In the current market landscape, there’s a prevailing emphasis on environmental considerations, ranging from achieving carbon neutrality and practicing recycling to managing one’s environmental footprint. All these considerations have been, and will continue to be, reasons why consumers choose to invest in certain products or brands. But why should entrepreneurs care about choosing a sustainable business to open?
Every entrepreneur has their “why” when choosing to open a business, and environmentalism is an increasingly important factor up for consideration when selecting a business model and industry to enter. But if you’re not yet sold on the benefits of sustainability in business, here are five reasons why you should buy a sustainable business…
#1 – Eco-consumerism is on the rise
Eco-consumerism is on the rise, with a growing number of individuals seeking products and services that align with their values. According to the Business of Sustainability Index, 66 percent of U.S. consumers are willing to pay more for companies that provide sustainable products and services versus their less eco-friendly counterparts. Millennials in particular are spearheading this trend, not only as consumers but also as emerging business owners.
Companies like Mosquito Joe™ have tapped into this movement by providing essential services in an environmentally responsible manner. By offering eco-friendly mosquito protection, Mosquito Joe addresses a critical need in the market while resonating with consumers who prioritize sustainability. Investing in a sustainable business, therefore, not only meets the growing demand for environmentally friendly solutions, but also aligns with the values of a green-minded consumer base.
#2 – Long-term solutions benefit both consumers and businesses
As eco-consumerism continues to shape market dynamics, businesses are compelled to evolve and meet the changing preferences of their customers. For franchise agreements, which typically extend over a decade, the importance of long-term thinking becomes evident right away. Opting for solutions that foster business opportunities and streamline operations is a strategic move.
For example, only around 1% of vehicles on the road today are electric, but this number is projected to grow over time. Companies like Mr Electric™ are at the forefront of this trend by offering recharging station installation services, positioning the business to diversify its offerings and meet evolving consumer needs in the long run.
#3 – Sustainability contributes to brand differentiation
Additionally, investing in a sustainable business presents an opportunity for brand differentiation, a key factor in today’s competitive market. In a crowded marketplace, expanding offerings to include sustainable practices allows businesses to carve out a niche, capturing the attention of environmentally conscious consumers.
Sustainability becomes a powerful tool for building brand loyalty, as well. As the hub for home services, we at Neighborly understand the importance of meeting consumer needs. When homeowners know they can trust one of our brands and our values align, that trust extends throughout our Neighborly network.
#4 – Eco-friendly practices can lead to reduced costs
The benefits of a sustainable business also extend beyond the marketplace. Green practices can often even lead to streamlined business operations and long-term financial savings. For instance, implementing solar panels or adopting electric vehicles for company cars can result in substantial cost savings over time, particularly in reduced energy consumption and fuel expenses.
At Neighborly, our commitment to sustainability starts at the top with our corporate practices. Our facilities and headquarters embrace eco-friendly measures such as recycling initiatives, installing drinking fountains for reusable containers, and utilizing low water consumption appliances. Individual franchises have the freedom to implement practices that suit their business needs, allowing for a tailored approach to sustainability.
#5 – Doing good for the planet is ethically fulfilling
Investing in a sustainable business through Neighborly offers not just financial success, but the opportunity for ethical fulfillment and making a positive impact on the planet. Jack Brendamour, co-owner of Junk King™ of Cincinnati, Dayton, and Louisville, exemplifies how franchising can be a conduit for ethical engagement. Last year alone, their efforts kept an astounding 860,000 pounds out of landfills, a figure that surpassed a million pounds just halfway through 2023. This substantial contribution equates to the weight of 72 school buses or five Boeing 747 planes.
Every decision always comes down to understanding your “why” – whether it’s making a positive impact on the community, aiding the environment, or pursuing other meaningful causes. By choosing a sustainable business, entrepreneurs have the unique opportunity to influence the market positively and leave a lasting legacy by creating a better world for future generations.
Go Green with Neighborly
Home services is already an industry that provides a myriad of ways to help the environment, from repairing versus replacing appliances to cut down on landfill waste, to fixing leaky faucets to save water, to using biodegradable cleaning products. And not only that, but as it becomes increasingly important to entrepreneurs, consumers, and the environment to implement sustainable business practices, Neighborly is actively adapting to continuously improve our sustainability further.
Written By Brad Stevenson, Chief Development Officer, Neighborly