Listen to this article

According to the latest figures from the University of Michigan, consumer sentiment has risen for the first time in five months. Although it was only 1.4 index points lower than in July, this is the first positive sign that economic optimism could spread in the second half of the year.

While consumer confidence fluctuates and spending declines, certain segments of the home services industry continue to thrive, demonstrating resilience that defies broader economic trends.

The fact is that for most people, their home is their largest investment and their most important asset. To protect that investment, the average U.S. household spends nearly $6,000 per year on home upkeep and maintenance, according to USA Today. That’s a clear indication that this type of business will continue to thrive throughout every economic cycle.

So what are some examples of home service businesses that make millions for the people behind them? Let’s take a look.

Green Mango Pest Control

In 2011, Cameron Bawden and his business partner founded Green Mango Pest Control with a single truck. Last year they had sales of over $24 million and now employ over 165 people.

The company is known for their matte black trucks with custom wheels and the Green Mango logo on the side. For them, branding is everything and it has paid off. They invest in the best, from equipment to company uniforms and chemicals, which helps them grow through recommendations from satisfied customers.

Their customers pay monthly, helping them grow and gain more subscribers year after year. And it’s not just them – big private equity firms are lining up to buy Green Mango because of this attractive revenue stream.

As long as Cameron continues to build a great brand that attracts and retains new customers, his company will maintain its value at about four times revenue, or in this case, about $100 million.

Air conditioning technology from Air Nerds

Heating, ventilation, and air conditioning (HVAC) services are another great way for aspiring entrepreneurs to start a profitable home services business. James Martin, a third-generation HVAC geek, founded the company and has grown it to serve a large portion of Central Virginia.

His unique branding and playful touch complement his wealth of knowledge and work ethic, allowing him to provide top-notch service to his clients.

Air Nerds is another example of a company with great benefits when it grows its customer base. They not only offer high-cost items like new HVAC systems, but also ongoing repair and maintenance work to ensure a relatively consistent income stream as we continue to face certain economic headwinds.

Lone Star Garbage Collection

Next on the list is the Lone Star Trash Company, which Spencer Scott founded in a matter of weeks. Spencer worked a 9-to-5 job in information technology, but sensed that people in his neighborhood were becoming increasingly frustrated with garbage collection.

The garbage collection company in his neighborhood was failing to complete the task, so he joined some Facebook groups and NextDoor to get a better sense of the demand for an alternative garbage collection company.

In his post, Scott wrote that he noticed that garbage collection was making a mess and was not on schedule, so he suggested he would start his own garbage collection company if 100 people from the neighborhood would join in.

Ten days later, Spencer had signed 150 people for three months, paying $99 per household up front. So before he did anything else, he raised $15,000 for a truck and to set up the rest of the business.

It’s important to note that waste management companies are valuable to outside investors because of their monthly recurring revenue. Lone Star charges $33 per household to sign people up and receive automatic payment for their services each month. The other big benefit? Garbage collection occurs once a week.

In short, Spencer was on the right track because he recognized a problem in his local market and offered to help solve that problem for the people in his community he cared about. Lone Star Trash continues to grow and Spencer continues to invest in the business, gradually adding additional trucks and staff.

Simply better home services

Bryan Martz founded Just Better Home Services in 2010 as a one-stop shop for Central Virginia residents who need reliable and efficient home repairs. The company offers everything from HVAC maintenance, repairs and installation to plumbing and electrical work. The brand has opened more than 10 locations in Central Virginia.

With such comprehensive coverage and the ability to provide a one-stop shop for homeowners in need, it’s no wonder JBHS is experiencing such success in the ever-growing home services industry.

The common thread

The home services industry is showing remarkable resilience despite declining consumer spending. Essential services, changing consumer preferences and technological advances are contributing to the continued profitability of companies in this sector.

Companies like Green Mango and Air Nerds are an example of the success that can be achieved through specialization, innovation and a willingness to meet the needs of the market. Given the changing economic landscape, the adaptability and indispensability of household services companies ensure their continued relevance and success.

This article was created by Media Decision and syndicated by Wealth of Geeks.