Creating a business plan is essential for any aspiring entrepreneur. This is as true for a handyperson’s business as it is for anything else. Being a “fixer” is challenging, and because of this, you’ll need a guide.
That’s where a business plan comes in. Business plans are excellent ways to create projections and strategies for your business. Check out our guide for creating a business plan for your handyperson business.
Why is a business plan important?
Your business plan is important because it gives you an idea of the goals you want to achieve in your business, even 10 years in advance. Understanding your goals is the key to seeing success, but what’s even more important is the strategy you use to get there. How will you know where you’re going if you don’t know how to reach your goal? Running a business is serious, and putting a plan in place is a foundational step in starting one.
Outline sources of funding
While there is a wealth of information on becoming a professional handyperson out there, you can’t just sprout a business from thin air. You need to figure out what the primary sources of funding are. This could be bank loans, credit cards, personal savings, or even investors. When getting bank loans, banks will typically review your business plan so that they know you’ll be able to pay their money back. Obviously, bank loans and personal savings are the most common among the various kinds of funding.
Your executive summary introduces your plan, but it’s also the last section you’ll write. This is because it summarizes many points in your plan. You want to engage your reader with your executive summary, especially if you show it to angel investors, who will invest in your business early on in the process.
Keep it concise and to the point. What type of business are you (start-up, franchise, etc.)? Are you operating on your own, or will you have employees? Give an overview of the current status of the handyperson industry, the type of business you’re operating, your direct competitors, and how you plan to compete with them. All these things will give your business a firm game plan to flourish.
This is one of the best ways to create a business plan for your handyperson business.