Whilst franchise sectors such as hospitality and retail have suffered significantly during the pandemic and are braced for a further battering during the predicted recession, home service franchises report increased demand both for their core services and for their franchise opportunities.
, which ranks the fastest-growing private companies in the US and marking the fourth consecutive year that the company has been ranked on the list.
Neighborly's success and rapid growth echoes the boom that has been witnessed in the home services industry generally in recent years. Whilst other franchise sectors such as hospitality and retail have suffered significantly during the pandemic and are bracing themselves for a further battering during the predicted recession, home service franchises are reporting increased demand both for their core services and for their franchise opportunities.
Firstly, the home services industry generally solves a significant"pain point", something that the customer cannot do themselves as they lack the skill, experience or equipment. From plumbing and electricals to appliance repairs and drain unblocking, the business may be a port of call in a home emergency situation.
Secondly, for most home owners their property is their biggest asset and one that they want to maintain and add value to. In the current financial climate with the cost of borrowing on the rise, people are choosing to stay put in their existing homes rather than move, and to invest their money on home improvements and projects that will make their existing home more comfortable as well as a more attractive asset when the economy and housing market starts to pick up.
There is also the fact that during times of financial difficulty, people tend to adopt a"make do and mend" approach to life. Rather than invest in new technology and applicances, there's an inclination to repair what we have. During the pandemic we were forced to stay home, and the resulting unusually heavy use of home appliances and technology inevitably resulted in things breaking down, meaning that repair businesses were busier than ever.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kate's Place provides a home for individuals with special needsKate's Place in Burlington County is a group for the special needs community.
Read more »
Kate's Place provides a home for individuals with special needsKate's Place in Burlington County is a group for the special needs community.
Read more »
Hope Lodge Communities Provide a Place to Stay When Cancer Treatment is Far From HomePursuing necessary treatment for cancer takes patients hundreds of miles from home. Hope Lodge ensures these necessary – but often not insurance-eligible – expenses don't pile up.
Read more »
Alaska Officer Dead After Being Attacked by MuskoxThe attack took place outside the victim’s home.
Read more »
Report: Venture capitalists place bid on Phoenix Suns - Phoenix Business JournalThe Suns majority owner Robert Sarver announced earlier this year that he would explore selling the team after the NBA fined him $10 million and banned him from the team for one year. phoenix
Read more »
BTS star Jin begins mandatory 18 month military service in South KoreaSix other younger BTS members are to join the military in coming years.
Read more »