Think of any business. All businesses that come to mind can have franchise systems. And, this is a major determinant when it comes to deciding the one that you would love to invest in instead of starting your business. The next big question now to comes to deciding on the industry to settle for. That is especially because each industry has its up and downsides that you’d have to consider to determine your success rate.
For the smart franchisee, the cleaning industry stands out from the rest. That is particularly so for the advantages that it offers. Top among these advantages include:
Potential for Growth
Growth in the cleaning industry has been constantly on the increase however well or badly the general economy is doing. There is nothing that can be as comforting for franchisees like knowing that there are near-zero chances of the franchise going under. The returns from investments in commercial cleaning businesses currently are at over $11 billion. And, there is a potential of this figure rising in billion denominators within the next few years. That makes commercial cleaning businesses one of the most enviable of franchise opportunities.
Having clients renewing their contracts monthly ensures you of constant revenue. Office cleaning services are nothing compared to other businesses which one can opt out of whenever they want. That is even better for established franchises that can pride themselves in having an above 88% retention rate. This figure is way above the average retention rate in other general businesses. This assurance of having a consistent renewal of monthly contracts guarantees a steady flow of revenue.
High Demand Rate
The general public has recently been seeking cleaning services in large numbers. But, most of the players in this industry tend to offer subpar services in dependability and thoroughness. If you can bridge this gap, investing in a franchise in this industry will prove to be a highly profitable venture. Failing to meet a client’s expectations is among the main things that can lead to loss of business through mass withdrawals by clients. But, working with an established franchisor will ensure you do not leave any chance for customers to seek services elsewhere.
Add that to the fact that franchises in the cleaning industry are in themselves growing at a high rate, with their current value being at $60 billion. With this industry’s growth being at 6% by next year, this venture is, in no doubt, a go-to option.
Analysts note that the cleaning services industry is on an upward trend with no foreseeable chance to take a downward trend. Moreover, the current rise in new business formations will encourage commercial space growth. One of the most demanded of professions in the next decade could be professional cleaning services. That explains why the number of employees in most established franchisors in this industry is well over the 2500 cap.
So, if you have been considering venturing into commercial cleaning businesses, you are on the right track. But, confirm the reputation of the franchisor that you plan to work with before you buy into their vision.