Let’s face it. Most people go into business because they want to make money. If you are looking into starting a business by buying a franchise, begin your search in a booming industry— especially one that’s predicted to keep growing at a double-digit pace for the next few years.
According to Verified Market Research, the home services industry was valued at $370 million in 2021 and by 2030 is expected to be worth more than $1.8 billion by 2030. With a compound annual growth rate (CAGR) of 21.14%, the home services market is primed for investment.
Home services are defined as pretty much anything that can be done to maintain or improve a home. Most home service businesses fall into three categories: maintenance, repairs and restoration, or remodeling and redecorating.
OWNING A RESTORATION BUSINESS: WHAT TO EXPECT
A restoration business provides emergency services and home repairs to homeowners who are the victims of floods, fires, or other natural disasters. People who go into this business usually have a desire to help others during difficult times.
If you own a restoration franchise, you must be on-call 24/7 as there is no telling when a disaster will strike. This is a recession-resistant business; even in a slow economy when people don’t have a lot of disposable income, if they need your services, they’ll be willing to pay for them.
To do this job, you and your technicians will need to be well-trained, and you’ll need to invest in state-of-the-art equipment including generators, air movers, and dehumidifiers, as well as a vehicle to transport it to job sites.
Since homeowners who need emergency cleanup and repair services will hopefully only need them once in their lives, look for a restoration franchise that offers other services as well. Besides water and fire cleanup and restoration, our franchises perform services including sanitization, mold and mildew remediation, radon detection and remediation, basement waterproofing, and air duct and dryer vent cleaning.
OWNING A REMODELING OR REDECORATING BUSINESS: WHAT TO EXPECT
Since the start of the COVID-19 pandemic, people have been spending more time at home, which has led to an increase in remodeling and redecorating projects among residential property owners. People are adding rooms, like home offices and family rooms or upgrading existing spaces like their kitchens and bathrooms. Some are redecorating with new flooring or window treatments.
That’s why it’s a good time to get into the remodeling and redecorating industry. If you’re a creative thinker, this might be the right type of business for you. Since there are so many companies offering these types of services, it makes sense to buy a franchise, so you’ll be backed by a trusted brand. When it comes to remodeling, Kitchen-Tune Up and Bath-Tune Up are two of the most recognizable names in the industry.
These franchises don’t need a brick-and-mortar location and are low-overhead businesses that offer a potentially high profit model – perfect for a small business owner just starting their investment portfolio.
If you get excited about redecorating projects, you may want to consider Budget Blinds. This franchise can be run from your home and was ranked as the No. 1 home-based franchise and No. 1 window coverings franchise. Budget Blinds also came in as the No. 2 best franchise for under $150,000 on the Entrepreneur Franchise 500 for 2022.
PUT YOUR TRUST IN HOME FRANCHISE CONCEPTS
Kitchen Tune-Up, Bath Tune-Up, and Budget Blinds, are all part of the Home Franchise Concepts family of brands. Home Franchise Concepts has been a well-known name in franchising for 30 years. We provide all our franchisees with comprehensive training, so they become experts at what they do—whether it’s restoration, renovation, or any of the other home service businesses we franchise. We also make sure our franchisees know how to maximize profits by following our proven business model. And even after their franchise is up and running, we continue to provide support and ongoing training.
FIND OUT WHICH HOME FRANCHISE CONCEPTS FRANCHISE IS RIGHT FOR YOU
As you can see, both remodeling and restoration businesses can be profitable. Deciding between the various options can be challenging as you want to choose the one best suited for you. The Home Franchise Concepts team can help. Contact us today and one of our franchise advisors will be in touch to answer your questions about all our brands and start you on the road to franchise ownership.