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Joined: Mar 2006
Posts: 17,289
Campfire Ranger
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Campfire Ranger
Joined: Mar 2006
Posts: 17,289 |
Handyman work is OK but it's not always well paying. Bathroom remodels are a niche that one person can do and get paid very well. Having skills with tile, installing tub surrounds, drywall, texturing, painting, countertops, sinks, flooring, and plumbing work ... start to finish one stop shopping for the home owner is a big plus.
People spend thousands of dollars on bathrooms.
Another good niche is bathtub refinishing. Give or take, it's about $400.00 to refinish a tub and it only takes about four hours. It's possible to do two in one day.
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Joined: May 2011
Posts: 56,287
Campfire Kahuna
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Campfire Kahuna
Joined: May 2011
Posts: 56,287 |
Plumbing should be similar to the type of contracting I do in some key ways. I'm 26 years into it. If you charge plumbers rates for yourself, instead of taking a wage from your current bosses plumbers rates, the money will come in much faster than you're used to. You will not be able to charge out 8 hours a day, with the inevitable inefficiencies of running a business, time spent doing unproductive things, like dropping the van off at the mechanics and meeting your insurance agent. But day in and day out, it's as simple as charging the going rates, or even higher for quality work and humble service, and covering your expenses. Mark your parts up 20-50%, cover your mileage at the cost of fuel, and make your wage as many hours a day as possible. Be frugal with spending, don't get behind on taxes, reinvest wisely, shop smart and take the long view. It doesn't all have to happen the first 6 months you start.
Be careful with yellow page advertising that costs several hundred dollars a month. If you rely on service work from the yellow pages, don't name your business Zeke's Plumbing, and end up in the back of the book. If you plan on working for builders, skip the ads and have coffee or lunch with every builder you can, even the ones you don't work for now, market yourself as someone who is in it for the long haul, will watch out for them, and expects to be treated fairly and PAID on time! Join the local chamber of commerce and go to the monthly meetings, to introduce yourself to the other business people in your community, who may end up the lifeblood for your startup. Business people make and SPEND money, and will help you if you present yourself as an honest, professional, humble businessman. In the short term, buy a van or whatever you need, shop Craigslist, garage sales, whatever you can to get what you need to get rolling, don't worry how it looks, just that it actually works. Start making your rates ASAP, it will build your confidence and give you some much needed cash to cover startup costs. Avoid monthly payments that suck the blood out of you in the off-season. I could just go on and on, there's so many little things to get right. PM if you'd like. Bottom line, get the cash coming in, BEFORE you get too much going out. It's a confidence thing...
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An 8 dollar driveway boy living in a T-111 shack
LOL
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Joined: Mar 2011
Posts: 8,217
Campfire Outfitter
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Campfire Outfitter
Joined: Mar 2011
Posts: 8,217 |
Plumbing should be similar to the type of contracting I do in some key ways. I'm 26 years into it. If you charge plumbers rates for yourself, instead of taking a wage from your current bosses plumbers rates, the money will come in much faster than you're used to. You will not be able to charge out 8 hours a day, with the inevitable inefficiencies of running a business, time spent doing unproductive things, like dropping the van off at the mechanics and meeting your insurance agent. But day in and day out, it's as simple as charging the going rates, or even higher for quality work and humble service, and covering your expenses. Mark your parts up 20-50%, cover your mileage at the cost of fuel, and make your wage as many hours a day as possible. Be frugal with spending, don't get behind on taxes, reinvest wisely, shop smart and take the long view. It doesn't all have to happen the first 6 months you start.
Be careful with yellow page advertising that costs several hundred dollars a month. If you rely on service work from the yellow pages, don't name your business Zeke's Plumbing, and end up in the back of the book. If you plan on working for builders, skip the ads and have coffee or lunch with every builder you can, even the ones you don't work for now, market yourself as someone who is in it for the long haul, will watch out for them, and expects to be treated fairly and PAID on time! Join the local chamber of commerce and go to the monthly meetings, to introduce yourself to the other business people in your community, who may end up the lifeblood for your startup. Business people make and SPEND money, and will help you if you present yourself as an honest, professional, humble businessman. In the short term, buy a van or whatever you need, shop Craigslist, garage sales, whatever you can to get what you need to get rolling, don't worry how it looks, just that it actually works. Start making your rates ASAP, it will build your confidence and give you some much needed cash to cover startup costs. Avoid monthly payments that suck the blood out of you in the off-season. I could just go on and on, there's so many little things to get right. PM if you'd like. Bottom line, get the cash coming in, BEFORE you get too much going out. It's a confidence thing... Thats some good advice.... Another thing,...stick to commercial or industrial work as much as you can...When somebodys got several folks bitching about the ac's out or production is halted they have no problem paying better than top dollar out of an over head account just to get it taken care of NOW...where as residential you'll for ever be competeing with the bottom line of new braces for the kids or the up coming vacation....
