You will notice a recurring theme for HOT franchises in 2023. There are two categories you can expect to hear a lot about – Personal Services and Home Services.
Today we focus on Home Services. These include businesses that cater to mid to upper-income homeowners.
Why are these businesses BOOMING?
There are multiple macroeconomic factors creating long-term opportunities for home services.
-
The supply of residential real estate is limited.
-
The cost of home ownership continues to increase from tight supply and higher mortgage rates.
-
The remote and hybrid work environments, i.e., more people are working at home.
Bottom Line: People are continuing to fix up and stay put for the foreseeable future.
You may be thinking, “I don’t know anything about construction.” No problem: That kind of experience is NOT required. Owners hire employees or subcontractors to perform the work.
Many home service franchises offer the attractive Manage-The-Manager Business Model. A General Manager (GM) handles the daily operations. The role of the owner is executive management. There are opportunities to have home service franchises as “a side hustle.”
Required skills: People management, business acumen, team leadership
HOT HOME SERVICES: painting; outdoor lighting; flooring; handyman services; cosmetic renovation for quick real estate sales; and on and on…….
Notice our new weekly downloadable Franchise Alert. It is a brief on a hot franchise opportunity or a sizzling segment in franchising. Today’s Alert – home service franchises.
Remember to register for our 15-minute weekly event called the Franchise Minute each Wednesday at 11:30 a.m. Eastern. Register for next week’s Franchise Minute on Side Hustle Franchises here. (You need to be logged into your LinkedIn account for that registration link to work.)
To get invited to our new private Facebook group called Anna’s Franchise Insiders, follow us here. Get access to information on franchises before everyone else!
