Date
Milestone
(MM/DD/YY)
Finalize lease agreement
(MM/DD/YY)
Design and build out [Sender.Company] office
(MM/DD/YY)
Hire and train initial staff
(MM/DD/YY)
Kickoff of the promotional campaign
(MM/DD/YY)
Reach break-even
(List the strengths that make your business unique)
[Sender.Company] will provide local residents and homeowners with a variety of services to help keep their homes in perfect condition. Some of these services include:
Floor repair
Drywall installation and repair
[Sender.Company] seeks to position itself as a high-quality, friendly, and convenient handyman business.
The [Sender.Company] brand will focus on the company’s unique value proposition:
Client-focused installation and repair services, where the company’s interests are aligned with the customer.
Service is built on long-term relationships and personal attention.
[Sender.Company] expects its target market to be individuals within a 10-mile radius of its location. [Sender.Company] ’s promotion strategy to reach these potential customers includes:
Website/SEO
Social Media
Publications
Direct Mail
The pricing will be determined by the materials needed and the amount of labor required to finish the job. Pricing will be moderate and less expensive than our competitors but more expensive than lower-quality, efficiency-driven handyman and repair businesses.
Functional roles.
[Sender.Company] will need to fulfill the following functional roles to execute its business plan and ensure the company’s success:
Installation services
Repair services
Customer service
(Add function)
Social media management
Website management
[Sender.Company] is led by [Sender.FirstName] [Sender.LastName] , who has been a handyman for (Enter number) years. Throughout this time, he has worked on a variety of installation and repair services, both while employed by local handyman businesses and while operating alone.
[Sender.FirstName] [Sender.LastName] will serve as the Owner and Manager of [Sender.Company] . In order to launch, he needs to hire the following personnel:
Assistant Managers (1 to start)
Administrative Staff (1 to start)
Handymen (2 to start)
Annual income / profit/loss statement.
Income Statement / Profit/Loss Statement | |||||
---|---|---|---|---|---|
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
Total revenue: | | | | | |
Cost of services sold: | | | | | |
Gross profit: | | | | | |
Operating income: Interest expense | | | | | |
Pretax income: Taxes: | | | | | |
Net income: | | | | | |
Cash Flow Statement | |||
---|---|---|---|
| Jan ‘23 | Feb ‘23 | Mar ‘23 |
Starting cash balance: | | | |
Cash received: Cash from operations: Cash from sales: | | | |
Subtotal cash received: | | | |
Additional cash received: (List sources) | | | |
Subtotal additional cash received: | | | |
Total cash received: | | | |
Expenditures: (List all expenditures) | | | |
Total cash spent: | | | |
| | | |
Net cash flow: | | | |
Ending cash balance: | | | |
Assets and Liabilities | |||||
---|---|---|---|---|---|
Current Assets: | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
Cash | | | | | |
Accounts receivable | | | | | |
Inventory | | | | | |
Prepaid expenses | | | | | |
| | | | | |
Fixed Assets: | | | | | |
(List all) | | | | | |
| | | | | |
| | | | | |
Total Assets: | | | | | |
| | | | | |
Liabilities | | | | | |
(List all) | | | | | |
| | | | | |
| | | | | |
Total Liabilities: | | | | | |
| | | | | |
Equity | | | | | |
(List all) | | | | | |
| | | | | |
| | | | | |
Total Equity: | | | | | |
Funding Requirements | |
---|---|
Required for: | Value: |
| |
| |
| |
The confidential information and trade secrets described above shall remain the exclusive property of the Company and shall not be shared or removed from the premises of the Company under any circumstances whatsoever without the express prior written consent of the handyman business.
Please find listed below any additional addendums related to [Sender.Company] :
(Add any relevant addendums)
[Recipient.FirstName] [Recipient.LastName]
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A handyman business plan is essential whether you’re a first-time business owner or an established handyman trying to expand your handyman business.
Based on an analysis , researchers have concluded that business planning aids company founders in making better decisions, balancing resource supply and demand, and concretizing otherwise intangible goals into actionable ones.
You may increase the likelihood of success for your handyman business by writing a handyman business plan and using it to secure financing, if necessary.
As your handyman business evolves and develops over time, it is important to revise and update your handyman business plan every year. In this blog, we’re giving you every detail about how to put together a comprehensive business strategy for your handyman services.
Table of Content
How to write business plan for handyman business .
The following are the key components that explain how to write a handyman business plan :-
Although it serves as an introduction to the rest of your handyman business plan, the executive summary is typically written last because it summarises each important part. One of the main purposes of an executive summary is to catch the reader’s attention right away.
Inform them of the nature and progress of your handyman business. For instance, do you own a new business, handyman services that you intend to expand, or a handyman service franchise?
The following are the key components of your home repair business plan :-
Your company summary is where you get to really sell yourself and explain just what kind of handyman services you offer. There are different kinds of handyman services offered by a handyman business .
These include services related to plumbing, drywall, painting, fixtures, tiles and stones, and waterproofing.
Describe in detail what kind of handyman services you offer and the details of your company to the reader. For example, the key dates of your company like the date of establishment, your accomplishments, sales goals, and your company’s legal details.
To complete your market or handyman industry research, you must give a brief summary of the handyman business. It’s a useful tool for learning about the industry in which you’ll be competing.
Additionally, if you analyze the data and find market trends, market research can help you develop a more effective marketing strategy. You should include details such as:-
This section of your handyman business plan should include information about who you’ve served in the past and who you hope to serve in the future. Anyone from people to large businesses to families and even educational institutions could make up your target market.
The industry you run a business in depends entirely on the niche you pick. Individuals’ reactions to advertising efforts won’t necessarily mirror those of your business.
You should segment your potential buyers by their demographic and psychographic characteristics. In terms of the sex, age range, geographic spread, and income of the target audience for your business.
Client desires and expectations can be described in detail using psychographic profiles. The more you can detect and describe these needs, the better you will do in attracting and retaining your potential clients.
Identify who the competitors of your handyman business are and find their specific details. Describe each competitor’s business and list their advantages and disadvantages in the competitive analysis section. The following are the key details you must find about them:-
Further on, you’ll have to detail how you stand out from the competition.
The following are the key pointers that need to be included in the handyman advertising strategies of your handyman business plan:-
While the introduction and body of your handyman business plan focus on explaining your goals, your operations, and your sales strategy detail how those objectives will be attained. There should be two main parts to your operations strategy:-
In order to prove the viability of your handyman business, you need a capable business management team. Bring attention to the experience and qualifications of your key individuals, particularly as they relate to the expansion of your organization.
You and/or your team members should ideally have previous expertise in leading handyman operations. In that case, you should emphasize your knowledge and experience in the field. However, don’t forget to mention any relevant experience you may have that could be useful to your company.
Building an advisory board might help fill any gaps in your team. There should be between two and eight people on your advisory board, all of whom would be willing to offer advice and guidance to your company.
As a result, they would be able to answer queries and offer strategic advice. Seek out board members, if necessary, who have worked in management roles at handyman services.
Consider including a financial statement for the next 5 years in your financial plan, breaking down the first year into monthly or quarterly projections and the subsequent 4 years into yearly projections.
Your income statement, balance sheet, and cash flow statement are the three main components of your financial statements in the financial plan.
Add a Profit and Loss (P&L) statement to your handyman business plan. It shows your revenue and then subtracts your costs to demonstrate whether you generated a profit or not.
What will be your income strategy? Will you offer referral discounts? What will the sales growth rate? The financial projections of your company are highly sensitive to the assumptions you make.
Try to ground your assumptions in reality as much as possible through study in your handyman business plan.
The assets and debts of a company are detailed in a balance sheet in your handyman business plan. While balance sheets might be lengthy, it is important to distill the essential information down to the most crucial aspects.
In order to ensure that your organization never runs out of money, a cash flow statement is essential in your handyman business plan. Most business owners and entrepreneurs don’t understand that it’s possible to make a profit while yet going bankrupt due to a lack of capital.
To ensure the accuracy of your income and balance sheets, it’s important to account for all of the following essential expenses associated with running and expanding your handyman business:
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Here’s the link to the handyman business plan template that will help businesses understand how to create a handyman business plan
When you write a business plan for your handyman service, you must remember to make it concise and easy to read, typically not exceeding 15 to 20 pages in length.
If you do have other documents that you believe may be useful to your audience and the goals you want to accomplish, you might want to think about including them as appendices. It’s best to check handyman business plan templates to have a clear idea.
Getting your handyman business off the ground is simple when you follow these 13 steps:
If you’re starting a handyman service, it’s a good idea to put together a handyman business plan. Following the aforementioned outline will make you an expert in no time.
When you finish this handyman business plan, you will have a solid grasp of the fundamentals of marketing and the steps necessary to begin and grow a profitable handyman business.
