6 Reasons Home Services Franchises Are Booming
Outsourcing work that needs to be done on their homes, whether it be on the outside or inside, is something many time pressed Americans are doing. They realize that doing so ends up enabling them to use their limited time to do more fulfilling things such as seeing family and friends or enjoying a hobby.
Why Are Home Services in Such Demand?
Home services, which is made up of a variety of verticals including plumbing, landscaping, pool service, painting, decorating, cleaning, home repair, and more, is currently a $600 billion market. Its growth is being driven by a variety of factors including:
- The growth of online and mobile home services booking services. Today's Americans want to be able to quickly find and compare home service providers online.
- Home services are always needed. Things regularly get damaged, wear out, or break around a home. There are also ongoing services that are routinely needed such as house cleaning and landscaping.
- The fact that many home services maintain or can increase a home's value and make homeowners feel proud of their home, also helps drive demand for home services.
- Americans have less time to spare. ABC News reported that, 'not only are Americans working longer hours than at any time since statistics have been kept, but now they are also working longer than anyone else in the industrialized world. And while workers in other countries have been seeing their hours cut back by legislation focused on preventing work from infringing on private life, Americans have been going in the other direction.'
- Duel-family income homes, two-parent households in which both parents work full time is at 46%. Two parents working equates to more money to spend on home maintenance and improvements. The median household income for families with two full-time working parents is $102,400, compared to $55,000 for households where the dad is employed full-time and the mom is not employed.
- There are 76 million maturing Baby Boomers. They control 70% of all disposable income in the United States and 45% have a disposable household income of $100,000. Many are placing an increasing priority on enjoying life, which includes outsourcing the burden of maintaining their homes.
Why Invest in a Home Services Franchise?
You could start a home services business on your own. But it will likely take you longer to achieve success than it would if you choose to invest in a home services franchise. This is because the franchisor has developed a proven system that you can simply execute after going through their training program and with their ongoing support.
You'll receive your franchisor's support in a variety of crucial areas including training and operating procedures as well as marketing. You'll be in business for yourself, but not by yourself.
To increase your chances of being successful as a home services franchise, it's important to adhere to the franchisor's established guidelines. If you are someone who has a difficult time following a system established by someone else, franchising is likely not a good fit for you.
Another advantage of investing in a home services franchise is that you do not necessarily have to have the technical skills the business requires in order to run it successfully. That's because the franchisor will teach them to you or the business model enables you to outsource the actual work to others. In fact, most franchisors prefer to bring entrepreneurs on board who have a good business head on their shoulders as well as great interpersonal skills so they can grow a team who does the actual work that they manage.
Your Dream Career Can Be Yours
The demand for home services is strong and will continue to be. It's a market with consistent need.
Not all home services franchise concepts are created equal. Brand recognition, startup costs, market demand for the product or service, franchise fees, potential revenue, and contract provisions are just some of the factors you should carefully consider.
Sorting through the variety of home services franchise opportunities that are available to identify which one is most likely to meet your financial and personal objectives may initially seem overwhelming. Doing extensive due diligence including reviewing the Franchise Disclosure Document (FDD) and talking to franchisees of franchises you are interested in, however, helps you narrow your focus and greatly increases your chances of selecting the ideal franchise for you.
A home is one of the most valuable assets for most families. By helping families to maintain and improve their homes as a home services franchisee, you will be saving them time while giving them peace of mind.
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