One of the most destructive elements to a house is water damage. According to Water Damage Defense, 37% of U.S. homeowners claim to have suffered losses and 14,000 people experience water damage emergencies daily. The majority of water damages stem from plumbing problems, which may require service calls to both plumbing and restoration companies. 

Recognizing a consistent need for both services, many franchisors in recent years have experienced an uptick in business owners investing in both industries. Naturally complementing each other, operators of companies like Benjamin Franklin Plumbing and DRYmedic Restoration Services are seeing greater results and year-over-year growth compared to those running just one side of the business. As prospective business owners look to expand their portfolios, there are a handful of benefits to consider, including the following: 

• Synergy in Services: Since many plumbing issues often lead to water damage problems, owning both plumbing and restoration brands can be a great investment for business owners. Providing both the initial plumbing services and subsequent restoration work gives a more comprehensive solution to homeowners. Not only does it simplify the repair process, but also increases brand awareness for their other franchise concepts. Plumbers are usually the first on the scene to assess water damage and as first responders, are typically the ones providing referrals to restoration companies.

  Many times when there are referrals from plumbing companies, there can be opportunities for DRYmedic franchise owners to decide to offer free inspections to gauge homeowners’ interests. However, when business owners operate both plumbing and restoration concepts, they are surpassing the referral stage and keeping homeowners in their book of business for the next stage of repairs. Matt Black, franchise owner of Benjamin Franklin Plumbing of Treasure Coast, FL, wanted to franchise with DRYmedic for this reason. He constantly noticed how many of his customers needed restoration companies once plumbing services were complete.  

  Before he franchised with DRYmedic, he referred customers elsewhere to complete the rest of their repairs because restoration wasn’t something he offered. Not only was he missing potential business, but also felt it was risky referring homeowners to other companies should they have a bad experience. Based on the need for restoration services with plumbing issues and the evident demand from customers, he started looking at what his options were for opening a restoration franchise. 

• Networking Opportunities: Being involved in both the plumbing and restoration industries allows business owners to strategically expand their customer base and raise brand awareness within the community. As they network with others, they can establish connections with other industry professionals, suppliers, property managers, contractors and clients, creating additional opportunities for collaboration and business growth. Entrepreneurs should use networking events – like tradeshows and conferences – to cross-market their other businesses.

  For instance, business owners should leverage their relevant plumbing experience at restoration summits and vice versa. While business owners should always utilize their existing book of business, they shouldn’t be afraid to expand their horizons to explore new, potential opportunities. 

• Relevant Industry Expertise: Owning and operating both plumbing and restoration companies not only increases one’s expertise in both service areas but also amplifies how they can work together. With the proper background and field experience, business owners can quickly and effectively address water-related problems, offering specialized services that set their businesses apart from competitors. Additionally, many restoration projects require specific licenses and insurance coverage. By owning both businesses, business owners can have multiple certifications and licenses under their belts allowing them to offer a broader range of services.

• Transferable Franchising Experience: Existing franchise owners operating under the Authority Brands umbrella are already accustomed to the protocols and procedures a franchisor requires business owners to follow. After entrepreneurs go through extensive training to learn about the ways to run a successful franchise, it may be easier for them to replicate this exact same process with a new brand.

  For instance, many of the Benjamin Franklin Plumbing and DRYmedic Restoration Services franchise owners have also invested in other sister brands, extending into trade services like HVAC with One Hour Heating & Air Conditioning and electric with Mister Sparky Electric. Owning sister home service brands can positively diversify business portfolios and revenue streams. 

As natural disasters worsen and homes in America age, homeowners continue to seek ways to restore water damage in their homes. For business owners looking to diversify their portfolios in the New Year now is an ideal time to invest in both plumbing and restoration concepts. When water emergencies strike, many homeowners prefer to work with an expert that can provide comprehensive plumbing and restoration services to streamline getting their homes back to normal. 

Compared to seasonal service companies, the viability of the plumbing and restoration industries is also evident. Potential for a steady cadence of service calls provides business year-round, regardless of how the U.S. economy is performing. Both industries are often considered recession-proof, offering great job security and smart investment opportunities for entrepreneurs looking to expand their services.