For those starting a new handyman business or those who wish to grow their current business exponentially, it’s best to have your operations optimized.
FieldCamp is a service scheduling software that manages all the tedious tasks such as workforce management, managing invoices, tracking the growth, and more for your business. Get in touch with us if you wish to know more or avail a free 7-day trial to check the difference yourself.
Gaurang Bhatt
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https://www.fieldcamp.com/blog/handyman-business-plan/
Written by Dave Lavinsky
You’ve come to the right place to create your Handyman business plan.
We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Handyman businesses.
Below is a template to help you create each section of your Handyman business plan.
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.
The following are the services that Fix-It Pro Services will provide:
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.
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.
Fix-It Pro Services will be able to achieve success by offering the following competitive advantages:
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:
The following graph outlines the financial projections for Fix-It Pro Services.
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 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:
The following will be the services Fix-It Pro Services will provide:
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.
Demographic profile of target market.
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% |
Fix-It Pro Services will primarily target the following customer profiles:
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 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.
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 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.
Fix-It Pro Services will be able to offer the following advantages over their competition:
Brand & value proposition.
Fix-It Pro Services will offer the unique value proposition to its clientele:
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.
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.
The following will be the operations plan for Fix-It Pro Services. Operation Functions:
Fix-It Pro Services will have the following milestones completed in the next six months.
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.
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.
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.
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 |
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 |
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 |
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 .
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.
Handyman businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.
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
Written by Dave Lavinsky
Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their handyman companies.
If you’re unfamiliar with creating a handyman business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.
In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a handyman business plan step-by-step so you can create your plan today.
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A business plan provides a snapshot of your handyman business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.
If you’re looking to start a handyman business or grow your existing handyman company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your handyman business to improve your chances of success. Your business plan is a living document that should be updated annually as your company grows and changes.
With regards to funding, the main sources of funding for a handyman business are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for handyman companies.
How to write a business plan for a handyman business.
If you want to start a handyman business or expand your current one, you need a business plan. The guide below details the necessary information for how to write each essential component of your handyman business plan.
Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.
The goal of your executive summary is to quickly engage the reader. Explain to them the kind of handyman business you are running and the status. For example, are you a startup, do you have a handyman business that you would like to grow, or are you operating a chain of handyman businesses?
Next, provide an overview of each of the subsequent sections of your plan.
In your company overview, you will detail the type of handyman business you are operating.
For example, you might specialize in one of the following types of handyman businesses:
In addition to explaining the type of handyman business you will operate, the company overview needs to provide background on the business.
Include answers to questions such as:
In your industry or market analysis, you need to provide an overview of the handyman industry.
While this may seem unnecessary, it serves multiple purposes.
First, researching the handyman industry educates you. It helps you understand the market in which you are operating.
Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.
The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.
The following questions should be answered in the industry analysis section:
The customer analysis section must detail the customers you serve and/or expect to serve.
The following are examples of customer segments: homeowners, property managers, schools, and corporations.
As you can imagine, the customer segment(s) you choose will have a great impact on the type of handyman business you operate. Clearly, individuals would respond to different marketing promotions than corporations, for example.
Try to break out your target market in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.
Psychographic profiles explain the wants and needs of your target market. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.
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Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.
Direct competitors are other handyman businesses.
With regard to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.
The final part of your competitive analysis section is to document your areas of competitive advantage. For example:
Think about ways to establish a competitive edge and document them in this section of your plan.
Product : In the product section, you should reiterate the type of handyman company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide plumbing, electrical, painting, drywall, or other construction services?
Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your plan, you are presenting the products and/or services you offer and their prices.
Place : Place refers to the site of your handyman company. Document where your company is situated and mention how the site will impact your success. For example, is your handyman business located in a busy retail district, an industrial district, a standalone office, or purely online? Discuss how your site might be the ideal location for your target market.
Promotions : The final part of your handyman marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:
While the earlier sections explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.
Everyday short-term processes include all of the tasks involved in running your handyman business, including answering calls, scheduling appointments with clients, billing clients, and collecting payments.
Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to book your Xth client, or when you hope to reach $X in revenue. It could also be when you expect to expand your handyman business to a new city.
To demonstrate your handyman business’ potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.
Ideally, you and/or your team members have direct experience in managing handyman businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.
If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a handyman business.
Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.
An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.
In developing your income statement, you need to devise assumptions. For example, will you see 5 clients per day? Will you offer discounts for referrals? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.
Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your handyman business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.
Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.
When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a handyman business:
Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your office location lease or a list of certifications you’ve obtained.
Writing a business plan for your handyman business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will understand the handyman industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful handyman business.
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Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success. Click here to see how a Growthink business plan writer can create your plan for you.
Fixing small problems around the house, tinkering with stuff, and repairing things to make them work as well as new, might seem a simple job.
But it can only be done by someone who has the skill, eye for detail, and passion for it. After all, these small things can make life terribly inconvenient if not fixed the right way.
If you are planning to start a new handyman business, the first thing you will need is a business plan. Use our sample Handyman Business Plan created using Upmetrics business plan software and write your business plan in no time.
Before you start writing your business plan, spend as much time as you can reading through some samples of Cleaning, Maintenance & Repair Business Plans .
Read on to find out more about the industry and important things to take care of before you start your business.
The handyman services market stood at a global value of 281.65 billion dollars in 2018 and has continued to grow ever since due to the increase in the number of people who look for repair services online.
Handyman services are high in demand due to their multipurpose nature. Most of the services are charged either on a per-hour basis or based on how challenging the job is.
From fixing curtains, and bulbs to maintenance services, a handyman can take care of everything, making their services in demand.
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Find out the market for your services.
As the handyman business covers a variety of services, it is a good practice to figure out what services are in demand and how they are procured. It is also advisable to see what localities need handyman services the most and can help you have a profitable business.
Carry out thorough research about who your competitors are, what services they offer, and how they reach out to their target audience. This gives you a head start on the services you should and potentially would have to offer, it helps you figure out a better marketing strategy, and also gives you a chance to do something that’ll help you stand apart from your competition.
Handyman services are known for and sought after due to their multipurpose nature. Hence, you need to stay prepared for taking up unexpected tasks that come your way. It is necessary to have both the skill and the right equipment for such problems.
Market research and competitive analysis can help you with this too.
Having the proper legal licenses ensures that you stay on the right side of the law. And having insurance is essential for a handyman business due to the nature of the work that brings about claims of accidents and property damage.
Insurance helps rest assured and focus on what really matters.
If you have the talent and skill for fixing such problems, you can make it your profession through a handyman business.
All you need to do is find a way to get customers and a handyman business plan.
Reading sample business plans will give you a good idea of what you’re aiming for and also it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.
We have created this sample handyman business plan for you to get a good idea about how a perfect handyman business plan should look like and what details you will need to include in your stunning business plan.
This is the standard Handyman business plan outline which will cover all important sections that you should include in your business plan.
After getting started with Upmetrics , you can copy this handyman plan into your business plan and modify the required information and download your handyman business plan pdf or doc file. It’s the fastest and easiest way to start writing your business plan.
The Quickest Way to turn a Business Idea into a Business Plan
Fill-in-the-blanks and automatic financials make it easy.
Need help writing your business plan from scratch? Here you go; download our free handyman business plan pdf to start.
It’s a modern business plan template specifically designed for your handyman business. Use the example business plan as a guide for writing your own.
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Upmetrics Team
Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more
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Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.
HandyMan Stan is a start-up organization offering residents of Duluth, Minnesota a complete handyman service. By developing the reputation as a qualified, reasonably priced and trusted service provider, HandyMan Stan will quickly generate market penetration and develop a solid foundation of repeat customers.
The Market HandyMan Stan’s target market has been segmented into: home owners and property managers. There are 24,090 potential customers in the home owner segment. This group has a 5% annual growth rate. There are 1,243 potential customers in the property manager segment. This group is growing at a 4% annual growth rate.
Services As a handyman, Stan will offer a wide range of home repair services. The services are generally fairly minor tasks, if the problem becomes major a contractor is best suited to solve the difficulty. HandyMan Stan will offer the value-added feature to pre-screen a contractor when Stan is unable to perform the repair. This will develop a trust bond with the customer so that when a more minor issue comes up the customer is more likely to call Stan due to his honesty displayed earlier. Stan offers fix-it services for: plumbing, electrical, fences, windows, decks/patios, painting, weather proofing, floors.
Competitive Edge HandyMan Stan will differentiate from the competition by offering: low price and low minimum charge. Stan is charging a reasonable $30 per hour in an effort to encourage people to hire him for tasks that they would otherwise try themselves of just ignore until it became more of a problem. The second element of the competitive edge is Stan’s low one hour minimum. This compares favorably with the other industry competitors who often have two to three hour minimums. This edge also creates an incentive for the customer to call for Stan’s assistance earlier than they would with comparable service providers.
