Professional and skilled handymen (also known as general contractors or remodeling contractors) should be earning pretty good money considering the amount of work that gets done in our households. However, not every experienced pro who does a great job at his activities is able to make a substantial profit.
If it seems to you that you could do much better when it comes to the financial part of your handyman/remodeling business, use these tips to increase your revenue and keep it at a great level
Manage your time correctly
It takes some experience to figure out how much time it takes you to finish a certain handy task or a large-scale remodel. But, after operating for a while, you should be able to track the average project completion time, improve your own efficiency and price your services according to accurate timelines. Never underestimate the value of your time and don’t hesitate to charge for the extra time if it’s caused by the unexpected remodeling circumstances, but not your own operation speed or personal delays.
Obtain specific licenses
Improve your skills and obtain specific licenses for different kinds of construction projects that require advanced knowledge to be able to cover a wider circle of projects and raise your price due to the higher level of your expertise.
It’s always quite a sensitive topic, especially regarding the competition on the handymen market and the general temptation to win over both residential and commercial customers by offering a more attractive price for the same services.
However, when developing your pricing policy and creating a price list, make sure that it will allow you not only to cover every single operation cost, but also produce the profit, correlating with your level of expertise and time spent on the project.
Employ a good-old marketing tool of service bundles and special offers to make clients order additional services they would not otherwise hire you for. You’ll receive higher revenue at the lower expenses, as you won’t waste as much time on finding the clients, observing the spot, setting up the construction, etc.
Don’t waste your profit on expensive advertising. Make the full use of free online marketing tools to make your handyman business more recognizable among the local target audience.