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How Big is the Handyman Industry?

August 24, 2022

One way to measure the size of the handyman industry is to look at the unemployment rate. The Bureau of Labor Statistics releases data about job growth and unemployment rates. This information helps entrepreneurs understand the demand for handyman services.

Demand for handyman services

The demand for handyman services is growing. In the U.S., the home repair and maintenance industry is worth $126 billion, growing at a rate of about 4% per year. The number of older Americans is rising, and they are less likely to maintain their homes. But with a rising need for home maintenance, people are increasingly adopting handyman services to improve the condition of their homes. Handymen do everything from repairing edges and walls to fixing appliances.

 

A handyman's website is an essential tool in marketing their services. Many people look for a service or product online before making a purchase. Creating a mobile app for the handyman service business is also essential. Mobile apps enable you to reach a large number of mobile phone users. Many people have mobile phones and like to do many things with them from the palm of their hand. This means that the market for handyman services is exploding worldwide.

 

The demand for handyman services continues to rise, which makes a handyman's business an ideal start-up. The field is a high order, and the client base is virtually limitless. You can build a thriving business and expand your reach with the proper marketing techniques. In the long run, this type of business can lead to a rewarding career. However, you should make sure to have a solid plan for your business. Creating a road map allows you to determine what is needed to succeed.

 

In addition to advertising your business on social media, you should consider setting up a website for your business. Creating a Facebook page and using it for promoting your services will help you build a solid online presence. Make sure your friends share it on their profiles. Aside from Facebook, you should also start an Instagram account and tag your pictures with the city or area you serve. A website will help you build a loyal customer base and increase your visibility.

A business license is essential if you want to offer handyman services in your area. Different states require different licensing requirements. While some states don't need a business license, most need one. A request shows that you've had state clearance to provide your services. A business license is also required if you plan on delivering more significant projects. You may want to consider a contractor lead service if you don't already have a client base.

Opportunities for entrepreneurs

If you are interested in starting a business in the handyman industry, the first thing you need to do is create a business plan. This detailed guide will explain how you will start, run, and grow your business. While writing your project, you must be realistic about your income expectations and profit projections. Write about the concept of your business, your mission statement, and vision statement, where you plan to operate your business, and whether you intend to sell a franchise.

If you think about it, starting a handyman business can be an inexpensive and rewarding career choice. You can also hire trained and experienced employees who will ensure quality work. If your customer service is of high quality, you'll be able to retain customers, and good work will spread by word of mouth. As a result, your customers will often refer you to friends and family, which can help your business grow.

 Franchisees can tap into multiple entry points, including electrical, plumbing, windows, siding, and doors. This allows them to offer more services and cast a broader net in this fast-growing sector. Franchisees can also specialise in areas such as carpentry or electrical work. Franchises can provide other services, such as home renovations and construction cleanup. Handyman Pro franchisees can provide services beyond the basic handyman benefiting multiple service areas.

Even though men dominate the handyman industry, women do well in the field. Many women have even started their handyman businesses and are doing well. As long as you are a handyman with a good network, you can create a business in the handyman industry.

Competitive landscape

In the United States, home improvement services are a growing industry. Approximately 80% of homes are at least 20 years old, and 40% are over 50 years old. Homeowners need help fixing their homes for today's trends, and millennials are purchasing homes and requesting home improvements. The home improvement market is expected to reach $465 billion by 2022.

Handyman franchise owners share a common goal: improving the lives of their customers and their own. A corporate environment can wear on a person and leave them feeling underpaid and underappreciated. In addition to improving their lives, handymen may also be motivated by a desire to run their businesses. The growing home repair industry is full of opportunities.

In addition to providing various repair services, the Handyman Service Franchises industry derives most of its demand from the residential sector. The housing market was negatively affected during the recession, and demand for home improvement services increased. The recovery in the housing market boosted the industry by increasing the number of homes sold and prices. Tax credits for energy efficiency upgrades also increased the demand for installation services.

The industry has been booming in recent years, thanks to increased demand from end-users and investment by key players. This growth will be driven by the rise in construction activities, the development of new technologies, and increased disposable income. However, the initial investment may hinder the industry’s overall growth rate. Therefore, it's crucial to have a sound strategy for marketing your handyman services.

The competitive landscape of the handyman industry includes an increasing number of companies. Brazil and South America dominate the service industry, including Chile and Argentina. This region has become increasingly aware of the value of digital transformation for SMEs, which has led to increased adoption of handyman software solutions.

Market size

The handyman industry comprises various residential, commercial, and industrial segments. The handyman industry is characterised by its high growth rate and high demand.  Some factors influencing the handyman industry's growth include macroeconomic, microeconomic, and technological factors. The report also provides detailed information on the players in the handyman industry and the competitive landscape.

While the overall market for handyman services is booming, it has never experienced a stagnant period. New services are constantly being introduced into the market, adding to its size. The recent outbreak of Covid-19 affected the handyman industry, but governments have instituted logistics bans to prevent the virus from spreading. The market is recovering, and a full recovery is expected by the end of the forecast period.

While the United States has approximately 115 million households, the average homeowner does not have the time or skills to complete repairs and improvements. As a result, there will always be a need for handymen. IBIS World expects a healthy outlook for the handyman industry in the coming years. It also forecasts that the total value of construction work will increase over the next five years, primarily due to the Federal Reserve's efforts to keep interest rates low.

Consumer buying patterns are heavily influenced by word of mouth. People often ask their neighbours for recommendations for a service provider. They will likely continue using that service provider if the request is reasonable. Consequently, leveraging word-of-mouth referrals is essential for Stan's business. He plans to exceed each customer's expectations. If word-of-mouth referrals are a significant part of the business, he is well on his way to success.

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