HandyMan Stan’s mission is to provide knowledgeable, convenient, and reasonably-priced handyman service to the Duluth, Minnesota community. HandyMan Stan will provide every customer with an honest day’s work and will fix anything that is not done right.
HandyMan Stan has been formed as a Minnesota Limited Liability Company (LLC) by Stan Roberts. Stan will be the sole employee and owner of the company. The company will incur certain start-up costs, primarily tools, detailed in the Start-up Summary section.
HandyMan Stan will incur start-up costs associated with the beginning of the business. The following table details the start-up costs as well as indicated the needed capital for initial operations. Stan will be using his personal tools for jobs but will need to purchase the following additional equipment/tools:
Start-up | |
Requirements | |
Start-up Expenses | |
Legal | $500 |
Accountant | $500 |
Brochures | $250 |
Insurance | $250 |
Total Start-up Expenses | $1,500 |
Start-up Assets | |
Cash Required | $20,500 |
Other Current Assets | $0 |
Long-term Assets | $8,000 |
Total Assets | $28,500 |
Total Requirements | $30,000 |
Start-up Funding | |
Start-up Expenses to Fund | $1,500 |
Start-up Assets to Fund | $28,500 |
Total Funding Required | $30,000 |
Assets | |
Non-cash Assets from Start-up | $8,000 |
Cash Requirements from Start-up | $20,500 |
Additional Cash Raised | $0 |
Cash Balance on Starting Date | $20,500 |
Total Assets | $28,500 |
Liabilities and Capital | |
Liabilities | |
Current Borrowing | $0 |
Long-term Liabilities | $30,000 |
Accounts Payable (Outstanding Bills) | $0 |
Other Current Liabilities (interest-free) | $0 |
Total Liabilities | $30,000 |
Capital | |
Planned Investment | |
Investor 1 | $0 |
Other | $0 |
Additional Investment Requirement | $0 |
Total Planned Investment | $0 |
Loss at Start-up (Start-up Expenses) | ($1,500) |
Total Capital | ($1,500) |
Total Capital and Liabilities | $28,500 |
Total Funding | $30,000 |
Stan Roberts is the founder and owner of HandyMan Stan. The company will remain a one-man operation for the foreseeable future.
HandyMan Stan offers the community of Duluth the finest home repair and maintenance for home owners and property managers. All services start at just $30 per hour plus parts. HandyMan Stan will give every customer at least one hour of work at their property.
All work is “handyman” work, for larger jobs that require a contractor, HandyMan Stan will pre-screen a service provider free for the customer.
By providing only handyman services, HandyMan Stan will always attempt to repair the problem first, replacement is only an option if the item cannot be repaired. This differs from a contractor philosophy which is generally to replace everything first.
Repairing items is far less expensive for the consumer. HandyMan Stan offers a one year guarantee for all of their work, if something goes wrong, HandyMan Stan will make it right. The goal is to not have any unsatisfied customers.
Offered services include:
Minor plumbing | Leaky faucets, repair/replace fixtures, sprinkler repair, minor drain problems, garbage disposal install, install ice maker lines. |
Minor electrical | Ceiling fan repair and install, electrical plugs and switches, vanity lights, motion lights, cable and phone line installation. |
Fence repair | Metal and wood fence repair and install, electric dog fences, gate and latch install. |
Window, wall and door repairs | Small hole repair, door installation, window maintenance and repair. |
Decks and patios | Deck repair and maintenance, chemical cleaning, pressure washing, wood replacement, handrail installation. |
Painting | Interior and exterior (short of an entire exterior of a house). |
Weather proofing | Weather stripping, caulking. |
Flooring | Carpet and hard wood repair. |
HandyMan Stan has identified two distinct market segments, home owners and property managers. These are the most attractive customer segments as they are the customers who often have small repairs that are too small for a contractor but too complicated for the owner to perform themselves.
The handyman industry competes with the contractor industry for home repair jobs. Handymen are typically used for small items, contractors are typically called in for more extensive projects.
Customers will often call whatever service provider they are familiar with, regardless of the appropriateness. For this reason, word of mouth referrals will be very important. Potential customers will ask neighbors/friends and other property managers for recommendations on handyman service providers. HandyMan Stan will capitalize on word of mouth marketing by going the extra mile to keep customers satisfied. Exemplary service will result in new and repeat business.
The market has been segmented into two distinct customer groups:
Home owners
Market Analysis | |||||||
Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |||
Potential Customers | Growth | CAGR | |||||
Home owners | 5% | 24,090 | 25,295 | 26,560 | 27,888 | 29,282 | 5.00% |
Property managers | 4% | 1,234 | 1,283 | 1,334 | 1,387 | 1,442 | 3.97% |
Total | 4.95% | 25,324 | 26,578 | 27,894 | 29,275 | 30,724 | 4.95% |
The two customer segments, home owners and property managers have been targeted because they are the most likely consumer of handyman services.
Unless the home owner is particularly crafty, he/she does not have the skills, time or desire to tackle most jobs. Their preference is to hire someone and have them take care of it.
The property manager are also likely consumers because they are managing a group rental property which needs periodic maintenance. Property managers with less than 20 units rarely have on-site maintenance personnel, it is less expensive to hire someone as needed.
It is rare that the property manager would have any maintenance skills themselves and those that do usually do not have the time in the day to perform the repair.
It should be noted that the majority of business will be coming from residents and rental property from within the Duluth city limits. As you venture farther out of town into the country people tend to have more free time and more fix it skills and are therefore more likely to try to repair things themselves.
Handymen operate within the general home repair industry. This industry encompass both handymen as well as general contractors. The distinction between the two is as follows: handymen can fix most minor problems, items that are not to extensively damaged nor do they require expensive special tools.
Contractors are most useful for jobs that are very technical in nature, extensive in the repair, or require very specialized tools. A handyman is typically far more of a generalist, he can handle a wider range of repairs whereas a contractor has a smaller realm of expertise.
HandyMan Stan will receive competition from several sources. The most well-known competitors are detailed below:
Contractors (General)
The buying patterns of consumers are largely based on who they know. Either they know a handyman or contractor whom they call or they will inquire with friends or neighbors as to who they recommend. They will often stay with that person unless they are unhappy with the service.
Stan plans to capitalize on word of mouth referrals, achieved by ensuring every customer has their expectations exceeded.
It is reasonable to expect that some of the larger contracting companies would be able to offer a better hourly rate due to economies of scale. This does not turn out to be the case since most of the large contractors perform a wider range of specialized services, necessitating many more tools and skilled workers, increasing overhead and therefore there billable rate.
HandyMan Stan’s strategy for quickly gaining market share will be leveraging the competitive edge of reasonable hourly rates and a small, one hour minimum, encouraging more frequent service trips.
The marketing strategy has been designed to raise awareness of HandyMan Stan services among a community of people where there has already been a trust relationship established among the community. This supports the idea that HandyMan Stan’s business will be built on word of mouth referrals. Lastly, the sales strategy will emphasize the wide repertoire of qualified skills, encouraging current customers to use HandyMan Stan for a wider range of repairs.
HandyMan Stan’s competitive edge is the offering of reasonable prices and a one hour minimum, encouraging customers to call HandyMan Stan whenever a problem arises. A one hour ($30) service call is reasonable (not excessively high) but long enough so that several small items can be repaired in one visit.
90% of competing handymen have a two hour minimum creating a barrier for the customer to not call because the problem is too small to warrant two hours of paid work. HandyMan Stan’s one hour minimum develops a pattern of behavior for the customer to call anytime that they have small repairs.
This competitive edge also applies to property managers (especially managers who operate lower income property, typically less than $600 per month) who often balk at calling a handyman until there is a list of different problems.
HandyMan Stan will employ a marketing strategy that seeks to develop awareness regarding HandyMan Stan’s expertise, high level of trust, and reasonable rates among a community of people. This will be accomplished by placing advertisements in organizational newsletters such as the Lions Club, religious organizations, and other social and sport associations.
These organizations will be targeted with the advertisements because once HandyMan Stan has satisfied several different customers within an organization, there is an increased likelihood that the organizational members will talk among themselves, sharing their good experience with HandyMan Stan among their colleagues.
This is a likely scenario because in this industry it is very common for friends and neighbors to ask friends for trusted service providers. When a person does not know a specific service provider, they will often act upon a recommendation from a friend who had a positive experience with one. These social, religious, or sport-based organizations tend to be quite social and often share their trials and tribulations regarding service providers.
The sales strategy will be designed to convert a current customer from using just one or two of HandyMan Stan’s skills to employing Stan for a wide variety repairs. This will be accomplished several ways. First, Stan will complete each repair with a level of professionalism which is unexpected for a handyman.
Providing this aura of professionalism will help create a very positive impression for Stan’s services. Additionally, Stan will always be on the look out for problem areas within the home and offer a solution that he believes will be attractive to the customer.
