What It Takes to Build a Home Services Business

 

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If you’re thinking about starting your own business, you may have already considered offering home services. Whether it’s plumbing, welding, painting, or something else entirely, there is real potential in the home services industry. But how do you go about starting a business like this? Here are tips to get started, courtesy of WiserU.

 

Offer the Right Service

If you're already an experienced handyman or service professional, then this step is easy; just offer the services you already know! However, if you don't have previous experience with home services, start small and expand as your skills grow. Consider the needs of your local area and invest in training to become an expert in one particular service. This approach will be more profitable than trying to offer everything all at once without the necessary expertise.

For instance, if you noticed a need in your area for professional welders, you could start your own welding business. And suppose you're already in the welding trade. In that case, you can build your knowledge base even more by visiting sites like WeldingLogic that offer expert welding advice and reviews on welding equipment. 

 

Why an S-Corp May Be Ideal

When setting up your business structure, consider choosing an S-Corp designation because it provides more tax benefits than other types of corporations. An S-Corp also allows for more flexibility when dividing profits between shareholders (in this case yourself) and employees (if applicable). Additionally, if anything goes wrong during the course of business operations, having an S-Corp designation can provide protection against personal liabilities.

 

Increase Your Educational Background

If starting your own business sounds overwhelming, you could earn a bachelor of business degree to give you more knowledge in your field. In fact, thanks to the flexibility of online learning platforms, you could start your business and attend school simultaneously, since you’re free to learn at your own pace.

 

Buy Business Insurance

No matter which type of home service you decide to offer, having proper insurance coverage is essential for protecting yourself and your customers from financial losses due to accidents or unexpected events. Make sure your policy covers any potential risks associated with the services that you plan to offer including property damage and bodily injury liability coverage so that you're not left with costly bills if something goes wrong on a job site.

Establish a Marketing Plan

Marketing a home services business can be a challenge, but there are proven strategies to help you get the word out. Start by creating a strong online presence. Make sure your website is optimized for search engines and that your social media accounts are active and engaging. Next, reach out to your community. Get involved with local events and include your company's name and contact information in any advertising. Finally, don't forget the power of word-of-mouth marketing. Make sure your customers are satisfied with your services and that they feel comfortable recommending you to their friends and family.

 

Learn to Manage Projects Well from the Start

Effective project management is key to keeping your business running smoothly. After all, when you're dealing with multiple clients and dozens of projects, it can be easy to lose track of what needs to be done and when. To ensure you're on the same page as your clients, have a clear understanding of the scope of each project. What exactly needs to be done? When does it need to be completed? Having a clear understanding of the work required will help you better plan and execute each project.

Also, create a timeline for each project. Build in flexibility to account for unforeseen delays, but try to stick as closely to the timeline as possible. This will help ensure that each project is completed on time and on budget.

Launching a small home services business is hard work but can be incredibly rewarding once all aspects are taken into consideration. From advancing your education to choosing what to offer to designating an appropriate business structure, when you set things up properly, you lay the foundation for your future success.

Questions? We’d love to hear from you! -- Kathy

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WiserU, the publisher of the WiserUTips.com blog, provides LinkedIn and career training and services for individuals and organizations. Visit WiserU.com for details.

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