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Food franchises may be the most well-known franchises, but lots of prospective franchise business owners like yourself eventually look into buying a service-based franchise—and end up owning one.
In this post, I’m going to tell you why they’re so popular, and share what I know about franchise business opportunities in the service space. That way, you can determine if you should spend more of your time investigating service franchises.
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What Is a Service-Based Franchise?
In a nutshell, a service-based franchise is a business that provides services to homes and/or commercial establishments.
A good example of a business that focuses on residential accounts would be an indoor/outdoor painting franchise. But service franchises can be so much more! For example, a franchise that specializes in helping local area businesses with all of their IT needs is one example of a commercial services franchise.
There are a lot more!
Three Reasons Service Franchises Are Popular
1. Built-in demand
Every home and business uses services. Things break, or they need to be maintained so they don’t.
Moreover, homes and businesses sustain damage from floods, fires, and a myriad of other natural and man-made events. Who restores those homes and businesses back to what they once were? Businesses in the service industry.
Does part of your home need to be remodeled? Dozens of franchises offer remodeling services.
Are you buying a new home? Need to have it inspected so you can have peace of mind? The person you hire to do it may be a franchisee.
Bottom line: Services of all types are always needed by homeowners and business owners. Can you see yourself offering one of these needed services?
2. Startup costs tend to be reasonable
You can invest in several different service-based franchise businesses for under $75k. Take the five service franchise areas below, for example. The majority of franchise opportunities in these sectors above have investment amounts under $75k. Though, a few franchises in these industry subsets might require higher amounts of money upfront.
- Travel-related franchises
- Home inspection franchises
- Commercial cleaning franchises
- Home-based children’s franchises
- Local advertising franchises
It’s absolutely possible for you to go into business—as your own boss—for under $75,000 with a service franchise.
3. Time-starved customers
Do you know any dual-income couples?
If so, do they ever share how little time they have to do the things they need to do? Like:
- Painting a room
- Washing their windows, in and out
- Refinishing a hardwood floor
- Planning their children’s parties
- Fixing stuff around the house
- Landscaping
- Grooming their pets
And more.
To put it another way, when two heads of household both work full-time, the only time they have to do stuff around the house is on the weekend. That doesn’t leave much time for the fun stuff in life. The things they really want to do.
Is it any wonder why franchise businesses that provide time-saving services to today’s busy consumers are popular?
Is A Service-Based Franchise Right For You?
If you’re thinking about getting into the service business, you need to be:
- Customer service oriented
- Comfortable training employees
- Good at managing people
- Highly organized
- Friendly
Make sure you’re not going to take a serious look at service franchises just because of the potentially low startup costs. By the same token, don’t skip over them because they tend to cost less than other franchise types you’ve looked at.
You can generally make good money owning a franchise no matter what the cost. You have to do good research. The franchise needs to right for you, right for your geographical area, and within your budget.
Can you easily see yourself providing a much-needed service to local residents and/or local small businesses in your area?
If so, take some time to look into owning a service-based franchise. Start here!
The Franchise King®, Joel Libava, is a top franchise expert. He’s written over 2,000 different articles on franchise ownership and personally consults with people who are looking to buy a profitable franchise. Go here to find out how The Franchise King® can help you become your own boss.