The sales forecast has been developed in a conservative manner to increase the likelihood of achieving the sales goals. The forecast (detailed in the following table) breaks down sales based on the activity that HandyMan Stan will perform.
Needed parts will be billed additionally, there are certain “consumables” such as nails, caulk, and etc., that Stan will be using that are included in the $30 hourly fee. These consumables are captured in the direct costs of goods as a percentage of the overall service charge. The different services have different percentages assigned to each type of service.
While Stan performs a wide range of jobs, he bills out at the same hourly rate. The competition typically bills out electrical work at a higher rate, and painting at a lower rate. Stan has chosen a single hourly rate to encourages customers to use him for multiple repairs on the same visit.
While he may not get as much painting work as he could because his rate is above the market rate, the variances in the long run average out and it creates an incentive for the customer to call Stan and throw a wide range of projects to him while he is at the project site.
Sales Forecast | |||
Year 1 | Year 2 | Year 3 | |
Sales | |||
Plumbing | $4,250 | $12,500 | $16,550 |
Electrical | $3,698 | $10,875 | $14,399 |
Fences | $782 | $2,875 | $3,807 |
Windows | $1,360 | $4,000 | $5,296 |
Decks | $945 | $4,500 | $5,958 |
Paint | $2,508 | $7,375 | $9,765 |
Weather proofing | $1,403 | $4,125 | $5,462 |
Parts | $850 | $2,500 | $3,310 |
Floors | $1,615 | $4,750 | $6,289 |
Total Sales | $17,410 | $53,500 | $70,834 |
Direct Cost of Sales | Year 1 | Year 2 | Year 3 |
Plumbing | $298 | $875 | $1,159 |
Electrical | $185 | $544 | $720 |
Fences | $23 | $86 | $114 |
Windows | $109 | $320 | $424 |
Decks | $38 | $180 | $238 |
Paint | $226 | $664 | $879 |
Weather proofing | $84 | $248 | $328 |
Parts | $680 | $2,000 | $2,648 |
Floors | $65 | $190 | $252 |
Subtotal Direct Cost of Sales | $1,707 | $5,106 | $6,761 |
HandyMan Stan has identified several specific milestones which will function as goals for the organization. The milestones will provide a target for achievement as well as a mechanism for tracking progress. The following table will provide a timeframe for each milestone.
Milestones | |||||
Milestone | Start Date | End Date | Budget | Manager | Department |
Business plan completion | 1/1/2004 | 2/15/2004 | $0 | Stan | Marketing |
First customer | 2/15/2004 | 3/15/2004 | $0 | Stan | Department |
Full time work threshold | 3/15/2004 | 6/30/2005 | $0 | Stan | Department |
Revenues exceeding $75,000 | 3/15/2004 | 7/15/2005 | $0 | Stan | Department |
Totals | $0 |
HandyMan Stan’s website will serve as a basic catalog of offered services that will be provided. In addition to a listing of the different skills that Stan possess, a list of testimonials and referrals will be on the site. Stan believes that this will be quite effective at swaying unsure people who have never heard about HandyMan Stan. More in depth inquires will be directed to Stan’s phone number.
The marketing strategy will employ two distinct mechanisms:
The site will be developed by a friend under a barter agreement. Because the value of the development services will be less than $600, it will not have to be listed as a payout of 1099 income for tax purposes.
Stan Roberts is the founder and sole employee of HandyMan Stan. Stan began as a “fixer” out of high school when he secured a job with a general contractor. Because he did not have any formal contractor/construction experience he was relegated as a helping hand, assisting in a wide range of capacities.
Over ten years Stan became quite proficient in a wide range of activities, becoming a journeymen plumber and electrician as well as developing a strong repertoire of general fixing skills.
Stan enrolled in business courses at the local community college at night. Stan spent two years taking classes, developing his business skills. Once he was completed with the course he began to feel more comfortable with the idea of starting a new business.
HandyMan Stan is a one man business. Stan will perform all of the handyman activities. Additionally, Stan will be responsible for accounting issues which will be accomplished using Quicken. With a laptop computer and portable printer, Stan will be able to create, print, submit and collect invoices on site immediately following the completed project.
Personnel Plan | |||
Year 1 | Year 2 | Year 3 | |
Stan | $20,000 | $24,000 | $30,000 |
Other | $0 | $0 | $0 |
Total People | 1 | 1 | 1 |
Total Payroll | $20,000 | $24,000 | $30,000 |
The following sections will outline important financial information.
The following table details important Financial Assumptions.
General Assumptions | |||
Year 1 | Year 2 | Year 3 | |
Plan Month | 1 | 2 | 3 |
Current Interest Rate | 10.00% | 10.00% | 10.00% |
Long-term Interest Rate | 10.00% | 10.00% | 10.00% |
Tax Rate | 30.00% | 30.00% | 30.00% |
Other | 0 | 0 | 0 |
The following table and charts will indicate Projected Profit and Loss.
Pro Forma Profit and Loss | |||
Year 1 | Year 2 | Year 3 | |
Sales | $17,410 | $53,500 | $70,834 |
Direct Cost of Sales | $1,707 | $5,106 | $6,761 |
Other Costs of Sales | $0 | $0 | $0 |
Total Cost of Sales | $1,707 | $5,106 | $6,761 |
Gross Margin | $15,703 | $48,394 | $64,073 |
Gross Margin % | 90.20% | 90.46% | 90.46% |
Expenses | |||
Payroll | $20,000 | $24,000 | $30,000 |
Sales and Marketing and Other Expenses | $1,800 | $1,800 | $1,800 |
Depreciation | $1,596 | $1,596 | $1,596 |
License fees (electrical & plumbing) | $360 | $360 | $360 |
Insurance | $2,400 | $2,400 | $2,400 |
Payroll Taxes | $3,000 | $3,600 | $4,500 |
Gas/other incidentals | $1,800 | $1,800 | $1,800 |
Total Operating Expenses | $30,956 | $35,556 | $42,456 |
Profit Before Interest and Taxes | ($15,253) | $12,838 | $21,617 |
EBITDA | ($13,657) | $14,434 | $23,213 |
Interest Expense | $2,740 | $2,279 | $1,808 |
Taxes Incurred | $0 | $3,168 | $5,943 |
Net Profit | ($17,994) | $7,391 | $13,866 |
Net Profit/Sales | -103.36% | 13.82% | 19.58% |
The Break-even Analysis indicates what will be needed in monthly revenue to reach the break-even point.
Break-even Analysis | |
Monthly Revenue Break-even | $2,860 |
Assumptions: | |
Average Percent Variable Cost | 10% |
Estimated Monthly Fixed Cost | $2,580 |
The following table and chart will indicate Projected Cash Flow.
Pro Forma Cash Flow | |||
Year 1 | Year 2 | Year 3 | |
Cash Received | |||
Cash from Operations | |||
Cash Sales | $17,410 | $53,500 | $70,834 |
Subtotal Cash from Operations | $17,410 | $53,500 | $70,834 |
Additional Cash Received | |||
Sales Tax, VAT, HST/GST Received | $0 | $0 | $0 |
New Current Borrowing | $0 | $0 | $0 |
New Other Liabilities (interest-free) | $0 | $0 | $0 |
New Long-term Liabilities | $0 | $0 | $0 |
Sales of Other Current Assets | $0 | $0 | $0 |
Sales of Long-term Assets | $0 | $0 | $0 |
New Investment Received | $0 | $0 | $0 |
Subtotal Cash Received | $17,410 | $53,500 | $70,834 |
Expenditures | Year 1 | Year 2 | Year 3 |
Expenditures from Operations | |||
Cash Spending | $20,000 | $24,000 | $30,000 |
Bill Payments | $12,484 | $20,150 | $24,972 |
Subtotal Spent on Operations | $32,484 | $44,150 | $54,972 |
Additional Cash Spent | |||
Sales Tax, VAT, HST/GST Paid Out | $0 | $0 | $0 |
Principal Repayment of Current Borrowing | $0 | $0 | $0 |
Other Liabilities Principal Repayment | $0 | $0 | $0 |
Long-term Liabilities Principal Repayment | $4,868 | $4,688 | $4,727 |
Purchase Other Current Assets | $0 | $0 | $0 |
Purchase Long-term Assets | $0 | $0 | $0 |
Dividends | $0 | $0 | $0 |
Subtotal Cash Spent | $37,352 | $48,838 | $59,699 |
Net Cash Flow | ($19,943) | $4,662 | $11,135 |
Cash Balance | $557 | $5,220 | $16,354 |
The following table will indicate the Projected Balance Sheet.
