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 the time to repair and maintain their homes. Even if you are a small handyman service provider, you are assured of a regular and steady flow of projects because there are more than 100 million homes in the country.
Even if there are many 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 even further in the future due to the growing elderly population and the growing number of people with double incomes.
If you just want to get into the $ 30 billion handyman industry, but don’t have the experience to open your own store, then you can choose to try a handyman business franchise. When franchising a business, it is not necessary 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 prospect. As mentioned above, the potential for the handyman industry is expected to grow in the future. Most people will want to invest their money in a business or industry that is trustworthy and has a good chance of success.
If you want to reduce the risk of failure, business franchises are for you. A handyman franchise, or any business franchise for that matter, will provide you with extensive training and support to help you be successful. Since royalty rates are based on the performance of franchisees, the company or business that you will franchise will want you and your business to prosper and succeed.
When you buy a franchise, you are basically paying for the right to use a business model, system, name, credibility, and brand or trademark of a company. So you don’t need to think about creating your own brand. Also, people will tend to trust your business more than those just starting out 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 create your own model, name and system. However, if you buy a franchise, you can start almost immediately after paying the franchise fee and obtaining all the necessary government permits.
From day one, the company whose business franchise you are buying will be there to help you from finding the perfect place to set up your store 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 annual royalty fees for as long as you are a franchisee.
If you are someone who wants maximum freedom to run your business, then franchising is not for you. If you buy a handyman franchise, you must adhere to the rules and regulations. Most of the time, non-compliance with the rules will result in the revocation of your franchise.
Franchising a business, whether it is a handyman business or not, is not for everyone. So you really need to consider your personality and leadership style, even before paying a franchise fee.