Home Services is a growing opportunity
While many businesses struggled during 2020, franchises in the booming home services sector flourished as people stayed home to flatten the curve.
For much of 2020, the world was put on pause as families focused on the basics and reduced discretionary spending. Business owners across the country were forced to temporarily close their doors or pivot their strategy to comply with new safety guidelines. Many small businesses closed permanently, and others relied on government subsidies to stay afloat.
Despite setbacks, the American economy is resilient. Consumer spending was up 18.1 percent at the beginning of September, compared with January 2020, according to Opportunity Insights, a nonpartisan research and policy institute located at Harvard University. The franchising industry forecasts it will erase economic damage incurred during this difficult season by the end of 2021, reported FRANdata, a franchise-focused research and advisory firm.
However, the outlook was not bleak for all sectors of the American economy. A number of small businesses realized they had locked in a pandemic-resistant investment. Business owners running home service franchises thrived. While many businesses had to shut down during the pandemic or scale back their operations and lay people off, the home service franchisees found themselves hiring people and seeing their sales go up.
Teleworking, remote schooling and staycations became the norm during 2020. As Americans spent more time on the home front, they took the unique period to tackle home projects they had put on the back burner. Homeowners are completing 728.3 million home projects annually. Mortgage refinancing trends and lower interest rates are prompting increased spending on home remodeling, reported Angi, an online solution for connecting homeowners and contractors. The total addressable market for home services is forecast to rise 17 percent to $595 billion in 2021.
Other factors prompting the outlook for the home services industry to be bright are an aging population and low overhead. More than 10,000 Americans are turning 65 years old every day. By 2050, one in five people in the United States will be considered a senior citizen. As the population ages, people will try to stay in their homes longer and need to hire home improvement specialists. Many home-improvement franchises are run out of a home office with a mobile van, which keeps overhead costs down.
TES Offers Path to Future in Home Services
Career Ownership Coaches™ at The Entrepreneur’s Source® can help you discover financial freedom and self-sufficiency in the flourishing home services industry.
“If you are interested in a home service franchise, your instincts are on target and shared by many entrepreneurs,” said Terry Powell, Visionary Founder of The Entrepreneur’s Source®. “Over the past year, I have worked with an increased number of clients who are looking to start businesses providing home services. TES coaches help guide people on their journey to business ownership.”
Our coaches dedicate their time to helping people who are feeling battered and bruised as they struggle to climb the corporate ladder achieve the American dream. As CEO pay rises, the average American paycheck remains stagnant. American workers are grappling with a new career economy where workers who formerly earned high wages in the corporate world are finding themselves at a crossroads and being forced to endure a lack of job security and appropriate compensation. If you are enduring Battered Career Syndrome and feeling the constraints of the new career economy, The Entrepreneur’s Source® can help you discover a new path at no cost.
Career Ownership Coaches™ start by helping people determine their Income, Lifestyle, Wealth and Equity™ goals to determine if a future in business ownership is a good path. Our coaches use their knowledge and expertise to hold people accountable to their goals and help them achieve their dreams.
Learn More about TES
Visit www.entrepreneurssource.com to learn more about discovering your future in the home services industry. Work with our experienced Career Ownership Coaches™ to discover your career vision, or check out our guidebook, “Your Career 2.0®: A Survival Guide for The Battered Career and Investor Syndrome®.”