Modernization and evolving demographics have made now a better time than ever to get on board with home and property businesses.
The 21st century brought with it many major changes to the modern workforce. A decline in the number of young people pursuing technical trade educations is just one of the many challenges the industry faces.
But in many ways, modernization has strengthened the home services industry more than ever, creating exciting new opportunities for those considering a career in the trades. Here are four reasons why the timing has never been better to invest in a home service franchise.
1: HOMEOWNERS CAN’T DO IT THEMSELVES
There was a time when students were required to take classes dedicated to teaching basic skills such as woodwork or mechanics. Over time, these courses were eliminated and replaced with more traditional classroom subjects.
Now, those who grew up with little or no training in these basic skills – primarily millennials – are purchasing homes. Their lack of basic maintenance expertise contributes to the increased demand for professionals to tackle household projects, resulting in what the industry today refers to as “the golden age of service”.
2: HOMEOWNERS DON’T WANT TO DO IT THEMSELVES
Millennials aren’t the only homeowners dependent on professional service providers. Baby boomers, who in many cases have the know-how to complete such projects themselves, would still prefer to leave it to the professionals.
As homes age, they require ongoing upkeep, and the best way for a boomer to keep retirement relaxing is to bring in professionals to do the work for them – for example, Molly Maid to clean their home, Mr. Appliance or Mr. Electric to fix their smart devices, and The Grounds Guys to mow their lawn.
3: HOMEOWNERS WILL PAY FOR CONVENIENCE
Homeowners now tend to have more disposable income, but less spare time to spend on home improvement projects. If homeowners can afford it, they are much more likely to pay to save time as opposed to learning how to tackle various household projects themselves.
Franchisors recognize this push for convenience, making innovative strides to ensure homeowners can connect with all the providers they need more easily than ever with “one-stop-shop” cross-marketing platforms.
4: SYSTEMS ARE CAPABLE OF KEEPING UP WITH TRENDS
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. But a franchised business owner has access to training in the latest technologies, group pricing discounts, and more support to keep their business ahead of the competition.
The home service industry is worth over $300bn today, and it is expected to continue growing for the foreseeable future. If you’re looking for a long-term growth opportunity with a franchisor that provides all the resources you need to succeed, then look no further than the home services industry.
ABOUT THE AUTHOR
Brad Stevenson is chief development officer for Neighborly.