Dreaming of a career path that includes financial independence and the flexibility to shape your future without sacrificing quality of life? A home services franchise is an ideal way to achieve those goals and join the ranks of highly successful entrepreneurs. But with the plethora of opportunities available, how do you choose the best fit?
The International Franchise Professionals Group (IFPG) is a membership-based franchise consulting network with more than 1,300 franchisors, franchise consultants, and vendor members. Here, husband and wife aspiring business owners can receive guidance to identify and invest in franchise businesses that align with their goals.
The following FAQs will provide more information about investing in a home services franchise.
What is a home services franchise?
A home services franchise is a business model for companies that provide residential and/or commercial services, such as plumbing, HVAC, pest control, lawn care, window and door replacement, or general maintenance services.
What are the advantages of investing in a home services franchise?
The advantages of investing in a home services franchise versus starting your own business are numerous. As a franchisee, you benefit from the franchise’s financial success, corporate infrastructure, customer base, operating procedures, brand name recognition, marketing support, and purchasing power.
In addition, existing franchisees often serve as mentors for new franchisees. This knowledge and success-based guidance is a great advantage not available to independent business owners.
What type of resources and support are provided by home services franchisors?
Most franchises offer a variety of support services regardless of the franchise size and type. These services may include:
• Training programs that include on-the-job training or classroom-style instruction
• Franchise manuals and guidelines to help franchisees understand how to operate the business
• Guidance on available financing options
• Marketing and advertising assistance
• Software programs to help manage operations
• Supplier contacts and discounted rates
What qualifications are necessary to start a home services franchise?
It depends on the type of franchise you are interested in, but the most important qualifications are usually a combination of financial strength, operational experience, and (for some franchises) industry knowledge.
For instance, many companies require potential franchisees to demonstrate the financial capacity to sustain their business, have a minimum of two years operational experience in the home services industry, and possess an understanding of the business basics.
How much money is required to start a home services franchise?
The amount of money you will need to start your own franchise business depends on many factors, including the size and type of franchise, the geographic location of the business, the availability of financing, and the franchise fees that are associated with the business model you choose.
Most home services franchises require an initial franchise fee and (sometimes) additional ongoing fees. These fees are often quite competitive in comparison to the cost of starting a business from scratch.
Are there any tax breaks for home services franchise owners?
Yes. Owning a home services franchise might make you eligible for certain federal, state, and local tax breaks. Depending on the geographic location of your franchise, you might be eligible for deductions such as accelerated depreciation, bonus depreciation, equipment costs, and related business expenses.
It is important to work with your CPA or tax professional to understand the specific tax breaks that might be available to you.
What resources can I use to find the best home services franchise?
The most reliable resources for finding the best home services franchise are professional franchise consultants and The International Franchise Professionals Group (IFPG).
IFPG provides professional guidance to individuals and couples interested in investing in a home-service franchise. The membership-based group offers a wealth of knowledge and experience, which can help you identify the best franchise opportunities for your situation.
Investing in a home services franchise is an exciting and lucrative opportunity for aspiring entrepreneurs. With the right resources, knowledge, and advice, you can identify a franchise that perfectly fits your goals and requirements and ensure a successful outcome.