Are you considering starting a business in a rapidly growing industry? Look no further than the trades, where sustained growth and diverse opportunities await. Franchising in this field, with the backing of an established brand, provides a structured pathway to success – especially as more homeowners shift from do-it-yourself to do-it-for-me solutions. Here’s what you need to know to harness the potential of the trades.
Understanding the Trades Industry
The trades industry goes beyond the traditional roles of plumbing and electrical work. It encompasses many essential services, from basic repairs to complex home system care. Whether air conditioning repair, full-scale remodeling, or more niche services, the trades industry caters to homeowners' regular and specialized needs.
The diversity allows you to focus on your strengths and interests, whether you are looking for a more hands-on role or prefer managing operations and customer service. Let’s take a closer look at the opportunities this industry presents.
Shift to Professional Services
Generational shifts in spending and lifestyle choices are driving the trend of hiring professionals rather than attempting DIY projects. Millennials and Gen Z prioritize their time and convenience, preferring to invest in professional services that improve their quality of life. This long-term shift increases the demand for skilled tradespeople, making the trade industry ripe for growth and business expansion.
Capitalizing on Growth Opportunities Through Home Services Trades
The trades industry is rapidly transforming, driven by changes in homeowner behavior and the aging infrastructure of residential properties. As more individuals choose to invest in maintaining and upgrading their homes, the potential for growth in-home services has never been more promising.
- Increasing Demand for Maintenance: With approximately 144 to 150 million homes in the U.S., most of which are owned by people aged between 45 and 50, there is an ongoing need for comprehensive maintenance services like plumbing, electrical, and HVAC systems. This creates a consistent demand for trade professionals.
- Rise in Home Renovation Projects: Economic shifts, such as rising interest rates, are prompting homeowners to invest in improvements to their living spaces rather than purchasing new properties. This trend, in turn, fuels the demand for traditional trade services and opens up opportunities for full-scale renovation projects.
- Long-Term Investment in Comfort and Safety: As the population ages, there’s a growing focus on making homes more comfortable and safe for long-term living. This increases the need for modifications and upgrades that improve home livability, further driving trade growth.
Why the Trades Industry Appeals to Entrepreneurs
For entrepreneurs, the trades industry offers a resilient business model with hard-to-match growth potential. In the past, success was often associated with obtaining a college degree. However, more people realize that the trades can provide lucrative career paths that are recession-resistant and unlikely to be subject to automation. Essential services such as plumbing, heating, and electrical work remain in high demand, projecting stability even during economic downturns.
Leverage Industry Expertise by Partnering with Neighborly Brands
Franchising with Neighborly® allows you to tap into the lucrative trades industry, even if you’re new to the trades or aren’t licensed in a specific trade. As a franchise owner, it is not always required for you to be licensed; you can focus on management while your skilled professionals handle the technical work. The Neighborly model focuses on equipping you with the tools, training, and support necessary to succeed in this field.
- Comprehensive Training Programs: Neighborly offers detailed training programs to ensure you have the necessary skills to manage and grow your business. Whether you are interested in HVAC with Aire Serv®, plumbing with Mr. Rooter® Plumbing, or electrical services with Mr. Electric®, you’ll receive industry-specific knowledge to help you succeed.
- Strategic Brand Partnerships: You immediately get access to a vast network of established brands like Glass Doctor® and Precision Garage Door Service®, which have a long-standing reputation and a loyal customer base. This association boosts the credibility of your business from day one.
- Operational Support: Neighborly doesn’t just leave you to figure things out alone. You gain access to proven business models and operational systems that have been refined over decades. This support extends to marketing, technology, and day-to-day operations, ensuring you have the tools to thrive in a competitive market.
- Community and Collaboration: As part of the Neighborly family, you join a network of like-minded entrepreneurs. Regular workshops and annual meetings provide networking opportunities, allowing you to learn from the successes and challenges of your peers across various trades.
The Trades Industry Is Your Path to Success
The trades industry represents a golden opportunity for prospective business owners seeking an industry with growth potential, diversity, and significant support structures. Whether you’re a seasoned entrepreneur or a newcomer, the trades offer a promising path to success — especially when franchising with established brands at Neighborly. With the industry’s evolution from DIY to professional services, now is the ideal time to tap into this vibrant market and build the foundation for a successful business venture in home services.
