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Market research can provide you with valuable information on who current and potential customers are, if there is a need for a handyman business in your area, and how you will measure up against the competition. By doing some market research on your own, you can prevent costly mistakes.

Start by looking in the local newspaper, which usually has ads for handyman services or contractors. These ads will give you some basic information on how many handyman services are advertising.

Open your eyes and ears to the information all around you. Ask your neighbors and acquaintances if they know of any handyman services in the area. Use the information you get to fine-tune your business plan. Don’t let the fact that there is competition worry you! Find your niche by offering slightly different services, such as focusing on older homes, offering specialized seasonal services, or using only environmentally friendly products.

For more information about potential customers, check the demographic statistics to be sure your chosen market exists in large enough numbers to support your business. For example, if you have identified your customers as owners of older homes, or as single seniors or busy families, you need to determine how many of each category of customer exists in your proposed service area. Most public libraries have valuable information on the demographics of a given community, which is generally free and easy to access. The librarian can help you find the numbers you need.

If, after your research, you discover that the market you thought existed isn’t large enough, you may have to adjust your business plan. Perhaps you need to broaden your market, service area, or areas of handyman specialization. Don’t give up! Just be sure to enter the market with your eyes open and with a realistic picture of how much work is out there.