Starting a moving company is a terrific way to jump into business ownership and achieve your lifelong dreams of being your own boss. Here’s a look at some of the reasons why starting a moving company is such a wise investment.
Americans Always Move
On average, between 40-45 million Americans move each year for various reasons that include school, employment, and family reasons.
Every summer and fall, college kids move in and out of dorms, and a huge chunk of students opt to move into an apartment nearby instead of home for the summer. Either way, college students represent a huge opportunity for the moving business, and with enrollment in colleges and universities continually on the rise, that source of moves isn’t going away anytime soon.
Other reasons for moving are expanding families, moving closer to relatives, relocating for a job, or buying a home. That last one is a very important factor to consider as the housing market is thriving.
According to My Moving Reviews, the size of moves increased year-over-year from 2015 through the end of 2016. While there were fewer one-bedroom moves, the volume of two, three, and four-bedroom moves increased in 2016, indicating that people are moving into bigger spaces – a very positive trend for the industry.
According to information gathered by Fortune in June 2017, the unemployment rate hit a 16-year-low at 4.3 percent in May 2017, while mortgage rates are at historically favorable rates for buyers. That’s a terrific market for the housing industry to currently be in.
Even better? This housing charge is led by America’s most powerful and influential generation: millennials.
Some might be confused or surprised by the impact of millennials, but consider this: millennials are the largest generation in American history, and are just beginning to hit their peak spending years, an era that is projected to last between 20 and 30 years. With more people spending more money than they ever have in our nation’s history, only good things can happen for the industries they invest in.
While it’s true that millennials may focus less on home-ownership and general consumerism than previous generations, owning a home is actually one of the things they care about. They’re living at home far longer than any other previous generation, and are intelligently saving their money. Therefore, when they jump out of the nest they’re ready to soar into the world around them and embark on their next adventure of home ownership.
The moving industry generated $18 billion in revenue last year, and has grown annually at a rate of about 2.8 percent. It’s projected to steadily increase over the next five years, and the housing market is continuing to climb and approach the peak levels it saw in the mid-2000s.
Plus, moving companies like TWO MEN AND A TRUCK often offer storage services in addition to their moving services, which have become very popular in the United States. In fact, per IBISWorld, the self-storage industry is projected to generate $37.5 billion in revenue in 2017 and has grown by an average rate of 7.7 percent annually each of the past five years. Nearly 10 percent of all American households rent a self-storage unit.
You’re part of an extended family of franchisees
If the above hasn’t convinced you yet, take a look around our franchising website to learn more about the training and support we offer our franchisees, the accolades we’ve garnered, and why our owners love being a part of the TWO MEN AND A TRUCK family.
If you’re interested in learning more about franchising with us and beginning your journey toward business ownership, contact us today!
TWO MEN AND A TRUCK® is the first and largest franchised moving company in the United States. Let us move your career forward. We are proud to be part of the VetFran network! If you are interested in learning more about franchising with TWO MEN AND A TRUCK® visit, franchise.twomenandatruck.com.