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Should you Start a Handyman Business During an Economic Downturn?

You gotta be living under a rock not to hear people rambling about the big “R-word. ” Which has a lot of people wondering what to do.

Everything has become more expensive in every store you’ve walked in, and people have started making different choices about how they will spend their money. You literally can’t buy a block of cheese without grimacing at the price these days.

So does it make sense to start a handyman business in 2022 and 2023?

My take is yes, it’s a great time to start a handyman business, even with an economic downturn looming, and here is why.

Home repair businesses are considered a “necessity” expenditure versus a “want” expenditure. This means people will earmark money for a home repair before they earmark a trip to Hawaii.

As a handyman, you are helping them keep their home safe, sound, and efficient, which are all necessities for the average homeowner.

Homeowners will likely start tightening their belts on their lavish remodels in the coming months, but as a handyman, that is less likely to affect you.

If you are a remodeling contractor, now may be the time to start offering handyman services if you want to stay busy, as you’ll likely see a downturn in the big remodels that usually keep you busy.

Another reason a handyman business is a way to go… is because people stay put in their homes instead of buying new ones. A couple of years ago, mortgage rates were so low that homeowners tended to look for a new house when they wanted something new.

In the 2022 and 2023 markets, that is no longer the case. People are staying put. They are looking to their own space and coming up with ideas to make it work. Which means they’ll be looking for a contractor or handyman to help them make it happen. Will it be lavish? Maybe not like it was a year ago. But it will be needed, so starting a handyman business in a down market is smart.

As a recession drags on, you may find even more competition for your handyman work. This means investing in your online presence so you can be found when people search for “handyman [enter city name here]” on Google will be a huge deciding factor to how much work you can get. Relying on word of mouth might get scary, but Google widens that net of possible customers 1000x your local network.

What do you think? Comment below if you are thinking of starting your own handyman business.

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