Business Lessons to Carry Forward Into 2023 And Beyond
Is this the year you’re ready to start a business? 2023 will certainly offer a multitude of options for you to consider. Of course, you need to ask what’s right for you right now: What kind of investment are you willing to make? Not just in money, but time as well. What’s your tolerance for risk? How flexible are you to opportunities that might arise? Entrepreneurship comes in many forms. The key is deciding on one that fits you.
Healthy Relationships Often Equal Healthy Results
There seem to be an unlimited number of books that emphasize the importance of support and teamwork. They’re correct, especially when it comes to virtually any business venture but perhaps even more importantly, franchise business opportunities.
For some, the dream is to open an independent, solely owned business that is theirs through and through. Great rewards can come of this, along with great risk. For others, opening a franchise business can offer valuable benefits of ownership while helping to mitigate some of the risks—financially and operationally.
With a Neighborly® brand franchise, this also includes a built-in network of other franchisees who offer cross-marketing and even referrals to your business along with advice for shared challenges.
This teamwork aspect is one of the most valuable components provided by Neighborly’s Franchise Business Coaches. New franchise owners find these folks to be invaluable fountains of knowledge when it comes to advice on the market, payroll, operations, and even some little-known secrets to success in the home service industry.
Home Services Industry Remains Essential
The public at large is constantly bombarded with words like inflation, recession, debt ceiling, economic downturn…the list goes on and on. This is simply a part of the business discourse these days. So much so, it can make anyone a little jittery to make a move, especially when deciding if now is the time to open your own business.
Of course, starting a business is a leap. Yet the beauty of a leap into franchise ownership is it’s one you can make with knowledge, facts, historical data, and the advice of a whole lot of experts. Home services is a market that tends to perform well even in volatile economies, because regardless of what happens around us, homeowners have and will continue to invest in the most important purchase they may ever make in a lifetime: their home. This fact alone helps make Neighborly and the home services industry recession resilient.
Here are four reasons why the home services industry remains recession resilient:
- Many home services have been deemed essential
- Many homeowners prefer to leave maintenance to the professionals
- Homeowners like convenience
- Times are changing and so is the way home services are delivered
When economics take a turn downward, consumers don’t want to spend big. They are willing, however, to spend on essentials. Home repair and home maintenance fall into that category.
Why This Year Could Be Your Franchising Opportunity
So many benefits arise from owning your own business. There are certainly time-tested traditions such as pure enjoyment in what you do, freedom from mundane and “it’s a paycheck” jobs to making an impact in your community. Is it right for you? It very well could be; recent results point to the home services industry as a place to look for franchise opportunities in 2023—especially lower-cost franchise opportunities.
Lower investment-cost opportunities simply mean you usually need to spend less money upfront and on ongoing costs. The key, of course, is finding the right opportunity, one that fits into your budget and allows you the most return on your investment. For example, here are four outstanding opportunities. They have lower entry costs, lower overhead, and tremendous upsides for growth.
Apply Your Business Lessons Learned as a Franchisee
Opening a franchise business with a Neighborly brand can provide an opportunity to become a business owner with more support and with fewer headaches than starting a business on your own. What’s more, there’s a history of success to follow, mentors, coaches and other franchise owners to provide guidance and truly a network ready to help at virtually any given moment. Is it time to follow your dream? If you’ve read all of this, it’s probably high time you at least find out more. Talk to Neighborly today and find out if this year is your year to put business lessons you’ve learned to use as a franchise owner.