Pro Forma Balance Sheet | |||
Year 1 | Year 2 | Year 3 | |
Assets | |||
Current Assets | |||
Cash | $557 | $5,220 | $16,354 |
Other Current Assets | $0 | $0 | $0 |
Total Current Assets | $557 | $5,220 | $16,354 |
Long-term Assets | |||
Long-term Assets | $8,000 | $8,000 | $8,000 |
Accumulated Depreciation | $1,596 | $3,192 | $4,788 |
Total Long-term Assets | $6,404 | $4,808 | $3,212 |
Total Assets | $6,961 | $10,028 | $19,566 |
Liabilities and Capital | Year 1 | Year 2 | Year 3 |
Current Liabilities | |||
Accounts Payable | $1,323 | $1,686 | $2,085 |
Current Borrowing | $0 | $0 | $0 |
Other Current Liabilities | $0 | $0 | $0 |
Subtotal Current Liabilities | $1,323 | $1,686 | $2,085 |
Long-term Liabilities | $25,132 | $20,444 | $15,717 |
Total Liabilities | $26,455 | $22,130 | $17,802 |
Paid-in Capital | $0 | $0 | $0 |
Retained Earnings | ($1,500) | ($19,494) | ($12,102) |
Earnings | ($17,994) | $7,391 | $13,866 |
Total Capital | ($19,494) | ($12,102) | $1,764 |
Total Liabilities and Capital | $6,961 | $10,028 | $19,566 |
Net Worth | ($19,494) | ($12,102) | $1,764 |
The following table indicates Business Ratios specific to HandyMan Stan as well as industry ratios for the Personal and Household Goods Repair and Maintenance industry, NAICS code 811490.
Ratio Analysis | ||||
Year 1 | Year 2 | Year 3 | Industry Profile | |
Sales Growth | 0.00% | 207.30% | 32.40% | 9.27% |
Percent of Total Assets | ||||
Other Current Assets | 0.00% | 0.00% | 0.00% | 27.35% |
Total Current Assets | 8.00% | 52.05% | 83.58% | 66.95% |
Long-term Assets | 92.00% | 47.95% | 16.42% | 33.05% |
Total Assets | 100.00% | 100.00% | 100.00% | 100.00% |
Current Liabilities | 19.00% | 16.81% | 10.66% | 22.05% |
Long-term Liabilities | 361.03% | 203.88% | 80.33% | 8.56% |
Total Liabilities | 380.03% | 220.69% | 90.98% | 30.61% |
Net Worth | -280.03% | -120.69% | 9.02% | 69.39% |
Percent of Sales | ||||
Sales | 100.00% | 100.00% | 100.00% | 100.00% |
Gross Margin | 90.20% | 90.46% | 90.46% | 18.28% |
Selling, General & Administrative Expenses | 193.55% | 76.64% | 70.88% | 5.96% |
Advertising Expenses | 0.00% | 0.00% | 0.00% | 0.65% |
Profit Before Interest and Taxes | -87.62% | 24.00% | 30.52% | 67.63% |
Main Ratios | ||||
Current | 0.42 | 3.10 | 7.84 | 2.41 |
Quick | 0.42 | 3.10 | 7.84 | 1.20 |
Total Debt to Total Assets | 380.03% | 220.69% | 90.98% | 34.25% |
Pre-tax Return on Net Worth | 92.31% | -87.25% | 1122.93% | 244.58% |
Pre-tax Return on Assets | -258.49% | 105.30% | 101.24% | 371.96% |
Additional Ratios | Year 1 | Year 2 | Year 3 | |
Net Profit Margin | -103.36% | 13.82% | 19.58% | n.a |
Return on Equity | 0.00% | 0.00% | 786.05% | n.a |
Activity Ratios | ||||
Accounts Payable Turnover | 10.44 | 12.17 | 12.17 | n.a |
Payment Days | 27 | 27 | 27 | n.a |
Total Asset Turnover | 2.50 | 5.34 | 3.62 | n.a |
Debt Ratios | ||||
Debt to Net Worth | 0.00 | 0.00 | 10.09 | n.a |
Current Liab. to Liab. | 0.05 | 0.08 | 0.12 | n.a |
Liquidity Ratios | ||||
Net Working Capital | ($766) | $3,534 | $14,269 | n.a |
Interest Coverage | -5.57 | 5.63 | 11.96 | n.a |
Additional Ratios | ||||
Assets to Sales | 0.40 | 0.19 | 0.28 | n.a |
Current Debt/Total Assets | 19% | 17% | 11% | n.a |
Acid Test | 0.42 | 3.10 | 7.84 | n.a |
Sales/Net Worth | 0.00 | 0.00 | 40.15 | n.a |
Dividend Payout | 0.00 | 0.00 | 0.00 | n.a |
Sales Forecast | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Sales | |||||||||||||
Plumbing | 0% | $0 | $0 | $100 | $165 | $150 | $280 | $305 | $450 | $525 | $650 | $775 | $850 |
Electrical | 0% | $0 | $0 | $87 | $144 | $131 | $244 | $265 | $392 | $457 | $566 | $674 | $740 |
Fences | 0% | $0 | $0 | $23 | $38 | $35 | $64 | $70 | $104 | $121 | $150 | $178 | $0 |
Windows | 0% | $0 | $0 | $32 | $53 | $48 | $90 | $98 | $144 | $168 | $208 | $248 | $272 |
Decks | 0% | $0 | $0 | $36 | $59 | $54 | $101 | $110 | $162 | $189 | $234 | $0 | $0 |
Paint | 0% | $0 | $0 | $59 | $97 | $89 | $165 | $180 | $266 | $310 | $384 | $457 | $502 |
Weather proofing | 0% | $0 | $0 | $33 | $54 | $50 | $92 | $101 | $149 | $173 | $215 | $256 | $281 |
Parts | 0% | $0 | $0 | $20 | $33 | $30 | $56 | $61 | $90 | $105 | $130 | $155 | $170 |
Floors | 0% | $0 | $0 | $38 | $63 | $57 | $106 | $116 | $171 | $200 | $247 | $295 | $323 |
Total Sales | $0 | $0 | $428 | $706 | $642 | $1,198 | $1,305 | $1,926 | $2,247 | $2,782 | $3,038 | $3,137 | |
Direct Cost of Sales | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |
Plumbing | $0 | $0 | $7 | $12 | $11 | $20 | $21 | $32 | $37 | $46 | $54 | $60 | |
Electrical | $0 | $0 | $4 | $7 | $7 | $12 | $13 | $20 | $23 | $28 | $34 | $37 | |
Fences | $0 | $0 | $1 | $1 | $1 | $2 | $2 | $3 | $4 | $4 | $5 | $0 | |
Windows | $0 | $0 | $3 | $4 | $4 | $7 | $8 | $12 | $13 | $17 | $20 | $22 | |
Decks | $0 | $0 | $1 | $2 | $2 | $4 | $4 | $6 | $8 | $9 | $0 | $0 | |
Paint | $0 | $0 | $5 | $9 | $8 | $15 | $16 | $24 | $28 | $35 | $41 | $45 | |
Weather proofing | $0 | $0 | $2 | $3 | $3 | $6 | $6 | $9 | $10 | $13 | $15 | $17 | |
Parts | $0 | $0 | $16 | $26 | $24 | $45 | $49 | $72 | $84 | $104 | $124 | $136 | |
Floors | $0 | $0 | $2 | $3 | $2 | $4 | $5 | $7 | $8 | $10 | $12 | $13 | |
Subtotal Direct Cost of Sales | $0 | $0 | $41 | $67 | $61 | $114 | $125 | $184 | $214 | $266 | $305 | $329 |
Personnel Plan | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Stan | 0% | $0 | $0 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 |
Other | 0% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Total People | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |
Total Payroll | $0 | $0 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 |
General Assumptions | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Plan Month | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | |
Current Interest Rate | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | |
Long-term Interest Rate | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | |
Tax Rate | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | |
Other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Pro Forma Profit and Loss | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Sales | $0 | $0 | $428 | $706 | $642 | $1,198 | $1,305 | $1,926 | $2,247 | $2,782 | $3,038 | $3,137 | |
Direct Cost of Sales | $0 | $0 | $41 | $67 | $61 | $114 | $125 | $184 | $214 | $266 | $305 | $329 | |
Other Costs of Sales | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Total Cost of Sales | $0 | $0 | $41 | $67 | $61 | $114 | $125 | $184 | $214 | $266 | $305 | $329 | |
Gross Margin | $0 | $0 | $387 | $639 | $581 | $1,084 | $1,181 | $1,742 | $2,033 | $2,516 | $2,733 | $2,807 | |
Gross Margin % | 0.00% | 0.00% | 90.46% | 90.46% | 90.46% | 90.46% | 90.46% | 90.46% | 90.46% | 90.46% | 89.95% | 89.51% | |
Expenses | |||||||||||||
Payroll | $0 | $0 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | |
Sales and Marketing and Other Expenses | $150 | $150 | $150 | $150 | $150 | $150 | $150 | $150 | $150 | $150 | $150 | $150 | |
Depreciation | $133 | $133 | $133 | $133 | $133 | $133 | $133 | $133 | $133 | $133 | $133 | $133 | |
License fees (electrical & plumbing) | $30 | $30 | $30 | $30 | $30 | $30 | $30 | $30 | $30 | $30 | $30 | $30 | |
Insurance | $200 | $200 | $200 | $200 | $200 | $200 | $200 | $200 | $200 | $200 | $200 | $200 | |
Payroll Taxes | 15% | $0 | $0 | $300 | $300 | $300 | $300 | $300 | $300 | $300 | $300 | $300 | $300 |
