Advantages and Disadvantages of a Handyman Franchise
A handyman business is one of the most lucrative businesses in the country, and even the world, mainly because most people don’t have the means or the time to repair and maintain their homes. Even if you are a small maintenance service provider, you are guaranteed a regular and steady flow 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 get 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 more in the future due to the increase in the elderly population and the growing number of people with 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. By franchising a business, you do not need to think about 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 your risk of failure, then business franchising 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 will be franchising will want to see you and your business 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 a brand of your own. Also, people will tend to trust your business more than newcomers 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 buy a franchise, you can get started almost immediately after paying the franchise fee and obtaining all necessary government permits.
From day one, the company whose business franchise you will buy will be there to help you from finding the perfect place to set up shop 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 a person who wants absolute freedom in running your business, then franchising is not for you. If you purchase a handyman franchise, you must comply with the rules and regulations. Most of the time, breaking the rules will result in your franchise being revoked.
Franchising a business, whether it’s a handyman business or not, isn’t for everyone. Therefore, you need to really consider your personality and leadership style, even before you pay a franchise fee.