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Joined: May 2004
Posts: 10,872
Campfire Outfitter
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Campfire Outfitter
Joined: May 2004
Posts: 10,872 |
Guy that lives beside my FIL went Yellow Van HandyMan franchise route. Doing pretty good for his second year. FWIW.
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Joined: Oct 2009
Posts: 16,718
Campfire Ranger
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Campfire Ranger
Joined: Oct 2009
Posts: 16,718 |
If you're a self-starter, YES.
Be honest, I mean very honest in accessing that seemingly simple question.
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Joined: Mar 2011
Posts: 8,217
Campfire Outfitter
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Campfire Outfitter
Joined: Mar 2011
Posts: 8,217 |
If you're a self-starter, YES.
Be honest, I mean very honest in accessing that seemingly simple question.
No schat.... which deems another question...What the hell am I doing settin here right now?!.. I got to go.... 
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Joined: Apr 2011
Posts: 383
Campfire Member
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Campfire Member
Joined: Apr 2011
Posts: 383 |
If you are going to use your personal truck for your business make sure you get a commercial auto insurance policy on it. If you are in an accident on the way to a job and only have personal insurance on the vehicle more than likely the ins company will not pay. But every ins company handles this a little bit differently so read your ins policy and or call your insurance agent to make sure your vehicle is covered appropriately.
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Joined: Sep 2007
Posts: 3,275
Campfire Tracker
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Campfire Tracker
Joined: Sep 2007
Posts: 3,275 |
Was in the OPs' shoes 9 yrs ago, was working for a building contractor 50 hrs/wk and roofing 30 hrs/wk weather permitting. No insurance, pension, 401, holidays, but 2 wks vac. Thought about going on my own, but @ 45yo a pension was looking tempting. So I got a building maint. job with the state, decent ins., 75% pension after 30 yrs, 12 holidays & 3 wks vac. The initial pay was 60% of what I was making, my side work & the wifes' job kept us alive.
Now we're in a budget crunch, so no raises, we have a small pay cut, and the insurance isn't quite as good. I'll trade the money for security.
Eagles may soar, but a weasel never got sucked into a jet turbine!
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Joined: Dec 2006
Posts: 2,413
Campfire Regular
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Campfire Regular
Joined: Dec 2006
Posts: 2,413 |
in 2004 I would have opened my own computer/network service company. Health Insurance is what stopped me...
J Simoneaud
Supper's ready!! you have 2 choices, Eat or Don't eat.
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Joined: Aug 2003
Posts: 301
Campfire Member
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Campfire Member
Joined: Aug 2003
Posts: 301 |
"The catfish is a plenty good enough fish for anyone"
-Mark Twain
"Democracy is the worst form of government except for all those others that have been tried."
~ Winston Churchill
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Joined: Sep 2007
Posts: 13,268
Campfire Outfitter
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Campfire Outfitter
Joined: Sep 2007
Posts: 13,268 |
Maybe it depends on the location but most people I've seen that hire people under the "handyman" label really want to pay the absolute bottom of the scale.
Another thing I have noticed is that only a tiny fraction of people in this world really care if something is done "the right way" and even fewer want to pay the premium for it.
Not talking you out of it I would just keep it in mind.
In that type of work I would imagine you would have to make money on every job because of the lack of repeat customers in the short term. In our business we make real money on about 20% of the jobs and that is the profit for the entire year but we do the other 80% to get that 20% and keep the doors open the rest of the year. Something to think about if you are going from a larger company to a one man show.
Last edited by NathanL; 03/06/13.
Otto is my co-pilot.
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Joined: Mar 2006
Posts: 19,503
Campfire Ranger
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OP
Campfire Ranger
Joined: Mar 2006
Posts: 19,503 |
Thanks for all the input, guys, and the PMs, too. As soon as I get some time this evening I'll start responding.