Gas/other incidentals | $150 | $150 | $150 | $150 | $150 | $150 | $150 | $150 | $150 | $150 | $150 | $150 | |
Total Operating Expenses | $663 | $663 | $2,963 | $2,963 | $2,963 | $2,963 | $2,963 | $2,963 | $2,963 | $2,963 | $2,963 | $2,963 | |
Profit Before Interest and Taxes | ($663) | ($663) | ($2,576) | ($2,324) | ($2,382) | ($1,879) | ($1,782) | ($1,221) | ($930) | ($447) | ($230) | ($156) | |
EBITDA | ($530) | ($530) | ($2,443) | ($2,191) | ($2,249) | ($1,746) | ($1,649) | ($1,088) | ($797) | ($314) | ($97) | ($23) | |
Interest Expense | $247 | $244 | $240 | $237 | $234 | $230 | $227 | $223 | $220 | $216 | $213 | $209 | |
Taxes Incurred | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Net Profit | ($910) | ($907) | ($2,816) | ($2,561) | ($2,616) | ($2,109) | ($2,009) | ($1,444) | ($1,150) | ($663) | ($443) | ($365) | |
Net Profit/Sales | 0.00% | 0.00% | -657.96% | -362.66% | -407.46% | -176.00% | -153.90% | -74.99% | -51.20% | -23.83% | -14.60% | -11.64% |
Pro Forma Cash Flow | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Cash Received | |||||||||||||
Cash from Operations | |||||||||||||
Cash Sales | $0 | $0 | $428 | $706 | $642 | $1,198 | $1,305 | $1,926 | $2,247 | $2,782 | $3,038 | $3,137 | |
Subtotal Cash from Operations | $0 | $0 | $428 | $706 | $642 | $1,198 | $1,305 | $1,926 | $2,247 | $2,782 | $3,038 | $3,137 | |
Additional Cash Received | |||||||||||||
Sales Tax, VAT, HST/GST Received | 0.00% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
New Current Borrowing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
New Other Liabilities (interest-free) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
New Long-term Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Sales of Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Sales of Long-term Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
New Investment Received | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Subtotal Cash Received | $0 | $0 | $428 | $706 | $642 | $1,198 | $1,305 | $1,926 | $2,247 | $2,782 | $3,038 | $3,137 | |
Expenditures | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |
Expenditures from Operations | |||||||||||||
Cash Spending | $0 | $0 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | |
Bill Payments | $26 | $777 | $785 | $1,112 | $1,134 | $1,127 | $1,175 | $1,183 | $1,238 | $1,266 | $1,313 | $1,349 | |
Subtotal Spent on Operations | $26 | $777 | $2,785 | $3,112 | $3,134 | $3,127 | $3,175 | $3,183 | $3,238 | $3,266 | $3,313 | $3,349 | |
Additional Cash Spent | |||||||||||||
Sales Tax, VAT, HST/GST Paid Out | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Principal Repayment of Current Borrowing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Other Liabilities Principal Repayment | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Long-term Liabilities Principal Repayment | $387 | $391 | $394 | $397 | $400 | $404 | $407 | $411 | $414 | $417 | $421 | $424 | |
Purchase Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Purchase Long-term Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Dividends | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Subtotal Cash Spent | $413 | $1,167 | $3,179 | $3,509 | $3,534 | $3,530 | $3,582 | $3,594 | $3,652 | $3,683 | $3,734 | $3,774 | |
Net Cash Flow | ($413) | ($1,167) | ($2,751) | ($2,803) | ($2,892) | ($2,332) | ($2,277) | ($1,668) | ($1,405) | ($901) | ($696) | ($637) | |
Cash Balance | $20,087 | $18,919 | $16,169 | $13,366 | $10,473 | $8,141 | $5,865 | $4,197 | $2,792 | $1,890 | $1,194 | $557 |
Pro Forma Balance Sheet | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Assets | Starting Balances | ||||||||||||
Current Assets | |||||||||||||
Cash | $20,500 | $20,087 | $18,919 | $16,169 | $13,366 | $10,473 | $8,141 | $5,865 | $4,197 | $2,792 | $1,890 | $1,194 | $557 |
Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Total Current Assets | $20,500 | $20,087 | $18,919 | $16,169 | $13,366 | $10,473 | $8,141 | $5,865 | $4,197 | $2,792 | $1,890 | $1,194 | $557 |
Long-term Assets | |||||||||||||
Long-term Assets | $8,000 | $8,000 | $8,000 | $8,000 | $8,000 | $8,000 | $8,000 | $8,000 | $8,000 | $8,000 | $8,000 | $8,000 | $8,000 |
Accumulated Depreciation | $0 | $133 | $266 | $399 | $532 | $665 | $798 | $931 | $1,064 | $1,197 | $1,330 | $1,463 | $1,596 |
Total Long-term Assets | $8,000 | $7,867 | $7,734 | $7,601 | $7,468 | $7,335 | $7,202 | $7,069 | $6,936 | $6,803 | $6,670 | $6,537 | $6,404 |
Total Assets | $28,500 | $27,954 | $26,653 | $23,770 | $20,834 | $17,808 | $15,343 | $12,934 | $11,133 | $9,595 | $8,560 | $7,731 | $6,961 |
Liabilities and Capital | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |
Current Liabilities | |||||||||||||
Accounts Payable | $0 | $751 | $748 | $1,074 | $1,097 | $1,087 | $1,135 | $1,142 | $1,196 | $1,222 | $1,268 | $1,303 | $1,323 |
Current Borrowing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Other Current Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Subtotal Current Liabilities | $0 | $751 | $748 | $1,074 | $1,097 | $1,087 | $1,135 | $1,142 | $1,196 | $1,222 | $1,268 | $1,303 | $1,323 |
Long-term Liabilities | $30,000 | $29,613 | $29,222 | $28,828 | $28,431 | $28,030 | $27,627 | $27,219 | $26,809 | $26,395 | $25,977 | $25,556 | $25,132 |
Total Liabilities | $30,000 | $30,363 | $29,970 | $29,902 | $29,527 | $29,118 | $28,762 | $28,361 | $28,005 | $27,617 | $27,246 | $26,860 | $26,455 |
Paid-in Capital | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Retained Earnings | ($1,500) | ($1,500) | ($1,500) | ($1,500) | ($1,500) | ($1,500) | ($1,500) | ($1,500) | ($1,500) | ($1,500) | ($1,500) | ($1,500) | ($1,500) |
Earnings | $0 | ($910) | ($1,816) | ($4,632) | ($7,193) | ($9,809) | ($11,919) | ($13,928) | ($15,372) | ($16,522) | ($17,185) | ($17,629) | ($17,994) |
Total Capital | ($1,500) | ($2,410) | ($3,316) | ($6,132) | ($8,693) | ($11,309) | ($13,419) | ($15,428) | ($16,872) | ($18,022) | ($18,685) | ($19,129) | ($19,494) |
Total Liabilities and Capital | $28,500 | $27,954 | $26,653 | $23,770 | $20,834 | $17,808 | $15,343 | $12,934 | $11,133 | $9,595 | $8,560 | $7,731 | $6,961 |
Net Worth | ($1,500) | ($2,410) | ($3,316) | ($6,132) | ($8,693) | ($11,309) | ($13,419) | ($15,428) | ($16,872) | ($18,022) | ($18,685) | ($19,129) | ($19,494) |
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This ready-made business plan template is designed specifically for handyman businesses, whether you’re offering residential repair services, small-scale renovations, or commercial maintenance.
It comes pre-written with all the necessary sections, including a comprehensive business overview, operations plan, and updated market research with 2024 data.
Simply adjust the areas marked with [brackets] to fine-tune the plan with your specific handyman business details, making it quick and easy to customize.
Pre-Written and Customizable: The business plan is fully written, covering all essential aspects of starting and managing a successful handyman business. Simply modify the [bracketed sections] to reflect your unique services, target market, and financial goals.
Complete Business Overview: Present a clear and professional business overview, including your mission, vision, target market, and value proposition. This section is pre-written and ready for you to add in your specific handyman business details.
