What Can We Expect from the Plumbing Industry in 2024?

Before delving into a franchise investment, understanding the dynamics of the industry is crucial. Is it stable or experiencing growth? Is there room for more entrepreneurs, or is the market saturated? Addressing these questions is vital for making an informed decision when venturing into a new franchise opportunity.

In this article, we’ll delve into the plumbing industry and shed light on what awaits franchise owners in 2024. Read on to discover why the plumbing sector presents a promising opportunity for your new franchise.

Embracing Technology

Smart home technology is rapidly expanding, now extending its influence to plumbing features. Touchless faucets, smart toilets, and voice-activated systems are among the emerging products and technologies reshaping the industry.

Incorporating smart home plumbing technology enables advanced leak detection and other alerts, empowering homeowners to manage their plumbing and water usage efficiently. For prospective franchisees, the plumbing industry offers plenty of opportunities to leverage technology and provide enhanced services to clients.

Focusing on Eco-Friendly Fixtures

As houses in the U.S. age—with the median age of homes being 40 years—there’s a heightened focus on eco-friendly fixtures and essential updates to aging pipes and infrastructure in 2024. This shift creates a significant opening for plumbing franchise owners to assist homeowners in their communities to protect their homes as they age.

Navigating Challenges with Hiring & Retention

The trades are experiencing labor shortages that are expected to persist into 2024. With the retirement of older plumbers and a decline in new entrants into the trades, plumbing companies may face challenges in hiring and retaining employees.

A strategic solution to address this issue is to partner with Benjamin Franklin Plumbing to launch your plumbing company or convert your existing business into a franchise. Franchise owners gain access to valuable resources and tools to help recruit skilled plumbers and support in retaining high-performing employees.

Managing Reputation & Price Shopping Consumers

With financial constraints affecting many households, consumers are more likely to compare prices for home services. While they may seek cost-effective options for plumbing work, the decision is not solely based on price. In 2024, both cost and reputation will play integral roles in consumer decisions.

By franchising with Benjamin Franklin Plumbing, you can leverage enhanced buying power to provide your business with a competitive edge. Additionally, franchisees benefit from the nationally recognized and trusted Benjamin Franklin Plumbing brand from day one.

Launch Your Business in the Plumbing Industry

Despite challenges related to hiring and economic conditions, the plumbing industry continues to experience growth. Benjamin Franklin Plumbing franchise owners gain access to indispensable tools and resources to overcome hiring challenges and deliver top-notch services to their customers. Reach out to us today to explore the Benjamin Franklin Plumbing franchise opportunity.