While the pandemic first upended the U.S. economy, no one could have predicted its effect on industry and commerce. But the ways in which we adapted to mitigate our collective health risk is paying dividends in unexpected and surprising ways. Industries who suffered the most, bars and nightclubs, seem to get all of the headlines, but there’s a flip-side to every coin. Here’s a great example:
Not surprisingly, the side effect of having to “cocoon” ourselves at home has led to a remodeling boom.
It’s high time for the home services industry and plenty of franchises in this category are reaping the benefits. It’s an opportunistic time to consider business models that cater to home improvement and related services.
Two primary drivers are fueling consumer demand: 1) record levels of home equity, and 2) cash on hand, not spent on vacations, dining out, and shopping. In response to these circumstances, homeowners have turned their attention inward, investing time, money, and attention on renovation. A recent survey from Porch.com revealed that 75% of homeowners have taken on some form of home improvement project during the pandemic. And the same percentage are planning new ones in the next six months.
A further breakdown of projects by type reveals that kitchen and bath remodeling rose 40% in June, compared to last year. Additions and extension projects rose 52% and home improvement related to privacy and security increased a whopping 166%! Contractors are flush with jobs and supply-side vendors have appointments booked weeks in advance.
And for the Dallas-Fort Worth area, there’s more good news. The bellwether benchmark for industry growth is construction starts. In the first six months of 2020, North Texas recorded over $11.4 billion in construction starts. This amount is just a 1% decrease from last year—ranking DFW as the second-biggest building market in the country. In Dallas, residential building starts show a 5% increase compared to last year at this time.
If you’re looking for an entrepreneurial opportunity to become your own boss, perhaps it’s time to consider a home service franchise. A business that helps clients improve, update, and beautify their homes can be a very satisfying venture. And you don’t need any skilled experience or specific expertise to own and operate a home services franchise.
FranNet of Dallas-Fort Worth can introduce you to several home service franchise concepts. If you’d like to hear more, schedule a no-cost, no-obligation meeting with FranNet of Dallas-Fort Worth, and together we’ll find a home services franchise that meets your business ownership and lifestyle goals.
About the Author
Sara Waskow is the Dallas-Fort Worth Market President for FranNet, the nation’s leading franchise consultancy. She’s a career transition specialist whose no-cost, no-obligation expertise matches individuals to business opportunities that best fit their unique goals and talents. Sara is a member of Success North Dallas, the Southlake and Grapevine Chambers of Commerce, and the Cowtown Executives Association. She graduated from Texas A&M University and has lived in the DFW area for over 30 years. She can be reached at firstname.lastname@example.org.