Handyman Contractors Are High Profit Low Risk Construction Niche
Lately we have been tracking how many new clients own and operate Handyman Companies and the results are surprising. We have always known them to be a high-profit low-risk type of business that for the most part is not as severely impacted by ups and downs of the economy. Nowhere near other segments of the construction industry
When the economy starts slowing down a predictable shift takes place:
- Spec house builders start building custom homes and lose money because the dynamics of Spec Vs. Custom.
- Custom home builders feeling competitive price pressure from spec house builders start doing remodels lose money.
- Remodelers feeling competitive price pressure from custom home builders become handyman and lose money.
- Handyman contractors notice some of their opportunities dry up so they tend to have more time for add-on sales.
When the latest recession began in early 2009 contractors were hit especially hard and are just now beginning to recover. If you earn your living as a handyman here is some important information just for you starting with a Podcast interview of Dan Perry founder of Handyman Startup.
As a Handyman Contractor you can make a lot of money because you take care of the things most husbands, homeowners and some small retail stores hate doing because by the time they figure out what to do, make the required three trips to the hardware store they realize the time and energy they wasted could have been put to more productive use.
Do it right and you can build a base of repeat and referral clients which can earn you a net income of over $75,000 and in many cases over $100,000 a year. If you are inclined to add workers the sky is the limit on your earning potential. Dan Perry Handyman Startup is one of the best sources of information for step-by-step how to setup and run a profitable handyman company.
The key is being smart about where you put your time and energy. Do what you do best and outsource the rest.
Don't try to save money changing your oil, filter and lube job when you can have it done at one of the quick-lube places. While they are doing it you can do some planning on your tablet, make some calls to line up more work or dozens other productive uses of your time.- Keep a paper notepad and pen or pencil in your shirt pocket to jot down notes or if you prefer there are hundreds of "Apps" for your smartphone. I have found the notepad to be more efficient because it is quick and when I get back to office simply tear out the paper, do the task and recycle the paper. You do whatever is best for you.
- If you work the Realtor market there are several ways to get the word out that you can handle the buyer or sellers punch list to get the home ready for sale or purchase. On the most effective ways for handyman in the Northwest is Footwork Express. In other parts of the USA there are similar organizations.
- Finally get a good bookkeeper who understands what handymen do, someone who can keep your checkbook and credit cards balanced and reconciled with the bank, prepare payroll if you need it, prepare your Quarterly Tax Returns, discuss the differences between Sole Proprietor, Sub-S Corporation and Limited Liability Corporation (LLC) from a tax and growth perspective, someone and someone who can let you see your QuickBooks Desktop version on the internet 24/7 and provide ongoing business coaching.
Handyman Construction Company Like Yours Has Unique Bookkeeping Needs
Not Just Any Bookkeeper Will Do - Too often handyman construction company owners hire the wrong bookkeeper mistakenly believing all bookkeepers are the same. Nothing is further from the truth. Not all construction workers are the same. You would never hire a construction worker with a background in new construction commercial work to be part of your handyman construction company because they are trained to rip and tear, yell, get aggressive and bully everyone and everything in their way. The resulting destruction to you, your business, and the poor family or commercial building owner where you are working on would be extremely expensive for you. For construction bookkeeping you need people trained in construction bookkeeping.
QuickBooks Setup - And choosing the correct QuickBooks Version is the most critical part of all because it is the foundation upon which your entire financial system is built. Put the wrong foundation under your business and it will not matter who is doing the bookkeeping because it will always be a mess and you will never get the reports you really need in order to operate and grow your business profitably. Your Board of Advisors and especially your banker will be unhappy; however, they may not say it outright, just that your loans, lines of credit and referral opportunities may be limited.
Handyman Construction Company Owners - Need people trained in construction bookkeeping not someone with experience in regular bookkeeping. The difference between a Professional Bookkeeping Service and a Cheap Bookkeeper can cost you tens of thousands of dollars a year or more on your bottom line profit.
We Know What To Do - For bookkeeping and reports for you no matter how you charge: Time and Material, Flat-Rate, Cost Plus, Not-To-Exceed, Underground, Rough-In, Trim, Milestones and several other methods.
