How Is The Moving Business Profitable During COVID-19?
Pent-up demand for moving services is expected to make 2021 and the next four years (through 2025) successful years for the $18 billion-strong U.S. moving industry. IBISWorld analysts expect that the moving business will continue to grow at an annual rate of 3% during this period. While other industries were hit hard by COVID-19, the moving industry proved its resilience—even during the height of multiple governments and business shutdowns throughout the nation.
One reason why the moving business is profitable even during challenging times is the huge demand for its services. About 31 million people moved within the U.S. in 2019, which represents about 9.8% of the nation’s population, according to U.S. Census data. Census data also shows that the average American moves 11.7 times in a lifetime.
The moving industry directly employs 186,722 people in the United States, and an additional 295,359 in supplier and related jobs before and after moves, according to the American Moving & Storage Association. The industry and its suppliers typically generate about $85.7 billion in output annually. When you consider that the average cost of an in-state move is $980 and that local movers make at least $25 per hour, it’s easy to see how these numbers add up over time to provide substantial profits in the moving business.
Movers and junk haulers with flexible and resilient business plans have weathered the COVID-19 storm particularly well, and have shown that the moving business is recession-resistant. For College HUNKS Hauling Junk & Moving®, this was not the first nationwide challenge we have faced. Founded in 2005, we prevailed during the 2009 recession and the 2020 pandemic by leveraging the synergy that combining moving and junk hauling services offers. We also tweaked our award-winning business plan to adjust to the industry’s pandemic-driven new normal by offering services such as curbside junk removal, express curbside junk removal, no contact quotes, no contact payment for services, additional support for franchisees from home/virtual settings (including the continued services of our Sales and Loyalty Center), and training for new franchisees conducted virtually. Locally, our franchisees are also providing a wide range of other essential services such as national transportation, logistics, and waste hauling. Local trucks and teams are assisting with the transportation of needed supplies, warehousing and storage, bulk trash and dumpster pick-ups, waste & refuse disposal, and delivery of goods to businesses and homes. The results are impressive—these strategies delivered substantial revenue for more than 150 franchisees nationwide.
Also, during the COVID-19 pandemic, we were able to continue growing the College HUNKS brand with new franchise partners coming aboard and working with potential franchisees who are concluding their financing arrangements. They were motivated by the company’s track record of success.
In 2020, the HUNKS hit the benchmark of $140 million in system-wide revenue with 40 new franchise partners being added that year, which is more than 2017 and 2018 combined. We take great pride in being named within the top 3% of all franchise opportunities in the United States. As College HUNKS Hauling Junk & Moving continues to grow, we currently have over 400 franchise territories available for purchase in the United States and Canada.
Contact the College HUNKS Franchise Team for more information about how to become a part of our College HUNKS Hauling Junk & Moving success story. We strive to be a symbol for high-quality moving and junk removal services that are fast, flexible, and dependable and have proven year after year that the moving industry is profitable. If you are looking for a profitable business to invest wisely and gain your independence and venture into franchise ownership, there is no doubt that College HUNKS should be on your list.