The home service franchise market is booming right now. Here are some things to consider when looking for the right home service franchise opportunity, and which areas to avoid.
WHY HOME SERVICES?
The home services market, comprised of everything from plumbing to landscaping to painting and remodeling, is valued at over $762.9 billion with great upward potential. Some contributing factors to that growth include:
-The proliferation of online and mobile home service franchises. The convenience and searchability of today’s providers through digital channels make for bigger business for owners and easy solutions to customers.
-Home service businesses are part of a recession-resistant industry in that they are always needed. Things regularly break, wear out, or require refurbishing around the house, and home services provide occasional, ongoing, or refreshing options for folks to improve their living environments.
-Not only do home services often improve the quality of customers’ lives, but the right services can also increase property value and curb appeal, making it an advisable investment for homeowners.
-Americans are using their living spaces more than ever before, not just as a “home base.” Increasingly, we are working, learning, eating, and entertaining at home, making it the most significant location in our lives. Home service franchises provide the necessary fixes and improvements to keep our sanctuaries in the best shape possible. Due to pandemic restrictions in 2020, home service franchises saw a boost like never before. Entrepreneur even added a new category to their “hottest industries” list, on which Tailored Living was proud to be included.
-As we place a growing priority on enjoying home life, many people are outsourcing the responsibility of maintaining and improving their spaces to trusted professionals, making home services franchises indispensable providers of improvement and comfort.
WHAT’S IN DEMAND
Home service industries like plumbing, HVAC, and electrical are in high demand but now more than ever, homeowners are turning to the experts to improve the aesthetic and functional value of their homes with home organization specialists.
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 Financial 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.
With remodeling a constant source of business, home improvement service opportunities are expected to continue to flourish, with projections showing a 3.8% rise annually through 2023 to $12.7 billion, according to research by The Freedonia Group. The study, Home Organization Products, likewise projects closet home organization products to reach $3.4 billion in 2023 with a compound annual growth rate (CAGR) at 4.8%.
The continued trend for decluttering and downsizing by young and aging homeowners is one of the many factors boosting the market value. The popularity and proliferation of renovation shows, which often include closet and garage makeovers, is also providing a boost to the business. Folks want to up the aesthetic appeal and functionality of their spaces, and Tailored Living is here to heed the call.
WHAT TO EXPECT
When choosing a home services franchise opportunity in a vast and varied industry, there is some simple legwork you can do to inform yourself to make the best decisions about any given company.
Many factors come into play when predicting the future profitability of your franchise, including location, market demand, and your ability to attract and retain customers. Bear in mind any and all future possibilities when considering your investment, so that you may be prepared for short and long-term outcomes.
-Review the Franchise Disclosure Document (FDD). Item 19 of the FDD will give you detailed information about the franchise system including earning statistics. Not all franchisors provide Item 19, but when they do, it can help you get a sense of what to expect in terms of financial return on your investment.
-Speak to current and former franchisees. A franchise’s FDD also supplies information about the folks who make up the franchise network, and they will be able to provide you with a wealth of information about their experience with the franchise and prepare you for your future within the brand.
Tailored Living is proud to be a leader in the home services industry and provide franchise owners with a variety of advantages, including a support team of industry professionals, large, protected homeowner territories, and low overhead costs.
With quick ramp-up and minimal inventory, Tailored Living allows its franchise owners to hit the ground running and serve a guaranteed list of clients from day one. Our proven business model allows us to bring the showroom to the customer, fitting every experience to the specifications of every unique homeowner.
TAILORED LIVING HAS WHAT YOU’RE LOOKING FOR
You could choose to start a home services business on your own, but you would miss out on the expertise, recognition, and extended network built into an award winning franchise. The right home services franchise provides both competitive business potential and unparalleled customer service.
You will receive support from your franchisor in a range of crucial areas including training, cutting edge products and methodology, marketing assistance, and ongoing operational support. As a home services franchise owner with Tailored Living, you will be your own boss, but you will never be alone.
Tailored Living has evolved and adapted over the years to become the preeminent provider of custom home organization solutions. As the largest home organization franchise in the US and Canada with over 200 franchised territories, we have expanded our potential to apply to homeowners every organizational need, from closets to offices, garages, pantries, and more.
At Tailored Living, we are continually aligning ourselves with consumer needs and industry trends, elevating our franchise owners above the home organization and storage competition.
With Tailored Living, you have the opportunity to run an award-winning franchise from your own home. Even if you have no prior experience in the home services industry, Tailored Living provides the foundation to help you fully utilize your skills and passions to take your business to the next level.
As in demand as home services are now, the market will only continue to grow. It’s a lucrative business to become a part of, especially when backed by a trusted franchise system known for supporting and promoting its owners.
Tailored Living is looking for sales or entrepreneurial-minded leaders who are ready to provide standout service in a booming industry. Whether you are prepared to run a single outpost or scale to a larger operation, Tailored Living is prepared to offer you the support and know-how of a team of industry experts intent on sustaining your success.
Tailored Living is the country’s leading provider of home organization solutions, providing both customers and franchise owners with custom-fit possibilities. The time is now to start your home services franchise journey with Tailored Living.
To learn more about franchising opportunities with Tailored Living in your area, please visit us.