Franchises offer significant benefits over starting a business from scratch. You step into a business model that’s already proven to be successful, which allows you to focus immediately on running the business. You can also leverage the franchisor’s support system to keep abreast of industry trends that give you confidence in selling to customers.
In the home services industry, franchise opportunities are abundant because they focus on what is often the biggest investment someone makes in their lifetime: their home.
Examples of Home Services Franchises
A home service business handles maintenance or improvement issues with your home. This industry is vast and can range from trades such as electricians and HVAC technicians to pest control and renovation work. Some examples of franchises in this industry include:
- Handyman franchise
- House cleaning franchise
- Home repair franchise
- Outdoor maintenance franchise
- Restoration franchise
- Home improvement franchise
The Post-Pandemic Effect
The home services industry boomed during the height of the pandemic, but franchises in this sector remain a strong investment for many reasons:
- Problem solving: Usually, a home service solves a problem that a homeowner cannot handle on their own because they lack the skills and knowledge to do so.
- Time crunch: Even if the homeowner can do the work (i.e., house cleaning) life can be busy enough that they choose to outsource that service.
- Investment: A home is a significant investment for people and with improvements that investment grows in value.
- Improvement: When the economy shifts or the household experiences an income change, improvements to an existing property can be enough to accommodate the needs of the family while maintaining an investment in the home.
- Work from home: The pandemic certainly changed how and where people work. Renovations to accommodate a work-from-home situation are continuing.
Even without the pandemic boom, home service franchises continue to be businesses that have a strong future.
An Outlook on the Home Services Industry
According to The Economy of Everything Home by Angi, the home service market serving single-family homes is valued at $500 billion. Single-family homes are also the most popular home purchase in the U.S. Plus, homeowners spend more than two times what renters spend on home services.
The current demographics of homeownership are as follows:
- 8% are aged 18-24
- 6% are aged 25-34
- 2% are aged 35-44
- 8% are aged 45-54
- 8% are aged 55-64
- 78% are aged 65 and older
These numbers show that even as demographics age, home ownership remains strong and as families move into different stages of their lives, they will continue to invest in home services. As people turn 30, they tend to form families and become established in their careers. As people turn 40, they are at peak earning power in their careers and will often move into larger homes. Finally, when people turn 80, downsizings, aging in-place, and in-law suites require home improvement and servicing.
Flooring as a Home Remodeling Opportunity
One way homeowners increase the value of their homes is to update flooring. HomeLight, a realty company, noted that next to mechanical aspects and the roof, flooring is one of the most important influences on how a buyer feels about your home.
Hardwood (new and refinished) is still at the helm of providing the highest return on investment (ROI) in flooring upgrades, but luxury vinyl tile and vinyl plank are also yielding strong returns. Ceramic tile, porcelain tile, exotic hardwood, engineered hardwood, natural stone, and vinyl composite also have good ROI potential. The flooring industry’s product selection is giving homeowners new choices for adding value to their homes. This makes flooring a strong home services franchise opportunity.
An Opportunity with Floor Coverings International
In 2021, our top-performing Floor Coverings International franchisees booked an average of $2.9 million in gross annual revenue*. Floor Coverings International franchisees have access to more than 3,000 samples of flooring (including those noted earlier as top returns on investment). Our franchisees work with homeowners in their homes to help them choose the flooring that meets their needs and adds value to their property.
As a flooring franchise, we offer a strong opportunity in the home services industry. Our unique mobile franchise and proven business model have earned us recognition as a top-ranking franchise. We bring the flooring showroom directly to the homeowners and our work is fun, creative, and rewarding.
We have been franchising for 34 years and we would love to show you how this home services franchise could provide you with an enjoyable and profitable business ownership opportunity. Request a copy of our franchise information report today.
*Please see Item 19 of our FDD.February 21, 2023