Tens of thousands of people who quit their jobs in 2021 chose to become entrepreneurs and invest in themselves with a franchise. As a result, service franchises, particularly home services franchisees, experienced significant growth. This growth comes as no surprise to me.
While quick-service restaurants and many other brick-and-mortar franchises are still struggling, the pandemic has increased the appeal of service-based franchises from a business standpoint.
Our homes have grown increasingly important in recent years. We spent more time at home during the pandemic because of home-schooling and a shift to work-from-home jobs. Furthermore, the real estate market has been scorching. In 2021, housing prices in the U.S. climbed by approximately 20% over the previous year.
If you own a home services franchise or are considering purchasing one, here are a few trends to look out for in the next year.
An Increase In Technology-Focused Franchising Opportunities
Technology, as it has in every other business, has substantially altered how franchising operates. Franchise systems can manage their entire brand from a single dashboard. The same goes for franchise owners' marketing, sales, and operations.
Home Services Franchises Build Connections With Homeowners
When real estate is good, and values are rising, homeowners have the confidence to improve their homes using the equity in their properties. This positive growth in the real estate market is assisting in the expansion of home service franchises.
The appeal of home service franchises is that they can be both personally rewarding and profitable. Low start-up costs and high value are appealing, as is the chance to build long-lasting relationships while helping homeowners and their community.
Having an ongoing connection and multiple touchpoints with a customer is a franchise brand's dream. Home services franchises do just that.
Service Professionals Are Purchasing Franchises As An Addition To Their Portfolios
Multi-unit and multi-brand franchise ownership are not new concepts in the world of franchising. However, I'm seeing an increasing number of service providers add home services franchises to their portfolios.
As we look ahead into the remainder of 2022, I’m incredibly excited about what the home services franchise industry has in store. You should be too!
Would you like to be a part of the home services franchise growth? Please schedule a call here.
UPDATE: Read the trends for 2023 here.
