Service brands are doing quite well, even as the pandemic continues. And it has a lot to do with their recession-resistant nature. During this “Thriving through Covid” blog edition, we’re going to look into the reasons why these business models remain in-demand with consumers.
Service brands may be an overly broad term, but it’s used to describe franchise opportunities that provide a particular benefit, not a product. It may be home care, it may be health care, it may be a mobile-based offering and it may even be consulting based operations. If you perform a service for your customers, you’re a service-branded operation.
Resistance to Recession
As previously mentioned, many service-based franchises are doing well because they’re basically recession resistant. No matter the economic climate, you still need to get haircuts, have your house (or pool) cleaned, and provide care to loved ones who need assistance. Service brands are, more often than not, based on a need, not a want. As in, you might want to take an expensive vacation, but you need to maintain the integrity of your property and belongings.
A Pandemic Trend
Another notable trend since the pandemic occurred has been the increased interest in home remodeling—and several franchises have benefitted. Lockdowns and stay-at-home orders left consumers with more time on their hands, which they turned inward to their own homes. Couple that with money not spent on vacations and commutes and you have a lot of discretionary income left over.
Two Examples to Consider
The home services sector is growing beyond a $600B industry for franchising. And to get specific—Kitchen Tune-Up and Pool Scouts are two specific examples of service-based franchises doing well. Entrepreneur Magazine ranked Kitchen Tune-Up the #1 Remodeling Franchise and Pool Scouts, a cleaning service, has grown to 350 franchise locations in just six years. Both of these opportunities are among FranNet’s inventory and one of our qualified franchise consultants can give you all the details you’ll need for your investigative journey.
2020 is almost over and there’s no time like the present to plan your own business ownership journey. And from the looks of it, the service-based franchises have a little something extra to offer right now in helping to foster your success as a business owner.
“Thriving through Covid” is FranNet’s new series of inspirational articles featuring positive news, business owner profiles, success stories, and educational updates—all of which demonstrate the resilience of the franchising industry. We want you to know that even during this uncertain time, franchising can offer you an alternative path forward—and a new opportunity to achieve success through business ownership.
Check back with FranNet twice weekly for new articles and let us know when you’d like to begin an entrepreneurial journey of your own!