The Home Care Industry Offers Incredible Growth Opportunities During A Recession

It's a fact that home care service franchises have emerged victorious from the economic storms of the past few years. Not only that, but home improvement sales in the U.S. are projected to reach $620 billion by 2025, proving that demand for home improvement services is only growing. 

After the COVID-19 pandemic lockdown, many things have changed, and one of them is that some people continue to work from home on flexible schedules, which drives them to want to make their homes as comfortable and inviting as possible.

On the other hand, in light of the current financial climate and challenging real estate market, some homeowners are reconsidering the idea of moving out of their homes. Instead, they are deciding to stay in their existing properties and invest their money in improvements. These improvements will make their homes more comfortable and attractive for when the market improves.

Why Are Home Care Franchises Growing So Fast In Today's Economy?

Just like most services based franchises that thrive during challenging times, home care services are in such high demand. Here are the main reasons for their rise in recent years. 

• A key thing to remember is that the home care industry solves particular pain points that clients cannot solve on their own because they lack the experience, skills or equipment to do so. Also, the time factor is crucial, as due to new work dynamics and new lifestyles, time devoted to home care is often limited or allocated to more important things.   

• For most homeowners, their home is their biggest and most important asset. It is vital to take care of it, keep it in the best condition, and add value to it in the medium and long term.  

• Homeowners' shift in focus during times of economic hardship often veers towards a "make do and mend" lifestyle. Rather than discarding appliances or moving out if things are not going well, they prefer to repair or make improvements to their property. It is estimated that approximately 32% of U.S. homeowners painted the interior of their home in 2021, 27% installed smart devices, and 28% remodeled a bathroom. 

3 Reasons to Franchise Home Care Services

When a business owner acquires a franchise, one of the most significant advantages is that they are backed by a proven, successful system, unlike startups that tend to have ups and downs in the trial-and-error challenge.

In turn, each industry offers specific advantages. When it comes to home care services, there's a lot to choose from a wide range of sectors, each one with a variety of entry costs to suit different budgets. 

Here are the 3 main reasons to buy a home care franchise this year:    

Lower Startup Costs

In the first instance, most home care franchises are low risk and have a low startup cost; they don't require a million-dollar investment to get in. Also, in most cases, franchisees do not need work experience within the field of service that their franchise can offer: they will operate as managers or receive proper training from the franchisor. 

Flexibility And Business Possibilities

Home care franchises offer a wide range of opportunities and a variety of business possibilities. From painting, insulation, landscaping, debris collection, and window cleaning to bathroom remodeling and roofing, there have been surprising improvements in American homes in recent years. It can also offer complementary services such as lighting and security or even home staging services to help homeowners increase the value and marketability of their homes.

A Booming Market

According to analysts, the global home improvement industry is estimated to grow at a compound annual growth rate of 4% between 2020 and 2027. This means the industry will likely increase in value from $763 billion in 2020 to nearly $1 trillion by 2027. It is also important to highlight that 83% of homeowners in the United States plan to make improvements related to heating or cooling due to the drastic temperature changes that affect summer or winter. Also, landscaping and painting projects are proving increasingly popular, increasing their execution by 31% in 2021 as they add value and beauty to the property. In short, it is a growing industry.    

The Bottom Line

There are many benefits that come with starting a home care services franchise. It’s an opportunity for entrepreneurs to both make money and help others in their community by taking care of those pesky repairs, getting rid of pests, having a clean home or enjoying a new kitchen. Plus, their repeatable business model ensures a healthy customer base that will consistently call back for your services.

With lower startup costs, endless business options, and a booming market, starting a home care services franchise could be the perfect opportunity for you. Ready to find out? Take our franchise aptitude test – your first step to a successful franchising journey.