5 Reasons Why Home Services Franchises Are Booming
When you’re looking to go into business for yourself, you want to find the best type of business that suits your needs, right? While this is true, some potential entrepreneurs think too narrowly about how their skills translate into success. If you’re great at selling cars, that doesn’t mean you need to start a dealership. If you can sell cars, you can sell other items. Take those skills and consider buying a franchise in the home services industry. Why? Because these franchises have the best potential for a great return on your investment. Here are just five reasons why.
Home Services Is A Constantly Growing Market
According to Verified Market Research, the United States home services market was valued at $105.55 billion in 2018 and is projected to reach $219.07 billion by 2026.
We Care About Protecting Our Home’s Value
A home is the most expensive purchase most Americans will ever make. It is something we take pride in, and we want to protect that investment. The best way to do this is by properly maintaining our homes.
According to U.S. News and World Report, the approximately 76 million Baby Boomers control 70 percent of all disposable income in the United States. These Boomers place a priority on enjoying their free time, which means they outsource much of the work needed to maintain their homes.
Lack Of Skills
Home repair and maintenance, including roofing, is a service that is constantly needed, and homeowners are not likely to learn this skill on their own. While you may not have this skill yourself, you can always hire crews to complete the actual work.
Lack Of Time
Even if some homeowners know how to fix their own roof, that doesn’t mean they’re going to. Most of us are working harder than ever and would rather spend our free time with our families or resting than climbing up ladders and installing shingles.
Bonus 6th Reason – Low Overhead
Most franchise business models that exist require the owner to buy, then sell. Owning a home services franchise will allow you to sell, then buy. Let me break it down for you. Think about owning a restaurant franchise; you will put a lot of money down during the initial phase for construction, equipment, employees, advertising, etc. But once you open, the overhead doesn’t stop. You must buy enough food to meet your projected customer count, pay your hourly employees (sometimes numbering in the hundreds), and purchase all the wrappers, cups, and plasticware. Tack on the advertising, electricity, insurance, and the dreaded food loss, and your overhead is HUGE.
Juxtapose that with owning a home services franchise. Sure, you will have startup expenses, but once you’re open, other than the advertising, utilities, and insurance, you don’t have a lot of overhead. Even the majority of your employees are tied to your costs of goods sold. So, what’s it mean to sell then buy? Well, you don’t have to buy any materials at all until AFTER the sale is made (and in the case of our franchise, our vending partner gives you terms so you don’t pay for that until after the final payment is collected from the customers). This allows you to focus most of your working capital on business growth instead of tying it up on inventory.
At Honest Abe Roofing, we know roofing is a recession pROOF industry. There are 750,000,000 structures in the U.S. that have roofs. All of those roofs have one thing in common — they will eventually need to be replaced. Many of our current franchisees have no experience in the roofing industry, but they’re successful because they believe in hard work and have sales experience. We’ve perfected the business model, and will train and support you to run your own successful franchise. Complete this simple form and we’ll send you a no-obligation brochure so you can learn more about claiming your piece of this booming market. For more information and our latest updates, follow us on Facebook, Twitter, LinkedIn or Instagram.