Operations and Management Plan: Outlines how you will manage daily handyman operations, including staffing, customer service, tools management, and scheduling. Customize this section to align with your business’s size and services, whether focused on residential repair work or larger renovation projects.
Updated Market Research (2024 Data): This section provides a comprehensive analysis of the handyman industry landscape:
Strategy Section: This section is fully completed and includes:
Financial Projections and Revenue Model: The business plan includes dummy financial projections as an example, helping you understand potential profitability based on typical assumptions.
Please note that the business plan does not come with a detailed financial model. However, you can purchase and download the separate financial model template, which is explained further below on this product page.
This template is already completed and include everything you need in a business plan:
The business plan shown here is an example from the Cryotherapy business plan template.
It is a 30+ slides presentation in Powerpoint format that can be used to raise funds from investors or a bank for your business.
We built this template with everything you need in a business plan so you save time preparing your own.
Download the template and customise it as you please by adding your own business information (name of your business, location, etc.).
The template has 30+ slides that include all you need to raise funds from investors or to obtain a loan from a bank:
All our business plan templates can either be used with Powerpoint or Google Slides, Google Slides being a free version of Powerpoint.
It is a one-time fee. By purchasing this template you can download it to your computer and use it for as long as you need to.
Yes you can! It’s actually recommended to customize the template.
We recommend you to change the photos, add your business information to make it truly yours.
Yes it is. All investors and lenders will require a business plan along with a financial plan in Excel format.
This business plan template also include a financial plan yet please note this is an example. To edit the financial plan (for example to customize your revenue projections), purchase the corresponding financial model template available on this same product page.
The short answer is no. Since these templates are digital products, it is impossible for us to retrieve the template once you have downloaded at least once on your computer.
Note that we offer a free business plan example that can be downloaded before purchase. This allows you to have a look at the structure and the level of information we include in all our business plans.
This explains why less than 2% of our customers ever ask us for a refund.
That being said, if you are unhappy with your purchase, we will always do our best to make it work for you, either by: offering another template for free, helping you to use and/or customize your plan so that it works for you.
If we can’t find an arrangement, we will offer refunds exceptionally when, for example:
Yes we do. Many of our customers even come back to us for help a year post purchase as they update their business plan.
We provide free lifetime email support, period.
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Download the full, editable business plan template by purchasing the paid version instead..
If you want to start a handyman business or expand your current handyman company, you need a business plan.
Fortunately, you’re in the right place. Our team has helped develop over 100,000 business plans over the past 20 years, including thousands of handyman business plans.
The following handyman business plan template and example gives you the key elements you must include in your plan.
You can download our Handyman Business Plan Template (including a full, customizable financial model) to your computer here.
I. executive summary, business overview.
[Company Name] is a new handyman business located in [location]. The company will offer a variety of residential handyman services, including plumbing, drywall service, carpentry, and door and window repair. [Company Name] strives to be the best handyman service in the area, focusing on customer service and maintaining long-term relationships. We will market ourselves as friendly neighborhood handymen who can help residents with all their home repairs and concerns.
[Company Name] will provide local residents and homeowners with a variety of services to help keep their homes in perfect condition. Some of these services include:
[Company Name] will primarily serve the residents and homeowners of [location] and the surrounding area. The demographics of these customers are as follows:
These demographics serve our company well. With such a large population of homeowners, many residents will need a local handyman to keep their homes in perfect condition. Many residents own homes that are decades old and need frequent upkeep and repairs. [Company Name] can provide homeowners with whatever services they need.
[Company Name] is led by [Founder’s Name], who has been a handyman for [X] years. Throughout this time, he has worked on a variety of installation and repair services while employed by local handyman businesses. He initially worked for local competitors but branched out on his own a few years ago. After being self-employed for a few years, [Founder’s Name] is ready to officially incorporate his business and hire several other handymen who can help expand the business and clientele.
[Founder’s Name] has worked in the industry long enough to gain an in-depth knowledge of the business, including the operations side (e.g., running day-to-day operations) and the business management side (e.g., staffing, marketing, etc.). He also already has a starting customer base to provide revenue for the company.
[Company Name] is uniquely qualified to succeed due to the following reasons:
[Company Name] is currently seeking $470,000 to launch. Specifically, these funds will be used as follows:
Top line projections over the next five years are as follows:
Financial Summary | FY 1 | FY 2 | FY 3 | FY 4 | FY 5 |
---|---|---|---|---|---|
Revenue | $560,401 | $782,152 | $1,069,331 | $1,379,434 | $1,699,644 |
Total Expenses | $328,233 | $391,429 | $552,149 | $696,577 | $776,687 |
EBITDA | $232,168 | $390,722 | $517,182 | $682,858 | $922,956 |
Depreciation | $7,000 | $7,000 | $7,000 | $7,000 | $7,000 |
EBIT | $225,168 | $383,722 | $510,182 | $675,858 | $915,956 |
Interest | $6,016 | $5,264 | $4,512 | $3,760 | $3,008 |
Pre Tax Income | $219,152 | $378,458 | $505,670 | $672,098 | $912,948 |
Income Tax Expense | $76,703 | $132,460 | $176,985 | $235,234 | $319,532 |
Net Income | $142,449 | $245,998 | $328,686 | $436,864 | $593,416 |
Net Profit Margin | 25% | 31% | 31% | 32% | 35% |
You can download our Business Plan Template (including a full, customizable financial model) to your computer here.
[Company Name] is a new handyman business located in [location] and will serve residents and homeowners in the city and surrounding area. We will offer a variety of residential handyman services, including plumbing, drywall service, carpentry, and door and window repair. [Company Name] strives to be the best handyman service in the area that residents can trust for all of their home projects. We will market ourselves as friendly neighborhood handymen who can help residents will all their home repairs and concerns.
[Company Name] is led by [Founder’s Name], who has been a handyman for [x] years. He started off his career by working for a variety of local handyman services businesses before branching off on his own as a self-employed contractor. Now with years of experience under his belt and a loyal client base, [Founder’s Name] is ready to turn his side hustle into a thriving business that employs several handymen.
[Founder’s Name] recently began researching what it would take to incorporate his business and expand his client base. He has analyzed the costs, market, demographics, and local competition. [Founder’s Name] has compiled enough information to develop his business plan in order to approach investors.
Once his research was complete, [Founder’s Name] incorporated [Company Name] on [date of incorporation] as an S-Corporation. The business is currently being run out of [Founder’s Name]’s home, but once the lease on [Company Name]’s office location is finalized, all operations will be run from there. He currently uses his personal vehicle to drive to clients’ homes but will purchase a van that will be used specifically for the business.
Since incorporation, the company has achieved the following milestones:
[Company Name] will provide local residents and homeowners with a variety of services to help keep their homes in perfect condition. These services will include a variety of repair and installation options. Some of these services include:
Handymen will charge an hourly fee that will depend on the service and additional fees for any supplies needed and additional requests.
No building will ever be completely perfect or without the need for some fixing up and repairs. Therefore, handymen will always be an essential service to businesses and homeowners alike. Homeowners especially will always need help with installation and repair services that handymen provide, as they are often not skilled in the work required to maintain their homes.
Furthermore, society in general is becoming less skilled in basic repair and maintenance skills and is looking to skilled professionals to help keep their homes in good repair. The handyman service market is expected to grow at a compound annual growth rate of 17.2% over the next five years. This is enormous growth for any industry and shows just how in-demand handyman services are. Therefore, there has never been a better time to incorporate a handyman business.
Demographic profile of target market.
[Company Name] will serve the community residents of [company location] and its surrounding areas.
The area we service is suburban, with 55% owning homes. This means a sizable portion of the local population will require our services at some point.
[Company Name] will primarily target the following three customer segments:
Direct & indirect competitors.
The following handyman companies operate within a 10-mile radius of [Company Name], thus providing either direct or indirect competition:
Mountainside Handy Services Established in 1979, Mountainside Handy Services has been a popular local chain offering a variety of handyman services for local businesses and industries. They help offices and other establishments with on-call repairs and general remodeling and installation. Many businesses have sworn by Mountainside’s services, and the company’s reputation has skyrocketed simply through word-of-mouth marketing.
Though Mountainside Handy Services will continue to thrive, the company primarily works with local businesses and, therefore, will be a minor competitor for [Company Name].
John’s Installation And Repair Inc John’s Installation and Repair Inc has been a profitable small handyman business for over a decade. This small business helps with a variety of residential repair services, including plumbing, electrical, and carpentry. John’s small team has gained a great reputation for their friendly customer service and quick repairs.
Though John’s Installation and Repair Inc has gained a positive reputation, its scope of work remains small, even after a decade. They can only help with small projects and generally don’t sign up for larger-scale services. As [Company Name] grows, we will take on larger and larger projects and aim to be the only handyman that any homeowner needs.
