There's plenty in store for 2024—especially for business owners and entrepreneurs who see the tremendous opportunities in the home services industry.
Whether you’re looking for more independence, want to be your own boss, desire to spend more time with your family, would like more flexible hours, or want greater career opportunities with higher income potential, this is the optimal time to consider a change. As the home service industry evolves, several key trends and niches are emerging, offering exciting opportunities for prospective business owners.
Top 5 Home Service Industries in 2024
When brainstorming home service business ideas and opportunities that are most ideal for your skills and goals, it’s helpful to know which ones are the most popular and provide the greatest potential for success.
The home restoration industry provides home services to restore residential and commercial properties that have been damaged by water, fire, smoke, or other potentially harmful elements. Natural disasters, including hurricanes, floods, wildfires, and tornadoes, have become more frequent and devastating in recent years, leaving homeowners with significant damage to their properties.
In 2022 alone, the U.S. experienced 18 separate weather and climate disasters costing at least 1 billion dollars. Home restoration and renovation services not only repair and rebuild homes but also offer peace of mind and a path to recovery.
These services, particularly for older homes, continue to be in demand.
In addition, restoration business owners can supplement core offerings with cleaning, reconstruction, content removal services, and more for year-round revenue. The forecast is that the restoration and remediation industry will potentially double its worth.
Whether it’s for homes or businesses, cleaning will always be a necessary task.
The cleaning industry has proven its resilience and adaptability, making it a top choice for aspiring entrepreneurs and business owners. Residential cleaning industry trends show a 20% growth year over year with 80% of households being expected to use house cleaning services by 2024.
Growing demand is especially true for commercial and high-traffic areas as the commercial cleaning industry is expected to produce more than $468 billion in revenue by 2027, a 51.67% increase over the market’s $308.7 billion value in 2020.
This ongoing need for cleaning services should ensure a steady customer base and a reliable source of income. One of the great advantages of starting a cleaning business is that it often leads to repeat and recurring customers.
Approximately 80% of American households will need the services of a handyman for their home at least once a year. Unlike some industries that experience seasonal fluctuations, home improvement is a year-round endeavor. There is a large and consistent demand for handyman services, and demand is likely to remain steady year after year.
One of the primary drivers of demand for launching a handyman business is aging homes, many of which were built several decades ago and require ongoing maintenance and repairs. A reliable and competent handyman is an invaluable resource for home improvement projects when and not if they arise.
A handyman home improvement business offers a broad spectrum of services, ranging from minor repairs and installations to extensive remodeling projects. This diversification allows business owners to address a wide variety of needs and become a one-stop solution for homeowners.
When it comes to home improvement, what’s on the outside is just as important as what’s on the inside. The lawn care industry has an estimated annual growth rate of 5.1% between 2022-2027. For homeowners, taking care of their gardens and lawns is an important part of regular maintenance.
Lawn care maintenance requires more than just a lawnmower and trimmer. Specialized knowledge of lawn health, fertilization, and irrigation is essential for achieving and maintaining a healthy lawn. As a result, a lawn care business offers customers the expertise they lack.
It’s helpful to remember when you start a lawn care business that no matter what’s going on with the economy, the grass continues to grow and the weeds continue to pop up, which means lawn care businesses are always in demand.
At first glance, challenges in the economy might seem to outweigh the opportunities for property managers in 2024, but our research paints a brighter picture. While no industry is truly recession-proof, property management in general can weather a financial storm better than other industries because people will always need a place to live.
Due to the increasing costs of buying a home, more than 35% of households in the U.S. rent homes. A busy rental market translates into higher demand for those who decide on a property management business.
Home Service Franchise Opportunities
Starting a home service business from scratch can be daunting, and any startup business comes with some risk. For those who prefer the support and guidance of an established brand, franchises offer an attractive option in 2024. Home service franchise opportunities come with brand recognition, training, and ongoing support, making it easier for new entrepreneurs to enter the industry.
This guidance is invaluable, as it provides a clear and well-defined path to profitability. New entrepreneurs don't have to reinvent the wheel. They can leverage the experience and expertise of the franchisor. From year to year, there are repeated names that crop up in the list of the top home service franchises. Here are our picks for 2024.
With more than 40 years in business, the Rainbow Restoration franchise is one of the most well-known and respected names in the restoration and reconstruction sector. Operating within a fast-moving industry that provides in-demand services, franchise owners enjoy a recession-resilient executive ownership model with personalized corporate support, protected territories, and an easy-to-follow operating system.
Learn More about Rainbow Restoration.
With 35 years’ experience and more than 500 franchise locations across the U.S., Molly Maid is one of the most recognized names in the industry and its franchise owners report a high recurring customer base.* It provide a simple business model that requires little training or technical expertise and offer much-needed services that will always be in demand and won’t be replaced by technology.
Learn More about Molly Maid.
The Mr. Handyman brand is the modern-day handyman solution for tens of thousands of customers per year. Since 2000, its franchise owners have been orchestrating teams of handyman "heroes" in communities across North America and tapping into an industry with rising consumer demand. In 2023, Mr. Handyman
Earned honors from Franchise Business Review in the categories of Most Profitable Franchises, Top Recession-Proof Franchises, and Top Franchises.
Learn more about Mr. Handyman.
Lawn Pride is a rapidly growing lawn care franchise, operating within a growing and recession-resilient industry that provides in-demand services. Franchise owners enjoy an executive ownership model with recurring revenue streams, personalized corporate support, protected territories, and an easy-to-follow system. Because of the obvious opportunity for repeat business and multiple service verticals to choose from, Lawn Pride franchise owners can easily build a strong and loyal customer base.
Learn more about Lawn Pride.
Real Property Management
Real Property Management is the largest single-family property management franchise in North America. With more than 35 years of industry expertise, it provides full-service residential property management for thousands of investors and rental homeowners from more than 400 independently owned and operated locations worldwide. 2023 awards include being honored by the Franchise Business Review in these distinguished categories: Most Profitable Franchises, Top Recession-Proof Franchises, and Top Franchises.
Learn more about Real Property Management.
Find Your Perfect Home Service Business Opportunity for 2024
It is predicted that the vast and diverse home service industry will continue to grow in 2024, offering a wide array of franchise opportunities. For aspiring business owners interested in a home services franchise, Neighborly® offers a unique and innovative tool to guide your journey and assist you in choosing the right fit, which can be a daunting task.
The Neighborly Quiz included in the hyperlink above considers your preferences, business goals, and work style to match you with the ideal home service franchise brand. Take the quiz today to discover which of Neighborly’s 19 home service brands is the best fit for you.
*Refer to Item 19 of the 2023 Molly Maid SPV LLC Franchise Disclosure Document.