Handyman business in retirement, any experience?

[Sunset]

My neighbor though not retired has decided to do the handyman gig. Here is my advice:

1) Get contractors license
2) Get bonded
3) Liability insurance
4) Think of a catchy name
5) Get some swag (t-shirts & hats with said catchy name)
6) Spend time on Neighbor To Neighbor or whatever those sites are and get your name out.
7) Print business cards
8) Hand out some flyers locally

Give it a go.

In other words, get a job

 

[AaronGoodman]

I'm impressed that you are so excited about handyman work. I worked for 15 years as a carpenter then general contractor, then 30 years as a Building Official. You don't need a contractor's license as long as the value of your projects is under $500. You do need to be absolutely solid on your decision to not accept projects over $500. Check out each City or County's website to see what type of projects are exempt from permits before you start them. If you're going to do electrical work, make sure all your connections are tight and the grounding is right. Also, if you're doing plumbing work, and you're using a torch to solder copper pipe together, you're increasing the risk of starting a fire. As long as you keep it small, have a little insurance and don't get talked into doing something beyond your scope or abilities, you will be just fine. Enjoy!

 

[pdxgal]

This is a very interesting and useful thread. I've also thought about doing the handyman thing in 'semi-retirement' as a way to have some extra $$ (and potentially pay for my health insurance). Very good tips from some folks. It surprises me sometimes on NextDoor at how many seemingly simple repairs folks want help with, things that I do all the time for my own house or rental properties. So there's definitely a need. And as a woman I could have a niche ... a lot of women prefer to use women professionals. Good food for thought. Thanks to the OP for posing the question, and to everyone who responded.

 

[target2019]

Liability insurance would be a major concern. How much does that cost?

 

[Ready-4-ER-at-14]

In other words, get a job

I've done a side handyman business when younger while working full time as a carpenter for a general contractor. This was between college and further schooling for a period of maybe five years.

It was a long time ago and I got hooked up with a carpet installation company and trimmed door bottoms for them. Almost every place I went asked me to do some other jobs for them. I pretty much charged 2x the material costs. Realistically it should have been 3x.

I commented on your posting as I would contend that you are not getting a job but creating a job and you need to bill accordingly because you are not reimbursed for giving estimates or obtaining materials.

Earlier it was mentioned in this thread about deposits / prepay/ post pay.
Unless it was token expenses for materials ($100 say vs $3000) I gave the homeowner the option to pay directly at the lumberyard from the list I had and arrange delivery or pay me material costs. Balance was due at completion. There was always a signed agreement with the who what why when where as even the most honest forget or assume.

 

[foxfirev5]

Landlording is not for me. But it is a great idea for someone else.

Right now, I've settled on my own home. Let's see how this goes. My back hurts already on the projects I started this week.

I think I may have just had a temporary delusion.

I'm relieved you may be coming to your senses. Personally I have enough projects pending with my own homes to keep me busy. The key is to not be too efficient and productive. It helps with both the quality of work and cash flow required to complete the job.

 

[JoeWras]

I'm relieved you may be coming to your senses. Personally I have enough projects pending with my own homes to keep me busy. The key is to not be too efficient and productive. It helps with both the quality of work and cash flow required to complete the job.

Funny you say this! I'm in week 3 of a simple project. A little each day. Forget the rainy and cold days. Nice pace!

 

[Breedlove]

Come to my poor county here in Texas , we have a group of retired volunteers that go out and do needed repairs for the needy . Usually overseen by pros . They work this through the volunteer Fire Department . I have seen them build steps , do minor plumbing ( leaks ) , hang fans, clean gutters . The Volunteer FD used a bunch of these men and women to rebuild a house that had been burned out last winter. They are now hanging fire alarms for the needy in our county.

 

[Sunset]

Liability insurance would be a major concern. How much does that cost?

I use Hiscox.com for E&O insurance (errors and omissions) for software. It costs me $500/yr.

I picked it, as I noticed the 4 agents I contacted all seemed to simply be re-selling this same companies insurance with an extra $100 tacked on.

Interested folks can go to their site and get a quote for specific State and occupation type.

 

[Teacher Terry]

My husband did this for friends when he first retired. He didn’t get insurance and didn’t advertise. He enjoyed it until his knees got too painful.

 

[StephieJean]

I'm a computer guy, but in my spare time over the years, I did home improvement. I like it a lot. I volunteer doing "handyman" work. I've also been a Habit for Humanity volunteer.

I am retired now six months and like life this way.

Recently, a few friends have asked me to do "handyman" kind of things, because they know I can. Most impressively, a handyman friend has asked me to offload some of his jobs.

I am feeling a bit of a calling. But...

I like this stuff, and I'm sure I could make my own schedule (maybe one or two days a week). I want to help people. But people are mean. They sue. They complain.

I'm hesitant to do this kind of thing for money. I think I need to set up an LLC, get insurance and all that kind of thing. Maybe even get a contractor's license. Is it worth it? I don't know.

Question out there. Has anyone done this? What did you do to setup a business? Insurance, LLC, regulations, etc.? Was it worth it? What would I need to do?

Postscript: my handyman friend does this off the cuff. I don't want to do it that way. Frankly, I'm a bit afraid of lawyers and lawsuits. He is not, so basically works a cash business. Not my thing, and maybe I shouldn't even bother if this kind of thing worries me...

I am retired now for 4 months. I looked into becoming a licensed Handy-woman in Oregon; however, I am going to withdraw this idea from my mind for the following:
-Do not want to Have to be anywhere at anytime
-Do not want the expense of a new business and liability
-I now volunteer for Habitat for Humanity doing what I love to do-build or work on houses and this is to HELP others.
-I found this is a win win for why I wanted to become a handy-woman in the first place.
Just things to keep in mind. I love being retired and the freedom it brings.