The consequences of a global pandemic took their toll on many businesses across the nation and around the world. Some industries appeared to fare better than others. Home services are one such sector that has not only seemed to survive but, in some cases, thrived in the pandemic atmosphere. But what are the forecasts for home service franchises as we head into a recovery period? Are they a wise investment for those looking to get their franchise feet wet?
According to recent statistics, home services is a $506 billion-plus dollar industry, equalling the combined exports total of the United Kingdom and Canada. The total estimated in-home emergency spending is around $23.3 billion; home maintenance spending is about $61.9 billion; renovation and home improvement are the top $420 billion. The home services market also employs approximately five million people in the United States, covering the trade industry around 3% of the total workforce. About 16 jobs per second are gained in America. Forecasts show no end in sight, and rapid growth is predicted over the next ten years.
Although home services, in general, seems to be a reasonably safe investment for those looking to own/operate a franchise, some are enjoying more profitability and popularity than others. Home service franchise opportunities simplify people’s lives, taking care of everything from lawn service to repair needs. Nearly all homes, regardless of size or age, require regular maintenance to operate. But most homeowners do not have the time or necessary skills to perform it. If you are looking for a franchise to invest in, these are some to consider.
Budget Blinds is a custom window covering franchise business offering convenient shop-at-home service for window coverings and home décor accessories. Budget Blinds offers the experienced, professional support of a company that is highly regarded, ranking #17 on the Entrepreneur Franchise 500 List.
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Floor Coverings International flooring franchise is revolutionizing how homeowners buy new floors. While the rest of the $116 billion residential flooring industry still makes consumers leave home to visit a showroom or big box store to make a personal and important decision for their homes, Floor Coverings International brings the flooring showroom directly to the customers’ kitchen tables. Today, homeowners are focused on safety and convenience for their home improvement projects, Floor Coverings International is a stand-out brand, bringing a new way of servicing customers to the flooring industry.
Founded in 1975, and franchising since 1988, Kitchen Tune-Up is one of the leading remodeling services companies in the nation and a premier franchising opportunity in the thriving home improvement industry.
Today, with more than 200 franchises throughout North America, Kitchen Tune-Up is dedicated to brightening the lives of their franchise owners and customers by providing “unparalleled training and support to allow them to breathe new life into the homes of the customers they serve.”
Monster Tree Service® is a home-based franchise opportunity that offers multiple revenue streams, high repeat sales, great profit margins, scalable growth and normal business hours all while working on your own time. Owning a Monster Tree Service® “isn’t about working on trees. It is simply about managing a tree service business and working well with people.”
Benefits of Owning a Home Services Franchise
Home services franchises have always been a popular choice for those looking to invest in a franchise operation. This popularity has only increased over the past several years. Mobile and online booking options have significantly increased their popularity. And no matter what happens in the economy, people will always need home maintenance help, which buffers the industry from recession.
Home services franchises tend to build much faster and come with more support than other franchise investments. That means that owners can switch gears from their current occupation without the need for experience or additional education. Unlike other franchises, home services do not require a physical or central location to operate, so there are no overhead costs. Most owners can run the business out of their homes. Not having overhead costs also eliminates things like administrative budgets and business expenses.
Home services are also more affordable initially than other franchises. The marketing and brand recognition are already established, so when you are ready to go, your business is already established, and you are immediately up and running.
As we head into the second quarter of 2021, we hope that things will soon return to pre-pandemic normalcy. But even if there is a lag time to recovery, one industry that will likely not be negatively influenced is the home services industry. Still going strong even through the shutdowns and social distancing guidelines, if you are looking to invest and be profitable quickly, then a home services franchise might be your best bet. For more information and to find the perfect fit for your needs, contact the experienced consultants at Frannexus today. We have the insider knowledge to find the ideal opportunity for you.
I would highly recommend Seth to anyone looking to explore the universe of franchise options.He was a great help to me in realizing what I was best suited for and what got my juices flowing.
-Jay Weitzman, Franchise Owner - Monster Tree Service