Growth Spurt

GROWTH SPURT

Demand is steadily increasing for home services

by Jerry Rieder, Certified Franchise Consultant

There are more than 140 million housing units in the United States. That means a lot of roofs, sinks, paint, toilets, furnaces, and other items that require maintenance— plus constant demand for high-quality home repairs and home-services franchises.

Estimates for the total financial impact of the home services industry vary from $400 billion to $800 billion annually. However, all industry observers confirm that the industry is growing again at a noticeably substantial rate. The U.S. Department of Labor projects the general home services and maintenance segment of the franchising industry and related need for workers will rise faster than the average segment through 2021.

Why is the home-services market growing at such a significant pace? One overriding factor is that more American homeowners have the resources to pay others to do tasks and chores for them. According to an ABC News report, “not only are Americans working longer hours than at any time since statistics have been kept, but now they are also working longer than anyone else in the industrialized world. And while workers in other countries have been seeing their hours cut back by legislation focused on preventing work from infringing on private life, Americans have been going in the other direction.”

Another significant aspect of industry growth has been referred to as “aging

in place.” A large number of aging baby boomers want to remain in their homes. This leads to repairs, maintenance, and modifications that allow them to live in their homes comfortably as long as possible.

Technology has given consumers instant access to more workers and home-services information, enabling them to get what they need at a cost that is comfortable to them. As noted in a Forbes Magazine article, with the new and current era of technological information access, “boomers can easily schedule their home renovations, while Generation Xers can use all available information to drive a hard bargain between thrift and quality. As for millennials, web-based home services (searching) could in time entirely redefine their lives.”

To find your ideal home-services franchise from the diverse offerings in the industry, work with a qualified franchise professional who can match you to the right opportunity based on your goals, objectives, areas of interest, and desired investment level.

Jerry Rieder, CFC, has been a franchise consultant since 2012. He became part of the FranServe Training and Development Team in 2013 and has helped a large number of consultants become successful. His compassion and desire to see others achieve drives him to share his techniques and best practices with new and experienced consultants alike. He serves as a trainer, a mentor, and also as a facilitator for FranServe’s Power Teams. His prior 25+ years of management experience with Fortune 500 companies provides the foundation for aiding others to achieve their goals. Contact Jerry at jerry@franserve.com