How Joining a Home Service Franchise Can Minimize Economic Concerns

Launching a new business generally entails some financial risk, and during seasons of economic unease, those risks can seem particularly pronounced.

Thankfully, recession-resilient franchises provide a path for aspiring entrepreneurs to pursue their dreams of business ownership while minimizing that risk and easing economic anxieties.

Home service franchises can be an especially prudent way to launch a new business amidst ongoing financial concern. Here’s why.

Home service companies resist broader economic trends

It’s no secret that, when the economy seems precarious — and risk of recession looms — consumers tend to dial back their unnecessary spending.

While decreased spending adversely affects many industries, home service companies are far more robust. That’s because the services they offer are generally seen to be essential. For example, if a homeowner has a ruptured pipe, they’ll need a professional plumber to come fix it right away, irrespective of broader economic trends. The same holds true for biohazard cleanup, pest control, contents restoration and more. These are essential services that maintain high demand, even when the economy is teetering.

One of the foremost economic concerns among aspiring business owners is that their industry might peter out in a recession. With home service franchises, that concern is far less pressing.

The franchise model supports new owners

It’s not just that home service companies are recession-resilient; the franchise model itself helps to ease some of the economic concerns that fledgling entrepreneurs may experience. Consider:

• Home service franchises have a lower threshold for entry. The initial financial investment required is comparatively low. There is generally less equipment needed, less overhead, and fewer staffing needs to consider, which keeps the cost of entry — and thus the level of financial risk — much lower than it would be when starting a business from scratch.
  
  
• Home service franchises have established brand identities. During seasons of economic tumult, consumers typically gravitate toward proven brands. Franchising allows home service business owners to leverage an established brand identity — and all the goodwill that’s associated with it.
  
  
• Franchises provide systemwide resources for business growth. Finally, for local owners who want to keep business booming even when economic forecasts are grim, franchises provide centralized resources, including marketing support, that are tried, tested and proven to support business growth.

Economic concerns are a natural part of launching a new business, but certain models can help mediate those concerns — with recession-resilient franchises topping the list. Find out more about pursuing opportunities with Five Star Franchising by contacting us today.