Building a Recession-Resistant Restoration Business
In an era of economic uncertainty, decreasing satisfaction with the corporate nine-to-five structure, and an overarching shift toward making a career out of passion and independence, entrepreneurship has seen an uptick following the COVID-19 pandemic. With this rise in entrepreneurs also came a rise in the priority of opening businesses that could operate despite the state of the world around them—with aspiring business owners looking for evergreen opportunities that provide a consistent revenue stream. Home service industries, deemed as essential jobs that can function year-round, are a wise investment for fitting the recession-resistant mold. However, entrepreneurship in industries like restoration is not to be treated as an easy win. It takes time and dedication to grow a business that goes beyond simply meeting the needs of a job. Factoring in people skills, a commitment to knowledge building and meeting challenges with adaptability, and patience will help drive you through challenges and build reputability in the restoration industry.
Foster Service Around People
The nature of restoration and mitigation work is urgency driven by necessity–involving the assessment, cleaning, and rebuilding or restoring someone’s property or place of business as quickly and efficiently as possible. While large natural disasters play a pivotal role in the flow of jobs that restoration professionals will secure, damages due to mold, water, or fire are inevitable and present a need that will always exist in the industry for professional service. While this may be a major selling point for some restoration leaders, it is not to be taken lightly. Each job should be met with empathy, not letting the clients be forgotten or unheard in the process.
Keeping people at the core of your business begins with caring for your employees and fostering a positive culture. If the internal team providing day-to-day restoration services in the field is in disarray and is not being prioritized, their output will suffer. Start by ensuring you have the right people in the right roles, performing their duties daily to drive synergy and harmony within your business. This may require making changes to your team to accommodate a strong culture that supports overall business growth. Treating your team well is essential for building a recession-resistant business that rises above others.
Rather than accepting clients as easy money, restoration professionals should view them as humans and take time to get to know them properly. As an essential service provider, your role may be guaranteed, but a professional, receptive service that provides a memorable experience is not. People still look at reviews ahead of selecting the professionals they’ll call, even in an emergency, and one negative review could make all the difference in whether your team is called. At the end of the day, the world is small, and everyone is fighting their own challenges. Meeting each customer with respect and actively listening from the beginning is essential to going above and beyond.
Never-Ending Knowledge and Innovation
New restoration businesses pop up weekly, with more technicians being trained, brands being built, and competition for market dominance at an all-time high. As one of the biggest challenges of being a recession-resistant industry, making a name and reputation for yourself as a top restoration provider requires an emphasis on people, as previously mentioned, but it also requires an eagerness for knowledge building. In an industry that utilizes machinery, staying up to date on the latest technology for extraction and cleaning is vital. In addition, routine innovation check-ins for tools that can make both back and front of house operations more efficient will propel your business forward among competition.
Knowledge is power. Both technicians and business leaders in restoration should have an in-depth understanding of the industry, emerging trends, and the consumer landscape. This insight allows you to plan, overcome obstacles, adapt to slow seasons, and differentiate yourself as the best professional for the job. Whether it means adding a new marketing tool, offering a new type of service, incorporating technology for operational efficiencies, or upgrading equipment, being mindful of and willing to test new innovations will boost profitability and credibility.
What Aspiring Restoration Entrepreneurs Should Know
Restoration provides aspiring entrepreneurs with a business opportunity that can withstand the test of time, economic fluctuations, and technological advancements as a human-built and based industry. Years ago, restoration was said to be an easy service–a job that could be done by setting up a few machines and charging a flat rate per day. Now, restoration is recognized for the vital role each professional plays in their communities. However, many brands will offer false promises to first-time business owners looking to invest in their own restoration company. Without thorough research and time spent speaking to multiple players in the industry, entrepreneurs may face the weight of disappointment from unmet expectations.
Owning your own service-based business, especially an emergency service, requires hard work, patience, and constant reminders that everything is temporary–all of which should be reflected in your customer care experience. When considering joining a franchise system, be wary of red flags such as false promises and potential missteps from too-good-to-be-true offers. Look for a franchisor who supports their years of experience with a culture that has evolved and flourished with the industry over time. You can learn a lot about a brand from the people you interact with and how franchisees are discussed. Paying attention to those you speak with and asking important questions about the resources you’ll receive from corporate can make all the difference in predicting the support you will receive as a franchisee.
Recession-resistant businesses are ideal for consumers and aspiring entrepreneurs, but maintaining and excelling beyond simply providing a service requires hard work every day. Building and sustaining a restoration business that goes above and beyond customer expectations involves focusing on field and managerial team culture at the branch level, with empathy and objective listening at its core. Keeping an active pulse on industry trends and being adaptable with systems, processes, or operations will also give an edge in a competitive market. For those looking to start their own restoration business, look out for an opportunity that matches your skillset and values, but also one that prioritizes people. One always has more to learn about the human side of business. As an emergency service provider, restoration will always need people in order to thrive, so look for opportunities that manage and foster relationships centered around helping others.