People’s lives are busy these days and that means they don’t always have time to do chores around their homes, such as cleaning, gardening, caring for pets or cleaning their pools. Someone who has an entrepreneurial streak can make a lucrative living from taking care of these chores by opening a home services franchise.
Why choose the home services industry?
Accumulating material possessions or money is (relatively) easy, but accumulating more time is a problem. The only way to get more time to spend doing the things you love is to not spend it on other things like household chores. People who earn a comfortable living are usually more than willing to trade some of their hard-earned money for more time by having someone else take care of mundane household tasks.
A person who can afford it is more likely to pay someone else to clean their carpets or their pool or do home repairs and there are business opportunities here for would-be franchisees.
As the population ages, there is also an increasing demand for seniors home care. A lot of people want to stay in their homes as they grow older and this is another area where franchises are flourishing.
The International Franchise Association’s Franchise Business Economic Outlook for 2017 says nominal spending on household services is expected to rise 4.7% in 2017 after increasing 4.5% in 2016.
Variety
Franchisees in the home services sector enjoy a lot of choice when it comes to what kind of business they want to start. Some of the bevy of opportunities for home services franchises include:
- Construction and Building
- Delivery
- Handyman
- Home Care Assistance
- Home Cleaning
- Home Improvement
- Home Inspection
- Home Moving
- Junk Removal
- Lawn Care and Landscaping
- Maintenance
- Party Planning
- Pest Control
- Pet Home Services
- Plumbing
- Repair and Painting
- Restoration
- Security
You may find it suits your neighbourhood to have more of a niche franchise like mosquito eradication, deer control, window tinting, barbecue cleaning or one of the many other opportunities available in the home services sector.
Industry Growth
IBISWorld research says the home services industry in Canada has grown over the last five years and looks like it will continue to grow as the economy stays strong and people continue to have disposable income to spend on outsourcing their home chores.
The Canadian home security industry, worth about $1 billion in revenue, saw 2.5% annual growth between 2012 and 2017 while the $2 billion moving industry saw growth of 0.9% during that same time period. The $406 million pest control industry saw growth of 2.3% and that was topped by the $8 billion landscaping industry with 5.7% growth during that five year period.
The research company expects all these industries to continue growing over the next five years to 2022, saying the security alarm services industry will benefit from a gradually improving operating environment as the economy continues to expand and the pest control industry should continue its upward trajectory thanks in part to the unfortunate spread of bedbugs. Over the five years to 2022, the commercial construction market is expected to improve and help create more consistent demand for landscaping services, as well.
An aging population will see a continued need for seniors home care. That industry is worth about $4 billion in Canada, according to IBISWorld, and saw 3.5% growth from 2012 to 2017.
“With the number of adults 65 and older increasing, healthcare services are in greater demand than ever,” IBISWorld says in its Home Care Providers in Canada Market Research Report. “The industry has benefited from this trend, as increased health expenditure has provided a boost to the entire healthcare sector and caused revenue growth in this industry. IBISWorld forecasts industry revenue to grow over the next five years.”
Because you are going to people’s houses with these businesses, many of them don’t require a commercial office space and they can often be run out of your own home or with just a rented storage space for supplies. With relatively little overhead and no need for inventory, many people find home services franchises to be incredibly affordable to start and run. They also tend to start making profit relatively quickly.
If you are interested in starting a home services franchise, FranNet can help you find the right one. Sign up for a free FranNet franchise search and consultation today and let us help you find your perfect home service franchising match.