When thinking about opening a small business, it’s easy to put the cart before the horse and get excited by brainstorming the perfect location or catchy name and slogan. But before all that, it’s important to bring your feet back down to earth and take a good hard look at determining what kind of business you want to open, and more importantly, what products and services you’ll offer.
Choosing the right business in the right industry can make or break your success. If you know you’re ready to start your entrepreneurial journey but haven’t yet determined your industry, home services is a phenomenal option. And by choosing to franchise with Neighborly, you’ll have a partner there to help you through the entire process. Let’s look at how to find the right business for you…
Go Back to Your “Why”
I’ve said it before and I’ll say it again – remembering your “why” is what makes business ownership all worth it. The fact of the matter is that most people don’t wake up one morning and think, “I want to own a cleaning business.” However, they may get out of bed with the desire to take control of their professional future, achieve a better work/life balance, build a legacy, impact their community in a positive way and so on.
The next step is to evaluate your options to determine how you can best meet your goals. Not every industry will excite you, and the ones that do may not be what you expect at first. The key is to find an industry that you can enjoy and join an organization you trust whose values and goals align with your own. Doing some research and understanding an industry or brand and where they are going before committing to it will help set you up for greater success and enjoyment.
Trendy Versus Tried and True
The research continues after the business opens with the need to stay on top of trends. Following National Home Improvement Month and heading into National Homeownership Month and the start of moving season, the home services industry is seeing the impact of trends firsthand.
However, while the weather is only just starting to heat up, the home services industry has been hot for a long time. When you join a franchise, you’re signing up for a 10+ year relationship. An industry that’s trendy at the moment might not be around for long, so before you jump in, you need to understand if it will still be viable down the line.
It just so happens that home services has had longevity. The average US home is more than 40 years old, and many homeowners simply don’t know how or don’t have the time to enhance, maintain and repair their homes. On the flip side, homes are increasingly becoming “smart,” requiring specialists knowledgeable in the latest home technology. From HVAC to plumbing, homeowners need help from professionals whether their homes are old or brand new, regardless of the seasons and even as interest rates rise.
Home services is not a fad or trend, but a tried-and-true industry with double-digit growth expected for the foreseeable future. Now is a great time to start a business in home services so that you’ll be up and running for this time next year. But at the end of the day, there’s no bad time to start a business – though there may be bad businesses to start.
Picking the Right Partner
Once you’ve considered what you want to get out of your business and what industry you want to be in, it’s time to get started on building the business. Picking the right partner can help you navigate industry changes and stay on top of trends so that you’ll continue to find success in the long term.
Neighborly provides support to our franchise owners to help them stay at the forefront of our industry. Our world-class marketing team of over 120 professionals helps connect our franchise owners with homeowners in need of their services. We provide support before, during, and after business ownership, with state-of-the-art training, franchising tools, education on local laws, recruiting support, and supply chain assistance through ProTradeNet (PTN), which has helped our owners in 2022 save $97 million in upfront costs and $7 million in rebates.
Joining a franchise like Neighborly gives you access to proven tools and systems to find success, expediting the process and giving you a partner to lean on. Choosing a long lasting industry and monitoring trends within that industry can help you stay a step ahead. But regardless of your industry or brand, always go back to your “why” – what makes you passionate about what you do and remember why you chose this path.
Written By Brad Stevenson, Chief Development Officer, Neighborly
