The demand for landscaping services might grow by 5.2% from 2020 to 2025. By the end of the forecast period, according to Mordor Intelligence.
However, since it is usually dependent on disposable income, it can also be one of the first to go when money is tight. A good example is this pandemic when many are out of work and hundreds of businesses are shut down.
Can you still sustain your business? The answer is yes. However, it now requires a few but massive changes in your game plan.
1. Expand Your Market
Just like in investing, you don’t want to put all your eggs in one basket. Diversifying ensures that if one of the markets doesn’t perform well, the others can compensate for the loss.
You can expand your market in the following ways:
- Besides residential landscaping, you can offer commercial services. Some businesses that might require you include healthcare, shopping centers, and schools.
- If you still want to focus on residential services, you can identify your markets. For example, the Mordor Intelligence report showed that millennials and Generation Z are more likely to opt for landscaping than other generations. Otherwise, you can broaden your coverage to include nearby cities or suburbs.
- Landscaping can also include maintenance, repair, and irrigation or water conservation management.
- Partner with other businesses. These include companies that offer home renovation, real estate, and construction.
2. Think Leasing
When you expand your market, you need more tools and equipment to carry out tasks, such as digging or moving trees around. Buying them brand-new, though, can drain your cash flow.
The next best option is to lease them instead. Today, you can already look for an excavator for hire. In this arrangement, you have better control over your big expenses and even get to use the latest equipment.
Some companies also offer a rent-to-own scheme. It is ideal if you decide to retain all your services post-pandemic or the landscaping business continues to flourish.
3. Make Your Business Relevant
Why do customers forego services like landscaping when finances are problematic? It’s not only because they have a much lower disposable income and want to save money. They don’t see the importance of what you offer.
In this pandemic, you can reposition your brand and even make yourself more relevant. For instance, stress the benefits of plants in homes and businesses, especially healthcare facilities.
Studies already showed that plants can help reduce stress levels. These days, chronic stress is a no-no since it can potentially lower or impair the immune system. It also raises the heart rate, blood pressure, and even cholesterol. People who are under a lot of stress are also more likely to lose quality sleep.
Plants can also provide these other benefits:
- Enhanced focus and productivity, which is great for people currently working from home
- Lower risk of depression and anxiety
- Physical exercise
- More time spent outdoors for vitamin D
It’s a tough year for everyone, and that includes your business. However, now is also the best time to think outside the box and explore other opportunities for growth.