HomeTask: The Bubble About to Crush the Service Sector
HomeTask CEO Jerrod Sessler sees American economic conditions improving and advises that there are great opportunities coming for those in the service sector.
Seattle, WA (PRWEB) September 30, 2013 - One of the greatest challenges to running a profitable business in the service industry has been the struggling economic climate, brought on by the "Great Recession" of 2008. However, according to a Reuters article, the economy has been "growing at a ‘modest to moderate’ pace" and based on what I am seeing, with our nationwide HomeTask business locations, I believe that we are about to enter a season of opportunity for those in the service industry. If you are one of those people who are skilled in working with your hands and a bag of tools then you need to prepare yourself to be in higher demand than ever before.
As a result of the recession, many service providers left the industry and consumers opted to delay needed service, maintenance, and improvements. Consumers could not afford basic, property-maintaining services, which lead to buildings being condemned and has forced a massive service bubble that is only beginning to overtake the industry. The amount of work that needs to be done dwarfs the size of the industry by at least three times the available labor. As well, there is a vacuum for quality service providers because nearly forty percent of the skilled work force permanently left the service industry during the last recession. Practically, this means that it will take years for the industry to catch up to the market demand. This demand for service professionals will force the price of services to increase and it will offer service providers the opportunity to start their own business or grow their existing business.
A contributing factor of the increase in demand for service professionals is due to shifts in cultural expectations of home standards. Reality television shows have elevated homeowner’s philosophies regarding what they believe their home should look like and be able to offer in terms of amenities. These shows have often taught us, sometimes falsely, that these environments can be created rather quickly and with little expense. The bottom line is that consumers have a greater vision for the standard of their living space and workers will be needed to make these updates.
Furthermore, today’s homeowners are not nearly as skilled in handyman services as our parent’s generation. Our generation enjoys modern technology and we are more prone to develop technology based skills rather than home service skills. Bluntly, we are not a generation of fixers. We see ourselves as people that pay others to maintain things for us. It is not generally seen as respectable in our culture to be working in the service industry. However, that is going to change over the next few years as skilled workers increase in demand. This will also garner home service professionals the ability to charge a higher rate for their services and positively impact their standard of living in the long run. If you are in the service industry or thinking of entering the industry, then this should be music to your ears. For business owners in the service industry this is the time to anticipate the need for future skilled workers. In addition, another solution to this could be a comprehensive immigration reform, which would allow more skilled labor worker’s to enter the industry. At our company, HomeTask, we are doing everything we can to find future business owners and invite them to become franchise owners by giving franchise discounts, helping workers with financing, and networking with those in the service industry. This is an exciting season for those in the service industry and I hope that service professionals will take heed of the swelling bubble and see it as an opportunity, eventually allowing them to enjoy the success of their economic insight.
Jerrod Sessler is the Founder and CEO of HomeTask, a multi-brand service focused franchisor including Blue Crew, Freggies, Pet Butler, Lawn Army and Yellow Van Handyman. He is a former NASCAR driver, US Navy veteran, engineer, cancer survivor and author. He lives in Seattle and enjoys life with his wife and three kids. You can connect with Jerrod through his Twitter or Facebook page: https://www.facebook.com/pages/Jerrod-Sessler/94230561313
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