Start a Lucrative Home Services Business With This Guide
by Hillary Khan / Homebodyhermit.com
hkhan@homebodyhermit.com
The home service business can be extremely lucrative for the right entrepreneur, but it’s essential to have a solid plan in place first. Not only will you need to consider the business side of things–such as acquiring the right permits and licenses or figuring out whether you need an office, storefront, or home office–you’ll also need to make sure you understand the commitment that your particular niche requires. Whether you’re interested in starting a business based around a trade–such as plumbing–or one that allows for a bit of flexibility, like house cleaning, there are a lot of details to figure out. When
it’s time to start hiring team members, take a look around Keller Professional Services, where you’ll find help with everything from staffing to safety training.
Here are some tips to help you start your home services business off right:
Choose the right business structure
One of the most important decisions small business owners must make is their business structure because this determines their tax responsibility and can provide a measure of protection over their personal assets. Consider classifying your LLC as an S-Corp, which keeps your assets safe and can also save you money on self-employment taxes. Keep in mind that no matter which entity you go with, you can save a considerable amount of money by hiring a formation service to file the paperwork rather than an attorney.
Research neighborhoods for your customer base
One of the best ways to ensure that you’ll have a consistent cash flow is to use a marketing strategy that allows you to narrow down your ideal customer. For a home service business, this means researching neighborhoods to find higher home and rental prices since this can indicate a larger pool of individuals who are willing to spend money on your services. Get familiar with the cost of apartments and home rental prices in Baltimore. Once you’ve narrowed down a few neighborhoods to focus on, you can tailor your marketing methods to the needs of those groups.
Learn some marketing strategies
Once you’ve found the right neighborhoods, it’s important to learn some marketing strategies that will help you make the most of your business. Building a brand–which encompasses everything from creating a logo to engaging with customers on social media–is a crucial element of marketing, but you’ll also need to figure out which channels work best for your needs. How will you spread the word about your home services? It’s important for small business owners to utilize tools that will help them engage with customers online as well as marketing strategies that connect them on a local level, such as fliers and billboards.
Use the right tools to automate your business
Even when you’re first getting started, it’s a good idea to set up some automation tools that will make keeping up with projects as easy as possible. Once you start building up business and booking jobs, you’ll need an organized, efficient way to keep track of invoices and accounting, as well as the actual projects themselves, and there are several resources available that will make those tasks simple and reduce stress on your end. Think about whether your employees will need devices, such as tablets or smartphones, to make their jobs easier, as well as how to ensure that customer information is kept safe.
Starting a home services business is a great way to serve your community while building a lucrative company that has plenty of room to grow. By choosing the right business structure and doing some research on your target customer, you can ensure that growth comes quickly.
Have questions about the services offered at Keller Professional Services? Reach out today.
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