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People are home more right now. They might be working fewer hours or working from home. Or maybe nothing has changed except that there is no place to go. But more people are spending more time at home, and the result is a jump in home improvement projects. Even the market acknowledges the bump in home improvement with rising stock values for Home Depot and Lowe's, and strong earnings for other related retailers such as Ace Hardware.
We’ve already shared why home services and refurbishing companies do well when the economy does not, and the pandemic is proving us right. With many more months stuck at home, this is an excellent time to consider a home services franchise.
Maintenance is No Longer Being Deferred
Every house has a long list of needed improvements or repairs. And now that people have to see those flaws every day, they are finally looking at the list of deferred maintenance.
Summer is the time for a new roof and window replacements. Because we are at home more, we see the higher costs of air conditioning, and we will see the higher cost of heating this winter. We might not be spending as much commuting or going out to events, but no one wants to spend money to air condition the outdoors. Energy efficiency saves money for those at home.
Healthy Living is a Daily Concern
With each day at home, we try to keep ourselves healthy. In homes, many areas can affect our health: mold, old paint, air ducts, faulty air conditioning, and dirty carpets.
Many families are living in close quarters and breathing the same air. This situation will only get more worrisome as winter approaches. Concerned customers will look to franchise experts to improve the health of their living environment.
Aging in Place Continues to Be a Priority
A significant aspect affecting the growth of the home services franchises is the desire to age in place.
Growing numbers of potential clients want to remain in their homes and need modifications for safe bathrooms and doors that are roomy enough for mobility chairs. While aging in place might not be related to the pandemic, it is a consistent trend for retirees that benefits home service franchises.
Our Homes Are Our Castles
Our daily lives have shifted, and we want our homes to be comfortable.
If we need to remodel the guest room into an office or a kitchen to accommodate more home cooking, a home service franchise can help. These might be smaller projects like screen replacements or new window coverings. Larger goals could include outdoor living spaces. All these opportunities will increase the longer we are forced to be home.
There are many options for franchises, but a home service franchise that does well when the economy is shaky could be the perfect choice for you. While we all want the virus gone, we know it is helping grow these franchises even faster. The best time to open yours is now.
Anne Daniells is a co-owner of Enterprising Solutions, a professional services firm specializing in corporate communication and financial improvement for businesses where she shares decades of corporate and entrepreneurial experience—including franchise ownership—in her writings on business culture. She has authored hundreds of articles for publications including AllBusiness.com, TweakYourBiz.com, and MSN.com. Reach out via her website for more on where corporate culture, communication, and human architecture collide.