It’s no secret that there are a lot of factors that go into running a home services business. And whether business owners feel confident about those factors can change a lot from year to year. We recently conducted a survey to see how pros across the home services industry are feeling about five key issues heading into 2020. The good news is that most pros report feeling good about getting new business and growing revenue — even in the face of challenges in a few other areas.
Here, we break down the data from the Q3 HomeAdvisor Farnsworth Report, with exclusive advice from our chief economist and money expert, Mischa Fisher, for crushing any challenge that comes your way.
1. Growing Revenue
The Stats:
79% of pros expect their company’s revenue to increase over the next year.
Mischa says:
“When it comes time to set next year’s financial goals set aggressive but sustainable targets. There’s no fixed percentage in revenue growth you should limit yourself to, as long as you’re not overextending yourself. Just make sure that the things you’re doing to drive revenue growth now won’t hurt your long-term profits later on.”
2. Ability to Get New Business
The Stats:
86% of pros feel optimistic that their companies will be able to get new business over the next six months.
Mischa says:
“Being responsive is one of the best things you can do to get new business. Call customers sooner, give them clear answers, and be sure to really hear what it is they want and care about.”
3. Handling Government Regulations
The Stats:
17% of pros think that tariffs will impact their business over the next year.
Mischa says:
“Good planning is the best strategy. Consider whether you’re relying too heavily on a single imported good or class of goods that’s exposed to tariffs — especially if it’s something really important to your bottom line. If regulations could greatly impact your business, it’s a good idea to think of contingency plans now, before they go into effect. That way, if a problem arises, you can adjust quickly.”
4. Turning Leads Into Jobs
The Stats:
20% of pros report some trouble turning leads (from any source) into new jobs.
Mischa says:
“One way to increase your success rate is to keep appearances in mind when you go to give a quote. The image you present to a customer may cause them to make assumptions about the quality of your work. Clean clothes and an organized truck cab will give a prospective client more confidence in your work than a dirty shirt and cluttered workspace.”
5. Finding Skilled Labor
The Stats:
55% of pros say they’ve have had problems finding workers in the past year.
Mischa says:
“Be sure to offer potential employees more than just a competitive salary. Consider focusing on how you can improve your internal culture to make it more appealing. Providing benefits like job stability, flexibility and work-life balance can help you both attract and retain high-quality workers.”
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