A handyman business is one of the most lucrative businesses in the country, and even the world, mainly because most people do not have the means or time to repair and maintain their homes. Even if you’re a small-time maintenance service provider, you’re guaranteed a regular and steady stream of projects because there are more than 100 million homes in the country.
Even if there are plenty of home improvement and DIY books on home repair and maintenance, many still enlist the services of their local handyman for minor and major repairs because they don’t have to do the work themselves. The need for handyman services is expected to increase further in the future due to the increase in the elderly population and the growing number of people on dual incomes.
If you just want to get into the US$30 billion handyman industry, but don’t have the experience to open your own shop, then you may choose to try a handyman business franchise. When franchising a business, you do not need to think of a business idea and even a business formula.
Benefits of franchising a handyman business
The most obvious advantage of entering the handyman industry is its growth prospects. As mentioned above, the potential of the handyman industry is expected to grow in the future. Most people will want to put their money into a business or industry that is trustworthy and has a good chance of success.
If you want to reduce the risk of failure, then a business franchise is for you. A handyman franchise, or any business franchise, will provide you with extensive training and support to help you succeed. Since royalty fees are based on the performance of franchisees, the company or business you are franchising wants you and your business to prosper and succeed.
When you buy a franchise, you are essentially paying for the right to use a company’s business model, system, name, credibility, and brand or trademark. Therefore, you do not need to think about inventing your own brand. Also, people will tend to trust your business more than startups because they are familiar with the name and brand you carry.
Starting a business from scratch is a long and tedious process because you have to make your own model, name and system. However, if you purchase a franchise, you can get started almost immediately after paying the franchise fee and obtaining all the necessary government permits.
From day one, the business whose franchise you’ll buy will be there to help you from finding the perfect location to hiring employees.
Disadvantages of franchising a handyman business
One of the main disadvantages of buying a franchise is the cost. You will almost always need more money to buy a franchise than to start your own business. In addition to the generally high franchise fees, you must also pay monthly or yearly royalty fees for as long as you are a franchisee.
If you are a person who wants absolute freedom in running your business, then franchising is not for you. If you buy a handyman franchise, you must abide by the rules and regulations. Most of the time, breaking the rules will result in your franchise being revoked.
Franchising a business, whether it is a handyman business or not, is not for everyone. So you need to really consider your personality and leadership style, even before paying a franchise fee.