Job Deposits - Customer down payments can be input several ways. There is only one method that will help manage cash flow and save money on taxes.
Simple Invoicing - Is what you need most of the time like the one below which you can download at no charge.
What You Can Expect From Our Handyman Contractor Bookkeeping Services:
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Professional Bookkeepers with over 10,000 hours of practice
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Retention Tracking System
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Optional scanner for sending paperwork to us with the touch of a button
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Five Key Performance Indicator Reports for monitoring your contracting company
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Business Coaching - Someone who understands your business to talk with
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Access to Meeting Space 24/7/365 - For training, meeting clients and vendors and quiet work place
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Cloud based document storage
In The Long Run We Are Less Expensive Cheap Bookkeeper
And We Offer Cloud Based Desktop QuickBooks
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Fully functioning QuickBooks desktop version
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Export to Excel and Word which is part of the service
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Print anything directly from QuickBooks, Word or Excel on your own printer
This Is Only The Tip - Of the Iceberg. Everything we publish in our blog posts, articles in other websites, and anything you can find on the web is nothing compared to what is available to you as our client. We show only the basic tools to open your mind to the possibilities that are available to you. The best finish carpentry tools in the hands of a golf professional without proper carpentry training will not produce anything near to what a skilled finish carpenter can. The same can be said about the best construction business consulting and accounting tools in the hands of a skilled finish carpenter. And I say that with respect and admiration for everyone in construction.
When You Become A Client - Then we can tap into our resources of knowledge and strategy banks. We use the reports hidden in your QuickBooks in order to diagnose and understand your construction business and develop plans and help you implement a path to success for you and you alone because every contractor has unique Strengths, Weaknesses, Opportunities and Threats (S.W.O.T. Analysis) that when understood can lead to a Strategic Roadmap which cannot help but make a lot of money.
If You Are A Contractor You Deserve To Be Wealthy
Because You Bring Value To Other People's Lives!
This Is One More Example of how Fast Easy Accounting is helping construction company owners just like you put more money in the bank to operate and grow your construction company. Construction accounting is not rocket science; it is a lot harder than that and a lot more valuable to people like you and me so stop missing out! Call Sharie 206-361-3950 or sharie@fasteasyaccounting.com and schedule your no charge one-hour consultation.
Profitable Contractors and Construction Company owners have known about the value of outsourced bookkeeping services and contractor coaching services like ours for a long time and now you know about it too!
We Scan Your Receipts And Invoices link the appropriate transactions to QuickBooks or Xero Accounting Online depending on the construction accounting service you are using and provide ongoing Cloud Based Contractors Bookkeeping Services by accountants who understand construction.
Thinking About Outsourcing Your Contractors Bookkeeping Services?
Click On The Button Below To Download A Free Guide
Need Help Now?
Call Sharie 206-361-3950
sharie@fasteasyaccounting.com
Xero Outsourced Construction Accounting Services
QuickBooks Outsourced Construction Bookkeeping Services
About The Author:
Randal DeHart, PMP, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington. He is the leading expert in outsourced construction bookkeeping and accounting services for small construction companies across the USA. He is experienced as a Contractor, Project Management Professional, Construction Accountant, Intuit ProAdvisor, QuickBooks For Contractors Expert and Xero Accounting Specialist and Bill.Com Certified Guru. This combination of experience and skill sets provides a unique perspective which allows him to see the world through the eyes of a contractor, Project Manager, Accountant and construction accountant. This quadruple understanding is what sets him apart from other Intuit ProAdvisors and Xero accountants to the benefit of all of the construction contractors he serves across the USA. Visit http://www.fasteasyaccounting.com/randal-dehart/ to learn more.
Our Co-Founder Randal DeHart - Is a Certified PMP (Project Management Professional) with several years of construction project management experience. His expertise is construction accounting systems engineering and process development. His exhaustive study of several leading experts including the work of Dr. W. Edward Deming, Michael Gerber, Walter A. Shewhart, James Lewis and dozens of others was the foundation upon which our Construction Bookkeeping System is based and continues to evolve and improve. Follow Randal on Google+
