance work is required, Jimmy has the expertise and capability to fix or replace items and building components with professionalism and excellent references from former clients.
Tommy Hawkins has served as the assistant to Jimmy Hawkins in his former position and has been in that position for ten years. He graduated from Augusta Community College with an Associates Degree in Electrical Repair. Tommy has concentrated on electrical repair services since his graduation and has completed over five thousand repair contracts for residential and commercial clients during the past ten years. He will take on the role of assistant manager of operations in the new company.
Financial Plan
Key Revenue & Costs
The revenue drivers for Fix-It Pro Services are the fees they will charge to customers for their services and products.
The cost drivers will be the overhead costs required in order to staff Fix-It Pro Services. The expenses will be the payroll cost, rent, utilities, office supplies, and marketing materials.
Funding Requirements and Use of Funds
Fix-It Pro Services is seeking $200,000 in debt financing to launch its professional handyman company. The funding will be dedicated toward securing the office space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and marketing costs. The breakout of the funding is below:
- Office space build-out: $20,000
- Office equipment, supplies, and materials: $10,000
- Three months of overhead expenses (payroll, rent, utilities): $150,000
- Marketing costs: $10,000
- Working capital: $10,000
Download the Handyman business plan template (including a customizable financial model) to your computer here <–
Key Assumptions
The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.
- Number of Customers Per Month: 80
- Average Revenue per Month: $26,000
- Office Lease per Year: $100,000
Financial Projections
Income Statement
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
|---|---|---|---|---|---|---|
| Revenues | ||||||
| Total Revenues | $360,000 | $793,728 | $875,006 | $964,606 | $1,063,382 | |
| Expenses & Costs | ||||||
| Cost of goods sold | $64,800 | $142,871 | $157,501 | $173,629 | $191,409 | |
| Lease | $50,000 | $51,250 | $52,531 | $53,845 | $55,191 | |
| Marketing | $10,000 | $8,000 | $8,000 | $8,000 | $8,000 | |
| Salaries | $157,015 | $214,030 | $235,968 | $247,766 | $260,155 | |
| Initial expenditure | $10,000 | $0 | $0 | $0 | $0 | |
| Total Expenses & Costs | $291,815 | $416,151 | $454,000 | $483,240 | $514,754 | |
| EBITDA | $68,185 | $377,577 | $421,005 | $481,366 | $548,628 | |
| Depreciation | $27,160 | $27,160 | $27,160 | $27,160 | $27,160 | |
| EBIT | $41,025 | $350,417 | $393,845 | $454,206 | $521,468 | |
| Interest | $23,462 | $20,529 | $17,596 | $14,664 | $11,731 | |
| PRETAX INCOME | $17,563 | $329,888 | $376,249 | $439,543 | $509,737 | |
| Net Operating Loss | $0 | $0 | $0 | $0 | $0 | |
| Use of Net Operating Loss | $0 | $0 | $0 | $0 | $0 | |
| Taxable Income | $17,563 | $329,888 | $376,249 | $439,543 | $509,737 | |
| Income Tax Expense | $6,147 | $115,461 | $131,687 | $153,840 | $178,408 | |
| NET INCOME | $11,416 | $214,427 | $244,562 | $285,703 | $331,329 |
Balance Sheet
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Cash | $154,257 | $348,760 | $573,195 | $838,550 | $1,149,286 | |
| Accounts receivable | $0 | $0 | $0 | $0 | $0 | |
| Inventory | $30,000 | $33,072 | $36,459 | $40,192 | $44,308 | |
| Total Current Assets | $184,257 | $381,832 | $609,654 | $878,742 | $1,193,594 | |
| Fixed assets | $180,950 | $180,950 | $180,950 | $180,950 | $180,950 | |
| Depreciation | $27,160 | $54,320 | $81,480 | $108,640 | $135,800 | |
| Net fixed assets | $153,790 | $126,630 | $99,470 | $72,310 | $45,150 | |
| TOTAL ASSETS | $338,047 | $508,462 | $709,124 | $951,052 | $1,238,744 | |
| LIABILITIES & EQUITY | ||||||
| Debt | $315,831 | $270,713 | $225,594 | $180,475 | $135,356 | |
| Accounts payable | $10,800 | $11,906 | $13,125 | $14,469 | $15,951 | |
| Total Liability | $326,631 | $282,618 | $238,719 | $194,944 | $151,307 | |
| Share Capital | $0 | $0 | $0 | $0 | $0 | |
| Retained earnings | $11,416 | $225,843 | $470,405 | $756,108 | $1,087,437 | |
| Total Equity | $11,416 | $225,843 | $470,405 | $756,108 | $1,087,437 | |
| TOTAL LIABILITIES & EQUITY | $338,047 | $508,462 | $709,124 | $951,052 | $1,238,744 |
Cash Flow Statement
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
|---|---|---|---|---|---|---|
| CASH FLOW FROM OPERATIONS | ||||||
| Net Income (Loss) | $11,416 | $214,427 | $244,562 | $285,703 | $331,329 | |
| Change in working capital | ($19,200) | ($1,966) | ($2,167) | ($2,389) | ($2,634) | |
| Depreciation | $27,160 | $27,160 | $27,160 | $27,160 | $27,160 | |
| Net Cash Flow from Operations | $19,376 | $239,621 | $269,554 | $310,473 | $355,855 | |
| CASH FLOW FROM INVESTMENTS | ||||||
| Investment | ($180,950) | $0 | $0 | $0 | $0 | |
| Net Cash Flow from Investments | ($180,950) | $0 | $0 | $0 | $0 | |
| CASH FLOW FROM FINANCING | ||||||
| Cash from equity | $0 | $0 | $0 | $0 | $0 | |
| Cash from debt | $315,831 | ($45,119) | ($45,119) | ($45,119) | ($45,119) | |
| Net Cash Flow from Financing | $315,831 | ($45,119) | ($45,119) | ($45,119) | ($45,119) | |
| Net Cash Flow | $154,257 | $194,502 | $224,436 | $265,355 | $310,736 | |
| Cash at Beginning of Period | $0 | $154,257 | $348,760 | $573,195 | $838,550 | |
| Cash at End of Period | $154,257 | $348,760 | $573,195 | $838,550 | $1,149,286 |
Handyman Business Plan FAQs
What Is a Handyman Business Plan?
A handyman business plan is a plan to start and/or grow your handyman business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.
You can easily complete your Handyman business plan using our Handyman Business Plan Template here.
What are the Main Types of Handyman Businesses?
There are a number of different kinds of handyman businesses, some examples include: Plumbing Handyman Business, Drywall Installation Business, Fixture Replacement Business, Painting Business, and Tiling Business.
How Do You Get Funding for Your Handyman Business Plan?
Handyman businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.
What are the Steps To Start a Handyman Business?
Starting a handyman business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.
1. Develop A Handyman Business Plan - The first step in starting a business is to create a detailed handyman business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.
2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your handyman business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your handyman business is in compliance with local laws.
3. Register Your Handyman Business - Once you have chosen a legal structure, the next step is to register your handyman business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.
4. Identify Financing Options - It’s likely that you’ll need some capital to start your handyman business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.
5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.
6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.
7. Acquire Necessary Handyman Equipment & Supplies - In order to start your handyman business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.
8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your handyman business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.
Learn more about how to start a successful handyman business:
How to Start a Handyman Company