How to buy a Hire A Hubby franchise
Your comprehensive guide to becoming a Hire A Hubby franchisee.
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What's in this guide?
- How does a Hire A Hubby franchise work?
- What do I need to do to become a Hire A Hubby franchisee?
- How much does it cost to become a Hire A Hubby franchisee?
- What are the pros and cons of a Hire A Hubby franchise?
- How do I apply to become a franchisee?
- How do I finance a Hire A Hubby franchise?
- How do I apply for finance?
Hire A Hubby is Australia's largest handyman franchise business. Its franchisees offer services for both skilled and manual jobs including gardening, building maintenance, plumbing, fencing, painting and more. According to IBIS, franchise handyman and tradesman businesses tend to be more prevalent in the economy than independent tradespeople and handymen because of their effective marketing and self-promotion, as well as other forms of support offered to their franchisees.
If you're considering becoming a Hire A Hubby franchisee, find out everything you need to know below.
How does a Hire A Hubby franchise work?
To become a tradesperson for Hire A Hubby, you have to become a franchisee. A franchisee effectively purchases a licence from Hire A Hubby in exchange for its branding, products, operational structure and training. Once you've purchased your franchise, you then run the handyman service as your own business in exchange for a share of the profits.
A key feature of the Hire A Hubby franchise is the fact that you do not compete for work with other Hubbies. Franchisees are allocated with clearly defined territories, as well as demographic and geographic profiling on each of these regions. This allows for a network of sharing and cooperation.
By becoming a franchisee with Hire A Hubby, your business will have a steady pre-existing customer base. Hire A Hubby also offers a minimum income guarantee to all new franchisees of up to $125,000 in gross profit (T&Cs apply).
If your business is successful with Hire A Hubby, you can hire subcontractors and employees for various labouring and trade jobs.
What do I need to do to become a Hire A Hubby franchisee?
To become a Hire A Hubby franchisee, you will need to do several things:
Before you become a Hire a Hubby franchisee, you will need:
- Experience. In order to become a franchisee with Hire A Hubby, you will need to have at least some DIY experience. You do not need to have experience with running a business or an ABN in order to sign up to become a franchisee.
- Funding. Whether you are planning on using your own savings or taking out a business loan to cover the expenses, you will need to have the funds to purchase your Hire A Hubby franchise.
When you have started the process to becoming a franchisee, you will need:
- Training. All franchisees will be subject to a training program, including a two-week induction training course. Training will cover key areas of the Hire A Hubby business and industry. This will include sales and marketing, as well as a strong focus on correctly quoting and estimating the level of work involved in each project. You will also have the opportunity to enrol in the following training programs:
- Practical Skills: including Cert I, Cert II, Cert III and KBLR qualifications, asbestos removal, working from heights training, etc.
- Business Development: specialised training in sales, HR training (staff/labour management), accounting, time management, marketing, etc.
- Product training: new products and installs.
How much does it cost to become a Hire A Hubby franchisee?
The cost of becoming a Hire A Hubby franchisee will vary depending on the location of your business and the territory which you are purchasing.
- Minimum investment. $45,000.
What are the pros and cons of a Hire A Hubby franchise?
There are a number of pros and cons to purchasing a Hire A Hubby franchise, as opposed to starting your own trading business:
- Be your own boss. Owning your own franchise means being your own boss.
- Low start-up costs. Costs for starting a Hire A Hubby franchise are often lower than that of a new business.
- Income guarantee. Hire A Hubby guarantees an initial income at the start of your franchisee journey of up to $125,000.
- Training. Hire A Hubby franchisees are provided with extensive training both in trade skills and business and marketing, including the set-up of your ABN registration at the beginning of the process.
- Brand recognition. There's no need to build-up brand recognition as you would when starting your own business from scratch.
- Marketing. Ongoing national marketing and advertising efforts and financing are the responsibility of the corporation.
- Proven formula. A series of Hire A Hubby success stories from franchisees prove that the method works.
- Exclusive territory. You will be provided with an exclusive area to work in, meaning that you will have specific areas that only your handyman service will work in, with no competition from other Hire A Hubby franchisees.
- Help and support. You will be provided with ongoing support, as well as a weekly business evaluation from your business's commencement.
- Financial help. You will receive supplier discounts with tool manufacturers, product suppliers, motor vehicle finance or purchases, Telco packages and discounted insurances.
- Job allocation. 24/7 call centre job allocation for hiring subcontractors or employees is available.
- Finance. Lenders may be more likely to give a loan to a franchisee than to an entrepreneur who's looking to start their own business entity. This is because operating under an established brand name makes you much less of a financial risk.
- Locked-in. There's the possibility of you entering into an agreement that might be difficult to get out of, should it end up being a less attractive investment than you initially anticipated.
- Handyman experience necessary. If you do not have some handyman skills, you will be unable to sign up to this franchise opportunity.
- No guarantee of contract renewal. Franchisors also do not have to renew an agreement at the end of the franchise term.
- Contractual obligations. Buying a franchise means entering into a formal agreement with your franchisor.
- Restrictions. Franchise agreements dictate how you run the business, so there may be little room for creativity. There are also usually restrictions on where you operate, the products you sell and the suppliers you use.
- Lack of control. Bad performances by other franchisees, which are out of your control, may affect your franchise's reputation.
- Sharing profits. Buying a franchise means ongoing sharing of profit with the franchisor.
How do I apply to become a franchisee?
To apply to become a franchisee with Hire A Hubby, you can simply click "Go to site" to visit the franchisor's website directly and sign-up to receive an information package. Before you do so, you should:
- Obtain the rules and costs associated with the franchise.
- See what franchise options are available, and whether there are any appropriate to your desired locations and territories.
- Review all disclosure statements and provide the franchise representatives with any supplementing information required, such as lease options, background information and disclosures.
How do I finance a Hire A Hubby franchise?
Most Hire A Hubby franchisees require some sort of funding in order to purchase a franchise, as few people have enough in personal savings to make such an investment.
If you're considering starting your own Hire A Hubby business, getting a business loan can come in handy. Business loans are available from both banks and non-bank lenders alike.
If you're looking for finance to cover your investment costs, you may want to consider:
- Secured business loan. If you own real estate property (residential or commercial) or other assets that equate or surpass the value of your loan, you can use them as loan security. Secured business loans are usually easier and cheaper to acquire than unsecured loans, as they pose less risk to lenders. Secured loans can generally go as high in value as the property that you are able to use as security.
- Unsecured business loan. An unsecured business loan might be appropriate for you if you don't have or don't desire to use an asset, such as your home, as loan collateral. These loans are available up to $500,000.
- Business line of credit. As a revolving line of credit, this type of business finance can be useful for ongoing business expenses. A business line of credit has the benefit of being more flexible than other loans, and you only pay for the funds that you draw down on. Business lines of credit are available up to $1 million in both secured and unsecured options.
- Personal loan. In some instances, personal loans can be used for business purposes. A personal loan may be more appropriate for your situation if you don't already have an active ABN. A personal loan can generally be used for any legitimate purpose, and comes in both secured and unsecured loan options.
How do I apply for finance?
To apply for business finance, you can simply click "Go to site" on any of the above lenders to visit the lender's website directly.
In order to qualify for business finance, you must:
- Be aged 18 or over
- Have an active ABN/ACN (for business loans only, not personal loans)
- Be an Australian citizen or permanent resident
Before applying for a loan, it's a good idea to compare your franchise finance options carefully to find the best loan for your circumstances.
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