Carpentry And More LLC Established in 2005, Carpentry And More LLC set out to be the best local business for all carpentry-related needs. Customers can expect high-quality carpentry work paired with excellent customer service. Carpentry and More’s most popular services include deck and fence installation, remodeling, and door replacement.
Though Carpentry And More offers a variety of services, they primarily focus on and make revenue from their carpentry services. Therefore, they are a minor competitor when it comes to other services such as plumbing, painting, and general repairs.
[Company Name] enjoys several advantages over its competitors. Those advantages include:
You can download our Business Plan Template (including a full, customizable financial model) to your computer here. [Company Name] seeks to position itself as a high-quality, friendly, and convenient handyman business. Clients can expect to receive the best handyman services from skilled contractors and professionals in [location] using the highest quality materials and tools.
The [Company Name] brand will focus on the company’s unique value proposition:
[Company Name] expects its target market to be individuals within a 10-mile radius of its location. [Company Name]’s promotion strategy to reach these potential customers includes:
Referrals [Company Name] understands that the best promotion comes from satisfied customers. The company will encourage its clients to refer other individuals by providing discounts on future services for every new client produced. This strategy will increase in effectiveness over time.
Website/SEO [Company Name] will invest in developing a professional website that displays all of the services offered by the company. It will also invest in SEO so that the company’s website will appear at the top of search engine results.
Social Media [Company Name] will create the company’s social media accounts and invest in ads on all social media platforms. It will use targeted marketing to appeal to the target demographic.
Publications [Company Name] will advertise its services in key local publications, including newspapers and area magazines. Additionally, the company will print brochures and place them in specific locations frequented by target individuals.
Direct Mail [Company Name] will blanket neighborhoods in the area with direct mail pieces. These pieces will provide general information on [Company Name], its services, and promotional discounts.
Billboards [Company Name] will secure a billboard in the area that captures the attention of residents. The billboard will draw attention to the new business and its service offerings.
[Company Name]’s pricing will be estimated on a project basis drawing on [Founder’s Name]’s deep expertise in various installation and repair services. The pricing will be determined by the materials needed and the amount of labor required to finish the job. Pricing will be moderate and less expensive than our competitors, but more expensive than lower-quality, efficiency-driven handyman and repair businesses.
Functional roles.
[Company Name] will need to fulfill the following functional roles to execute its business plan and ensure the company’s success:
Service Functions
Administrative Functions
Date | Milestone |
---|---|
[Date 1] | Finalize lease agreement |
[Date 2] | Design and build out [Company Name] |
[Date 3] | Hire and train initial staff |
[Date 4] | Kickoff of promotional campaign |
[Date 5] | Launch [Company Name] |
[Date 6] | Reach break-even |
Management team members.
[Company Name] is led by [Founder’s Name], who has been a handyman for [X] years. Throughout this time, he has worked on a variety of installation and repair services, both while employed by local handyman businesses, and while operating alone. After being self-employed for a few years, [Founder’s Name] is ready to officially incorporate his business and hire several other handymen who can help expand the business.
[Founder’s Name]’s has worked in the industry long enough to gain an in-depth knowledge of the business, including the operations side (e.g., running day-to-day operations) and the business management side (e.g., staffing, marketing, etc.). However, [Founder’s Name] will hire assistant managers to help run the company and adequately train and manage staff. He will also hire administrative staff to help with operations, marketing, bookkeeping, and other administrative functions.
[Founder’s Name] will serve as the Owner and Manager of [Company Name]. In order to launch, he needs to hire the following personnel:
Revenue and cost drivers.
[Company Name]’s revenue will primarily come from providing installation and repair services to local homeowners. Pricing will be determined by the services required, materials and tools needed, and scope of the project.
The main cost drivers for [Company Name] will be labor expenses, marketing, and lease for the office space.
[Company Name] is currently seeking $470,000 to launch. The funds will be used for capital expenditures, office build-out, hiring initial employees, marketing expenses, and working capital.
Specifically, these funds will be used as follows:
Number of Clients | Average |
---|---|
FY 1 | 100 |
FY 2 | 120 |
FY 3 | 150 |
FY 4 | 200 |
FY 5 | 225 |
5 Year Annual Income Statement
Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||
---|---|---|---|---|---|---|
Revenues | ||||||
Product/Service A | $151,200 | $333,396 | $367,569 | $405,245 | $446,783 | |
Product/Service B | $100,800 | $222,264 | $245,046 | $270,163 | $297,855 | |
Total Revenues | $252,000 | $555,660 | $612,615 | $675,408 | $744,638 | |
Expenses & Costs | ||||||
Cost of goods sold | $57,960 | $122,245 | $122,523 | $128,328 | $134,035 | |
Lease | $60,000 | $61,500 | $63,038 | $64,613 | $66,229 | |
Marketing | $20,000 | $25,000 | $25,000 | $25,000 | $25,000 | |
Salaries | $133,890 | $204,030 | $224,943 | $236,190 | $248,000 | |
Other Expenses | $3,500 | $4,000 | $4,500 | $5,000 | $5,500 | |
Total Expenses & Costs | $271,850 | $412,775 | $435,504 | $454,131 | $473,263 | |
EBITDA | ($19,850) | $142,885 | $177,112 | $221,277 | $271,374 | |
Depreciation | $36,960 | $36,960 | $36,960 | $36,960 | $36,960 | |
EBIT | ($56,810) | $105,925 | $140,152 | $184,317 | $234,414 | |
Interest | $23,621 | $20,668 | $17,716 | $14,763 | $11,810 | |
PRETAX INCOME | ($80,431) | $85,257 | $122,436 | $169,554 | $222,604 | |
Net Operating Loss | ($80,431) | ($80,431) | $0 | $0 | $0 | |
Income Tax Expense | $0 | $1,689 | $42,853 | $59,344 | $77,911 | |
NET INCOME | ($80,431) | $83,568 | $79,583 | $110,210 | $144,693 | |
Net Profit Margin (%) | - | 15.00% | 13.00% | 16.30% | 19.40% |
Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||
---|---|---|---|---|---|---|
ASSETS | ||||||
Cash | $16,710 | $90,188 | $158,957 | $258,570 | $392,389 | |
Accounts receivable | $0 | $0 | $0 | $0 | $0 | |
Inventory | $21,000 | $23,153 | $25,526 | $28,142 | $31,027 | |
Total Current Assets | $37,710 | $113,340 | $184,482 | $286,712 | $423,416 | |
Fixed assets | $246,450 | $246,450 | $246,450 | $246,450 | $246,450 | |
Depreciation | $36,960 | $73,920 | $110,880 | $147,840 | $184,800 | |
Net fixed assets | $209,490 | $172,530 | $135,570 | $98,610 | $61,650 | |
TOTAL ASSETS | $247,200 | $285,870 | $320,052 | $385,322 | $485,066 | |
LIABILITIES & EQUITY | ||||||
Debt | $317,971 | $272,546 | $227,122 | $181,698 | $136,273 | |
Accounts payable | $9,660 | $10,187 | $10,210 | $10,694 | $11,170 | |
Total Liabilities | $327,631 | $282,733 | $237,332 | $192,391 | $147,443 | |
Share Capital | $0 | $0 | $0 | $0 | $0 | |
Retained earnings | ($80,431) | $3,137 | $82,720 | $192,930 | $337,623 | |
Total Equity | ($80,431) | $3,137 | $82,720 | $192,930 | $337,623 | |
TOTAL LIABILITIES & EQUITY | $247,200 | $285,870 | $320,052 | $385,322 | $485,066 |
Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
---|---|---|---|---|---|
CASH FLOW FROM OPERATIONS | |||||
Net Income (Loss) | ($80,431) | $83,568 | $79,583 | $110,210 | $144,693 |
Change in working capital | ($11,340) | ($1,625) | ($2,350) | ($2,133) | ($2,409) |
Depreciation | $36,960 | $36,960 | $36,960 | $36,960 | $36,960 |
Net Cash Flow from Operations | ($54,811) | $118,902 | $114,193 | $145,037 | $179,244 |
CASH FLOW FROM INVESTMENTS | |||||
Investment | ($246,450) | $0 | $0 | $0 | $0 |
Net Cash Flow from Investments | ($246,450) | $0 | $0 | $0 | $0 |
CASH FLOW FROM FINANCING | |||||
Cash from equity | $0 | $0 | $0 | $0 | $0 |
Cash from debt | $317,971 | ($45,424) | ($45,424) | ($45,424) | ($45,424) |
Net Cash Flow from Financing | $317,971 | ($45,424) | ($45,424) | ($45,424) | ($45,424) |
SUMMARY | |||||
Net Cash Flow | $16,710 | $73,478 | $68,769 | $99,613 | $133,819 |
Cash at Beginning of Period | $0 | $16,710 | $90,188 | $158,957 | $258,570 |
Cash at End of Period | $16,710 | $90,188 | $158,957 | $258,570 | $392,389 |
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