The global pandemic has muscled its way into our lives, but it’s also uncovered opportunities. Spending months indoors means more time for home improvement projects, from simple organization tasks to total room renovations. Individuals are embracing their DIY spirit to the point that some home improvement brands are seeing same-store increases of six percent to 11 percent.
But for every home improvement project successfully completed, there’s plenty more that remain undone without the help of a skilled professional. This is why, even during a global pandemic, our Neighborly® franchise brands have been busy landscaping lawns, resolving plumbing issues, replacing HVAC systems, and much more.
No doubt we’re living in unprecedented, uncertain times, but that also means new opportunities will emerge. For individuals with entrepreneurial goals, here are five reasons why investing in a home service franchise makes smart business sense.
No. 1: It’s Good to Be the Boss
People are out of work. Businesses have shuttered. Life is decidedly different. The live-work climate is so different than it was just a few months ago that ambiguity needs to be replaced with certainty. Owning an essential business in a relatively agile and economic cycle-resistant industry like the home service space is a way to establish your new normal — a firm foundation for growth and stability.
No. 2: We Live in the Golden Age of Service
More than 65% of Americans own homes, and while many of those individuals have DIY goals, the reality is they have little training or skills in areas like woodworking or mechanics. A lack of basic maintenance expertise contributes to the increased demand for professionals to tackle household projects. As a result, we’re living in what the industry today refers to as “the golden age of service.”
No. 3: Homeowners Don’t Want to Do It All
Lack of skills isn’t the only reason homeowners have grown dependent on professional service providers. Our experts save homeowners time and ensure the job will be done right the first time.
As homes age, they require ongoing upkeep. Whether the homeowner is a busy millennial or a baby boomer in retirement, it’s beneficial to have help. That’s why our franchise business owners have stayed busy. Homeowners rely on Molly Maid to clean their spaces, Mr. Appliance or Mr. Electric to fix their smart devices, and The Grounds Guys to mow their lawns.
No. 4: Homeowners Prioritize (and Will Pay for) Convenience
Before the pandemic, homeowners generally had more disposable income but less spare time to spend on home improvement projects. In today’s environment, that ratio has flipped. Despite the shift, our brands demonstrate that if homeowners can afford professional services, they’re much more likely to pay for the convenience rather than tackle various household projects themselves.
Franchisors recognize this push for convenience and have made innovative strides to ensure homeowners can connect with the right providers. For Neighborly specifically, our franchise brands leverage our Neighborly.com cross-marketing platform that offers a convenient “one-stop-shop” for all of a homeowner’s service needs.
No. 5: Franchise Systems Empower Businesses to Keep Up with Changing Demand
While traditional mom-and-pop providers are certainly still capable of quality service, they rarely have the resources to support increased demand and expectations of the modern consumer. By contrast, franchised business owners have access to technology, training, group pricing discounts, and comprehensive support — all of which are designed to give them a competitive edge.
Launching a Business in this Unique Climate
While homeowners continue to rely on professional providers for their home maintenance needs, they now expect those providers to follow enhanced safety protocols at all times. Our brands have put comprehensive measures in place to communicate their compliance to customers and employees. The result has instilled a confidence that translates into increased service calls and business activity.
As long as people prioritize home improvement, there will be a need for home service professionals to help them. This is why franchise ownership in the home services industry is the career path for anyone seeking stability and a promising future, even in a time of unprecedented uncertainty.
Brad Stevenson is Chief Development Officer for Neighborly. In this role as a key member of the organization’s growth team, Brad is a driving force behind developing and implementing Neighborly’s aggressive strategic initiatives for North American franchise development. Brad works closely with franchise development and brand leadership across Neighborly’s numerous home service brands. Brad is an accomplished executive with 23+ years of experience in a variety of sales, marketing, strategy and management roles in both the adult beverage industry and in franchising.