We all must find ways to earn extra income during the recession, and there is perhaps no better way to earn part-time cash than through a handyman service. Regardless of economic conditions, household items break, home improvements need to be made, and not everyone’s skilled at being handy. That’s where you come in to the picture.
Providing a useful service to others in your community, like handyman services, can generate the extra income you are searching for and a profitable way to put your skills to use.
Skills Required: Knowledge and skills in home improvement and home repair
There is only one way to start a part-time business as a handyman: you must have expert knowledge of the field in which you are advertising your services. You must be able to perform the job as a professional in the industry would, or else your business will go nowhere and you will give customers sub-standard service. From plumbing and electrical repair to painting and laying tile, there are a variety of areas in which you may want to specialize. Or, if you have a broad knowledge of home improvement, you can market yourself as a general handyman.
Startup Expenses: $200 or less
If you have the tools necessary to perform your handyman service, then you are ahead of the game. You may need a few hundred dollars to purchase small items, such as drop cloths and tools. However, if you must purchase power tools or other types of large equipment, your startup costs may be significantly higher. You may want to consider renting these types of tools on a per-project basis instead of purchasing them to save money along the way.
Monthly Revenue: $200 -$1000
Although the amount of money you make will depend on a variety of factors, such as the number of jobs you take on or the difficulty of the jobs you are hired for, you can generally expect to earn up to $1,000 as a part-time handyman. If you work additional hours, however, this amount can increase significantly.
Monthly Expenses: $100 – $200 per month
You may encounter certain expenses during any given month, especially when you need particular tools to complete a job. Additional expenses may include nails, screws and other fasteners, paint brushes, drop cloths and safety gear.
Time to Break Even: Less than a month
If you start a handyman service and decide to rent power tools instead of purchasing them, then you can realistically expect to see a return on your investment in as little as a month. If you add the cost of your expenses into your handyman service jobs, then you can expect to break even after each job!
Possible Bumps in the Road
Check with local and city regulations and ordinances regarding starting a handyman service, as you may be required to obtain a license or permit to operate your handyman service. You may also become quickly overwhelmed if you are not able to complete a job on time and within budget.
It may therefore be wise to start slowly until you can realistically understand your abilities and the time frame in which you can complete jobs.
