The Benefits of Owning a Service Franchise
When considering franchise ownership, the first question that budding entrepreneurs are faced with is which industry best fits their interests and experience. It’s an important consideration in terms of both entry requirements and operational logistics, and it’s a decision that can determine your success as a franchise operator.
The service industry is a dominant force, and has evolved with consumer trends as they steadily move away from brick-and-mortar retail shopping and the country itself shifts into a “service economy.”
What are the benefits of owning your own service-based franchise?
Owning a franchise in the service industry can be much more affordable than most other industries. Last year, the services sector—a broad category of the economy that now includes financial services, media, transportation and technology—accounted for 67 percent of GDP in the United States.
Another advantage to service-oriented franchises is that some can be a bit more flexible with working hours. Rather than working typical retail hours, many service-based franchises are appointment-based, with many businesses offering owner/operator and semi-absentee ownership models. There are even instances where service-oriented franchises can operate remotely, offering operators a coveted work-life balance. Not to mention, there can be fewer overhead costs because of limited real estate and inventory requirements.
Franchising in the service sector offers many more advantages for budding entrepreneurs, including:
Untapped growth potential
Depending on your business’s scope of work, there is likely a constant demand for service. Electricians, painters and plumbers, for example, are likely always going to be needed, so investing in a service-oriented franchise offers more long-term security, and franchise owners generate a loyal customer base as a result.
In the 30 years since CertaPro Painters’ inception, we’ve grown to become the nation’s largest and leading painting franchise- a feat that doesn’t come easily in an industry valued at $31 billion. Currently, our footprint supports more than 370 franchisees across North America, and we are grateful to have been ranked #150 overall on the Entrepreneur Franchise 500® list and #1 in the painting category for our performance in areas including unit growth, financial strength and stability, and brand power. Additionally, CertaPro Painters earned a spot on the Franchise Business Review Top 200 list, coming in at #41 overall and #13 in the service category.
Low-cost, high-reward business model
Generally, service businesses allow entry at a fraction of the cost of retail or food franchises. While a turnkey business model and proven systems are offered to franchise owners in any industry, CertaPro Painters franchisees enjoy an additional benefit- comprehensive support from an experienced corporate team, fostering a culture of performance and certainty and advising franchisees in all aspects of their business planning, staffing, growth and strategic goals.
While the industry may vary, many service-based franchises seek franchise prospects who possess leadership, organizational and business management skills; at CertaPro, for example, franchise owners focus on running a business rather than doing the painting themselves.
Building a loyal customer base
Franchising in the service industry offers a unique opportunity for an emphasis on community. The work you do is interactive and hands-on, and can open the door to building personal relationships with your community. By providing a service to your local community, you’ll create lifelong customers that return to you time and time again while promoting your business through high-trust word-of-mouth promotions.
At CertaPro Painters, what matters most is our customers’ satisfaction. We have spent decades gaining the trust of our customers and fostering relationships to become North America’s Most Referred Painting Company.
While only you can make the decision, it is always wise to consider the full scope of a franchise opportunity before buying in. Determining your preferences, strengths, and weaknesses is the first step in determining type of franchise that you will feel most comfortable investing your time and money in. Then, it’s a matter of choosing the type of business model that you find best matches your lifestyle and goals.