A home repair business can be quite lucrative.
There is always a need for home repair and if the business is built on integrity and hard work it is bound to do well.
Any business that is set up to function as a service of this nature should try to focus on one or two specialties instead of being a "jack of all trades and master of none".
To focus on two or so activities also gives the business owners and employees a good opportunity to learn all that they can about those areas instead of trying to spread themselves to thin.
It is also a good thing to be associated with being specialists in a couple of areas.
What Type of Business Is This? This type of business is usually a small business that is independently owned typically the owner works side by side with the employees.
The structure is sometimes loose because the employer and the employees work side by side all day.
Usually the business comes in one or two jobs at a time, because the sole purpose is to repair homes that are in need of repair.
Sometimes a Home Repair Business has nothing to do with repairing homes but may be a business that is ran out of someone's home.
Like a small engine repair service or a computer repair service.
These businesses are usually just as lucrative as well.
Typically the owner of this type of business rarely does it as a full time business but more times than not this is their side job.
They usually will have a full time job or some other type of income that needs to be supplemented.
Taxes A wise person once said there are only two things that are certain in life "death and taxes" how true this is.
Regardless of what type of business this is, if it produces income it is supposed to be reported.
If it is not than the IRS has no way of knowing what kind of income needs to be taxed, this is not their usual course of business and the IRS may tax you at a much higher rate if they were to discover that there was income that was not reported.
Keeping good records is important! In the event the IRS has questions about the home repair business it is best to have records that accurately describes how much income was received and how much money was paid out.