The Pandemic Has Created an Unexpected Boom for the Business of Repair
Clever entrepreneurs are cashing out by mending broken hearts, broken appliances and broken plans.
Because we’re spending more time in our houses and on top of each other than what is typically our norm, things are going to get broken. I know that I’ve had my share of pandemic mishaps. One of my daughters threw a frozen sandwich at the other shattering a glass cabinet panel in my kitchen. The shower door fell off next followed by a broken chandelier, plumbing issues and more. Ughh!
This has been bad news for me and others but good news for home improvement/repair businesses some of which have reported a 50% increase in sales during the pandemic. My plumber told me that his business has tripled in the last year. If starting a handyman gig or side hustle appeals to you, now might be the right time to do so as the longer we continue to stay at home, the more likely things are to get broken.
Families have not been immune to breaks either with a 16% spike in divorce rates for couples married five years or less during 2020. Couples counseling is also on the rise with some practices reporting a 100% increase in business. Too much togetherness has exacerbated underlying relationship issues in many cases upping the need for these helpful sessions. And, many experts forecast that counseling and mental health services will remain strong as the pandemic looms. If this is your field, your practice will stay busy.
What’s next for consumers though? Businesses related to repairing our joy and broken spirits, of course! One can’t help but realize that once things return back to a more normal state, all of those leisure activities that we couldn’t do (or that have been limited for us) will grow at rapid rates. You know, those outings that we crave- vacations, travel, dining out, and having fun.
When exactly that near normal will be, however, is hard to predict. Some experts believe that travel won’t return to steady levels until the end of 2022 and into 2023. So, if you’re interested in launching a hospitality business, now might be a good time to get your planning together for a late 2022 launch. Whatever your entrepreneurial aspirations, those businesses that revolve around all that has been broken during the pandemic are a solid place to begin formulating your startup goals.
If you want to learn more about starting a business, or moving forward as an entrepreneur, you can find some useful tips in my new book, Launch Your Inner Entrepreneur.