Thanks again!
4 out of 5 Great Lakes prefer Michigan. 
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Joined: Dec 2002
Posts: 15,857
Campfire Ranger
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Campfire Ranger
Joined: Dec 2002
Posts: 15,857 |
Thinkin you have the personality, drive and smarts to be successful.
Good luck Scott!!!
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Joined: Jan 2002
Posts: 10,605
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2002
Posts: 10,605 |
The most important thing for a business is finding customers. You may know the work but you won't have a business without customers. You need to figure out how to find customers and the rest is relatively easy.
Can your wife help by focusing on getting customers for you?
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Joined: Jan 2002
Posts: 10,605
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2002
Posts: 10,605 |
Don't you mean an S corporation? That way your not subject to double taxation.
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Joined: Jan 2009
Posts: 10,102
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2009
Posts: 10,102 |
The most important thing for a business is finding customers +1, but when you do find customers put them on a qtrly flyer with all your services offered. Marketing is the key in the service industry. You obtain a few clients over the next year/two, they will keep you steady working. I don't blame you for going out on your own.....I've spent 95% of my like self-employed. Find the clients, do a good job and keep in touch with them using mail flyers. You fail to do this....you will fail.
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Joined: Nov 2003
Posts: 28,605
Campfire Ranger
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Campfire Ranger
Joined: Nov 2003
Posts: 28,605 |
The most important thing for a business is finding customers. You may know the work but you won't have a business without customers. You need to figure out how to find customers and the rest is relatively easy.
Can your wife help by focusing on getting customers for you? you need to understand how to keep books aswell, seen a couple busnisess loaded with customers fail here because the owners didnt think they needed to pay close attention to the numbers..... but ofcourse having the customers is a very important part.....though going by his post he seemed more worried by his lack of business sence.....getting quickbooks and learning how to run it and then running it properly will take care of the vast majority of business sence cause it will show you where you money is coming from and exactly what your spending it on.....if you have the numbers there infront of you to crunch it makes most of the rest of it easy to figure out .....biggest mistake i always see is not keep track of good books..... when stuff gets tight, having the numbers there infront of you to help you figure out why goes along way to keeping food on the table and a roof over your head......cause the numbers aint gonna lie to you that the part of the business you may love doing the most is whats killing yah financially and stuff like that where without them you may keep making the same mistake over and over even though we are pretty small and my wife sees most the checks that come in and every check that goes out every once in awhile that P&L has something on it we didnt realize as far as a part of the business that was doing very well or poorly....
Last edited by rattler; 03/06/13.
A serious student of the "Armchair Safari" always looking for Africa/Asia hunting books
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Joined: Aug 2003
Posts: 301
Campfire Member
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Campfire Member
Joined: Aug 2003
Posts: 301 |
The most important thing for a business is finding customers. You may know the work but you won't have a business without customers. You need to figure out how to find customers and the rest is relatively easy.
Can your wife help by focusing on getting customers for you? I did this stuff for a long time. Made a good living until the tendonitis forced me into a desk job. This is the kind of business you market through real estate offices that need FHA improvements, inspections satisfied, and details done in order to save deals. Also through hardware stores and local lumber yards that regularly get folks in asking for help with a new mailbox/toilet/sliding door/dead bolt etc etc etc Keys to profitability are getting a deposit before starting work, having a minimum charge, and marking up the labor & material & travel for a profit. Avoid debt, and build a cash reserve & you can make a decent living. You won't get rich, but setting your own hours & doing work you enjoy is a beautiful thing.
"The catfish is a plenty good enough fish for anyone"
-Mark Twain
"Democracy is the worst form of government except for all those others that have been tried."
~ Winston Churchill
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Joined: May 2009
Posts: 5,628
Campfire Tracker
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Campfire Tracker
Joined: May 2009
Posts: 5,628 |
I have been on call for 12 years straight. I'm my own boss and I will never need money. If that's what you want, good luck.
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Joined: Sep 2007
Posts: 13,268
Campfire Outfitter
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Campfire Outfitter
Joined: Sep 2007
Posts: 13,268 |
At least when you are a company of one you avoid the number one pitfall I have seen over 20 years of business and recently doing consulting to help a business. Not getting rid of dead weight in a timely manner lol.
Otto is my co-pilot.
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