3 Steps To Become MORE Than Just A Handyman | THE HANDYMAN BUSINESS |

I just finished my masterpiece sealing the tongue-and-groove ceiling that I will be uploading on the other channel should be up the same time that this video is up you're interested in why I'm so happy go check that video out it'll be linked in the description and it will be linked at the end of this video in a card that pops up next to my head you're not a handyman stop calling yourself a handyman handyman I get that comment a lot on both channels more so the other channel this video is about how to be more than just a stereotypical handyman first we have to define what the average person what the masses think and see when they hear the word handyman and it's not really a positive image one of the main reasons I do not call myself a handyman in real life just the name of my youtube channel that's one of my responses to to a lot of commenters is hey in chill out it's just in my youtube channel since the main channel is dedicated towards home owners di wires you know it's it's it's good to be handy around your house and just to have a large working knowledge of how your house works and functions so that was the reasoning behind that and I thought it was kind of catchy if you ask a trim carpenter a roofer you ask anybody who has a specialty trade a handyman is a hack someone who can't do anything right so they have to be self-employed and just do minor fixes now if you asked a homeowner that is completely disassociated with the ego's and the elitist attitudes that you find in this industry they will say a handyman is someone who does general home repairs basic home repairs and might have a drinking problem they are considered a lower wage just call a handyman don't call a professional professionals cost too much to do this simple home repair so we will just call a handyman whether it's maybe fixing your storm door replacing a broken window and that even might be too complicated for a lot of handyman replacing a light fixture that is one of the most basic home improvement projects a lot of property manager use handyman painting don't call a professional painter they cost too much it's not rocket science just call a handyman having paint that while paint the door paint the shed paint the fence stain the deck doesn't take a professional to do that as soon as you put a professional name logo you gotta pay for that that's expensive I would say another major aspect or component of being a true handyman is you don't have any sort of certifications you do not have a contractor's license you don't have any specialty trade licenses you do not have any insurance and you don't pay taxes that is just straight up the financial definition or the logistic definition of a handyman so this video is how to be more than just a handyman now that we have established that a handyman is is on the lower end that's what people expect to be more than a handyman you want to have at the bare minimum some insurance it's not expensive it's commercial liability insurance I've had insurance for a long time but I didn't in the beginning I didn't why because they couldn't afford it I was just getting by it was deep into the recession people didn't have much money to spend on home improvement they were just trying to get the bare minimum done with spending the least amount of money they didn't care if you had insurance or not they were willing to take the risk times are different I'm older I got a huge amount of responsibility I need to be covered covered covered covered I have a business attorney that specializes in small businesses and social media I have an accountant that handles all my bookkeeping I do Xero bookkeeping with getting liability insurance your also need to have a registered business that's another thing that is a characteristic of a true handyman they just operate off of my marital status it's a registered with the Secretary of State probably not whether you paying tax under there probably not are you writing checks to Billy Bob's handyman services no you're you're writing a check to to Billy Bob Billy Bob might not even have his own bank account billy-bob takes your check goes to your bank and cashes it or they go to a check cashing service because they don't have a checking account they don't have a savings account they don't have anything they've got cash and they live paycheck to paycheck job to job so there's your three steps establish a business account and have it you know if you have a personal bank where you have your personal money keep your business money at a different Bank just trust me we'll get into the details of why in the future so if you have a Bank of America for your personal banking go to chase JP what is it chase Wells Fargo and do your business there I don't have a preference on where you would bank to choose so you gotta establish a business checking account money goes in money comes out of that business checking account next step go to your Secretary of State's website register as an LLC and you might be thinking remain you always say no that's confirmation well you got to make money a decent amount of money for an S corporation to work first thing is we're starting at the low levels here skip an LLC set up it's very simple to do there's not very many yearly filings get your LLC set up then get your business commercial liability insurance you can do it all yourself that is the natural phase of progression say you are you have a career you hate your career you like fixing your own house you fix your friend's house your mother's house your grandma's house you want to do some side action you want a side hustle and a new one experiment with it to see if it could turn into your full-time gig do you need all these insurance LLC and bank account most handy men that have a side hustle are doing it for cash they may pay taxes on some of it just as extra income it's not going to be 50 60 grand a year it might be 10 to $15,000 a year that you slide into your account you pay taxes on it at some iron earned income and it goes into your vacation fund your children's education fund maybe you're saving to to buy a new truck or trailer or something like that or a new boat that's my opinion and that's what I did that is phase one on how to become more than a handyman because most Hanneman don't ever register business don't have insurance don't have a dedicated business checking account that's step one to be more than the stereotypical handyman I've never had a customer ask for proof of insurance just get it $1,300 a year there's a little over a hundred dollars a month you'll get audited by that insurance company that is it it's not a financial audit an awed it means that they just want to check up and they want to know what jobs you have done to make sure that the apart of the insurance policy is correct for what you've done it's not a big deal don't get scared that you're being audited by the insurance company its standard practice I want to do a few more videos on the baseline of how to become a handyman and how to become more than a handyman I think we'll get into the skill level next but this was more of the logistics the legalities the insurance coverages the bare minimums of what you should do to become more than just your basic drunk handyman go watch this video here this is a longer talk that I put on about this subject from months past gotten a lot of positive feedback it's gonna be very valuable for those of you who are just getting into it thinking about it think about making it your side hustle

Channel: The Handyman Business

Views: 62,339

Keywords: handyman, handyman business, handyman insurance, handyman llc, llc vs s corporation, s-corp, LLC, business insurance, liability insurance, commercial liability insurance, construction insurance, plumbing insurance, handiwerx, handyman jobs, handyman money, how to get handyman jobs, handyman projects

Id: UfDOWJpoT2A

Length: 8min 16sec (496 seconds)

Published: Mon Nov 04 2019