The small business landscape is changing rapidly, and the home service industry is playing an essential role. The home service market is projected to have a growth rate of over 35% by 2026, offering a great opportunity for entrepreneurs looking for business ideas that have high potential today, and beyond. Whether you’re interested in plumbing, HVAC, landscaping, cleaning services, or more, there’s likely a home service business that can fit your needs.
What Makes a Business Essential?
There are many factors that contribute to the essential nature of home service businesses. An essential business is one that provides goods and/or services that the public will always need, regardless of economic conditions. In times of economic volatility, some services actually become more crucial - they help keep businesses and households up and running, even during recessions.
Most home service businesses are considered essential because they provide services that homeowners and business owners rely on. From plumbing repairs to outdoor landscaping, and everything in between, home service franchises offer a valuable resource for residents and business owners alike. This helps ensure that home service businesses are more resilient than many other industries, even in challenging economic conditions.
Why Home Services are in High Demand in 2023
There are many factors contributing to the growing demand for home services in 2023. For example, across the country, an aging population is driving up the demand for essential services, such as home and yard maintenance and even property management. As certain portions of the population age, they become less interested in doing all home maintenance work themselves and are more likely to turn to professional home service franchises to meet their needs.
Among younger generations too, there is a growing desire to outsource tasks such as lawn maintenance, snow removal, and cleaning, to save them time and energy. Many people have realized the value of their time and are less willing to spend it doing mundane household tasks. In addition to homeowners, businesses always need professional maintenance and repair services. For many businesses, it can be a challenge to find a service company that will provide high-quality service on a consistent basis. This creates an opportunity for respected, branded businesses to exceed expectations, and ultimately, earn the trust of their communities and their business.
Finally, home service businesses have become more popular as more people continue to work remotely and spend less time at their workplaces. With the rise of technology and remote work opportunities, people are looking for assistance without having to lift a finger.
Together, all these factors have helped to keep the home services industry at the #1 spot on the top ten list of best business opportunities. From services that provide home maintenance and repair, landscaping, pest control, interior and exterior cleaning, and beyond, over the past few years the demand for home services has continued to increase.
Benefits of Owning an Essential Business
There are many benefits of owning an essential home service franchise in 2023. These businesses often offer the opportunity to start or expand a small business while meeting the essential needs of homeowners and small business owners. Home service businesses tend to have lower startup costs and can be run from home with minimal overhead. Essential businesses are often highly scalable and can provide the potential for steady growth over time. This can help essential business owners build a better work-life balance as well as a more secure financial future.
How to Start a Home Services Business
If you are interested in starting a home services business in 2023, there are several steps that you can take to get started. Conduct thorough market research to determine if there is a demand for essential home services in your area. Carefully evaluate the costs of starting and running a home service business, including the investment required in equipment, materials, and labor. After you’ve explored your options, you should create a business plan that outlines your goals and strategies for growth and success. It is also essential to build a strong network of partners and vendors who can help support the success of your home services business.
Of course, when you choose to start a home services franchise with Neighborly®, many of these steps are included along with a host of other benefits. As a franchisee, you will benefit from the guidance and support of a proven brand that has already established itself in the industry. With the right business model, strong branding, and proven strategies for success, working with a franchise company like Neighborly® can help you achieve your goals of starting and growing a successful essential business more quickly.
If you’re looking for essential service business ideas in 2023, consider owning a home services franchise. It could be the perfect way to capitalize on one of the fastest-growing small business trends around! With the right franchise, you can launch a home services business that is often scalable and can provide steady, recurring growth over time.
Are you ready to take the next step toward business ownership? You can start by downloading our free Franchising Guide. Then, go ahead and contact us!
