Every new business starts with a vision for its future. In the past century, many small businesses have shared the same business models as their forebears, adapting to specific needs in technology and culture as time goes on. However, the rate of change is increasing as we progress further into this new century, which means that business owners may need to make significant changes to the way they run their business if they want to remain viable on a long-term basis.
The handyman’s trade is no exception to this rule, for reasons which may surprise you. Consider the following examples below if you’re currently wondering if certain elements of your business need to change in order to keep up with the expectations of your clients.
The Biggest Changes to the Industry
Business plans for handyman services have changed over hundreds of years because of two factors: What those services are and who can receive them. Take household cleaning businesses as an example. Early on in cultures all over the world, only the richest could afford to have cleaning done for them. Later, as women began to enter the workforce in more significant numbers after World War II, it became more and more common for people in the middle class to hire cleaners. Demand for cleaning services increased even more during the mid-sixties, and as a result, competition became more diverse. Today, you can find a variety of cleaning services, each with their own selling points. It is now possible to work with cleaning companies who have hired multiple workers, or self-employed cleaners who offer their services part-time on Craigslist, Nextdoor, or other free job listing sites.
Self-employment rates have increased by a wide margin, thanks to the development of e-commerce. Between 2005 and 2015, the percentage of people who are employed in a non-traditional sense rose from 10.1% to 15.8%. While a large portion of this rate hike includes artists – who have finally found their platform through being their own boss – handyman business owners are also playing their part in expanding this new lifestyle.
It is only expected that these rates will increase as various industries change in order to keep up with new economic trends. The biggest changes will revolve around the very nature of employment in the United States, and forecasts state that this change will broadly affect handyman jobs and other small business or contractor jobs. However, that will not be the only change to handyman businesses as times change.
Things to Expect for a Future Successful Handyman Business
- Those in electrical work should expect their business plan to include green energy solutions, especially if green energy is a common concern among clients. Be prepared to phase out traditional energy systems as new laws and regulations move toward green energy.
- Businesses of all types should open a business bank account, even if they are working as a freelancer. Because more and more people are using their know-how to open their own businesses, tax representatives will be paying closer attention to small businesses and the way they operate.
- Obtaining a business license will most likely be harder to do because requirements might change as a new surge of contractors and startups hits the market. Licensing requirements will certainly address new business practices to ensure that small businesses won’t cut corners to remain competitive.
- Potential customers will be looking for liability insurance, competitive hourly rates, companies that utilize worker’s compensation insurance, and will most likely be working more with local businesses than with larger chains. This could work in favor of small businesses who have been in the game for a long time, but it also might make the startup costs for new companies too much for them to handle.
- The ways in which your business will reach out to new clients are quickly becoming limited to the Internet. In addition to using free job listing sites for odd jobs and singular contracting jobs, it is crucial for small businesses who do home repair or offer handyman tasks to run their own websites. Making the most of your social media presence, as well as having a simple website that is easy to use as your digital hub will make all the difference when it comes to staying competitive.
- There will be more tools and services available to you, which include specialty insurance companies who will be ready to get you the coverage you need to remain professional and secure in the event of an emergency. Companies like Contractors Liability work with small businesses and business owners to help them understand the details of their coverage and figure out what works best for them.
The future of America’s workforce is still not certain, and the impending changes that have been mentioned here do seem daunting. But with the right business ideas, mindset, and tools, it is possible to remain successful as contract work moves forward into the next decade.