Have you ever wished you could franchise your home services business? One way to establish and expand a home renovation business is to franchise it. The opportunities to rise to the top of a successful industry are limitless. If you want to know how to build your business and make your goal a reality, this article will show you how franchising works.
According to Market Research, the estimate value of the India Home Services Market in 2018 was 10.29 billion US dollars. Moreover, it will reach 65.51 billion US dollars by 2026. In short, it is expanding at a compound annual growth rate of 27.2% from 2019 to 2026.
Here’s a broader sense of what the home service industry includes.
Home Services Business in India – Growth Trends & Statistics
People have begun to appreciate time more in this fast-paced age. Going above and beyond in their profession, investments, and countless other endeavors allows them to keep up with the ever-changing world and satisfy their insatiable desires.
But with all this extra work, they’re not paying as much attention to their regular responsibilities. This therefore has opened up a fresh market for home services that is accessible on demand. It quickly became the norm when people began to hire outside help for housework.
Need for on-demand home service business in India.
The pandemic boosted the home service business, which has historically included servants, maids, home instructors, and more. Without home services, the working class sat at home and had to handle all their duties.
On the other hand, in the wake of the pandemic, with businesses reopening, the economy showing signs of improvement. Therefore, there is a surplus of available workers. Thus, on-demand home services have emerged as a popular option and have expanded into other industries.
With technologies and the use of the web, people can access many things. Repairing a broken air conditioner or unclogging a tap is possible with just a smartphone. Home service providers in India have saved frequent movers.
Recently, the sector has grown steadily and expanded throughout the country. Additionally, multiple businesses are in launch to serve the long-untapped market. Data Bridge Market Research expects the online, on-demand services market to reach USD 6396.81 million by 2029. This means growing 8.0% from 2022 to 2029.
On-demand services are growing in popularity since they serve all financial sectors. By working on-demand, people get financial flexibility. These services save time for busy officials during the work week. On-demand services have filled a significant void that was previously attainable with a hefty paycheck. Therefore, this has relieved the trouble of locating the proper person.
So, these are some convincing enough reasons for all the home services business owners to grab this opportunity. Moreover, this will help you become a part of this high-in-demand service industry.
Why Franchise Your Home Services Business in India?
Key reasons all business owners should give franchise of their home services business in India include.
- Growth opportunity in an untapped market: India’s home services industry may still have a lot of untapped potential. Therefore, this means that businesses that want to grow can make a lot of money.
- Change in consumer behavior: Companies that can accommodate the shifting preferences of customers stand to benefit from the fact that consumers are placing a greater emphasis on convenience.
- Leveraging technology: The utilization of technological tools and online platforms has the potential to simplify operations, improve overall efficiency, and elevate the quality of the client experience.
- Building Your Brand Awareness: The establishment of a strong identity in this industry can result in the trust and loyalty of customers. This in turn can further propel the growth of a business.
- Diversified range of services: The expansion of services beyond the standard offers can result in the creation of new revenue streams. Moreover, this can help the attraction of a larger customer base.
However, owners of businesses need to do exhaustive market research. They also need to evaluate the current state of the business landscape and modify their tactics with the most recent consumers trends.
Additionally, to successfully expand in this industry, it is vital to consider regulatory issues. Moreover, having a solid understanding of the dynamics of the local market is important.
Steps Every Business Owner Can Consider While Franchising A Home Services Business in India
Like any other business expansion, franchising your home services business in India also requires a proper plan, execution and seeking guidance from the franchising experts can help you franchise your business smoothly.
- Accessing the franchise readiness of your business: Examine whether or not your business is prepared to become a franchise partner. Some examples of this are having a business plan that has been tested and proven to be effective, having established operating procedures, and having a powerful brand identity.
- Ensuring that the business is legally compliant with Indian laws: Get familiar with the regulatory and legal standards that must be met to franchise in India. If you want to prepare a franchise agreement that is according to the laws of the country, you should seek the advice of legal experts.
- Developing the right franchise business model: Give a detailed explanation of the franchise framework, including the roles played by the franchisor and the franchisee. business procedures, training programmes, support services, and communication channels that are consistent across time.
- Preparing the Franchising Related Documents: It is necessary to prepare thorough franchise documentation, which should include the Franchise Agreement. Make sure that these contracts provide clear instructions on the costs, territorial rights, and other important components of the franchise partnership.
- Setting Up The Comprehensive Training Program: It is important to create a comprehensive training programme for franchisees. This can cover all areas of running a home services business. Among these is the implementation of any proprietary software or technology, as well as the implementation of operational processes, customer service standards, and marketing strategies.
- Identifying The Right Investors: Identify the criteria to select franchisees. Think about things like stability, dedication, business savvy, and compatibility with your brand’s principles. Make use of a stringent selection process to guarantee that the appropriate individuals or businesses are selected.
- Set the Franchise Fees & Royalty Fee Structure: It is necessary to ascertain the initial franchise cost and the recurring royalty. You should be able to maintain a profitable business while still providing franchisees with value and ensuring that these fees are competitive.
- Preparing the Marketing Plan & Strategies: The franchise opportunity should be promoted through the development of a marketing strategy. Prospective franchisees should hear your home services business’s value offer and see the many advantages of becoming a part of your brand.
- Ensuring Brand Consistency Measures are in place: To monitor and guarantee that franchisees are adhering to brand guidelines and operational procedures, it is necessary to implement systems. Maintain a significant focus on ensuring the quality of service and the satisfaction of customers are maintained.
To Conclude,
If you are ready to franchise your home services business, just a click away, Sparkleminds is here to provide services tailored to your business requirements. Call us right away!
