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 houses. Even if you are a small-time handyman service provider, you are ensured of regular and consistent flow of projects because there are over 100 million households in the country.
Even if there are many home improvements and do-it-yourself books on home repair and maintenance, many still get the services of their local handyman for both minor and major repairs because they do not have to do the work themselves. The need for handyman service is expected to rise even more in the future because of the climbing elderly population and the rising number of dual-income earners.
If you just want to enter the US$30 billion handyman industry, but do not have the expertise to open up your own shop, then you can opt to try a handyman business franchise. In franchising a business, you don’t 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 prospect for growth. As mentioned earlier, the potential of the handyman industry of becoming bigger in the future is expected. Most people will want to put their money in a business or industry that is reliable and has a good chance of success.
If you want to lower the risk of failure, then business franchising is for you. A handyman franchise, or any business franchise for that matter, will provide you with ample training and support to help you succeed. Since royalty fees are based on the performance of franchisees, the company or business that you will be franchising would want you and your business to flourish and succeed.
When you buy a franchise, you are basically paying for the right to use the business model, system, name, credibility and branding or trademark of a company. Thus, you don’t need to think of making up a brand of your own. Moreover, people will tend to trust your business more than the ones that are just starting because they are familiar with the name and the brand that you are carrying.
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 start almost immediately after paying for the franchising fee and getting all the necessary government permits.
From day one, the company whose business franchise you will be buying will be there to help you from looking for the perfect place to set up the shop to recruiting employees.
Disadvantages of franchising a handyman business
One of the major disadvantages of buying a franchise is cost. You will almost always need more money to buy a franchise than setting up your own business. Aside from the usually high franchise fees, you also need to pay monthly or yearly royalty fees for as long as you are a franchisee.
If you are a person who wants utmost freedom in managing your business, then franchising is not for you. If you buy a handyman franchise, you have to abide by the rules and regulations. More often than not, failure to comply with the rules will result to the revocation of your franchise.
Franchising a business, whether it’s a handyman business or not, is not for everybody. Thus, you need to really take in consideration your personality and leadership style, before even paying for a franchise fee.