If friends and family are constantly requesting your services to help them with your home renovation projects, or for your “handyman” abilities, you might be wondering whether your talents could be transformed into a business opportunity. You may have even experimented with running your own side business. There are a wide variety of home improvement franchising opportunities in New York – but do you really need to invest in a franchise, or would it be simpler just to print up some business cards and start advertising your services in the local classifieds?
The answer to that question really depends on you and how far you would like to take your business and how fast you would like to grow it. There are advantages and disadvantages to both approaches. Let’s take a look at investing in home improvement franchising opportunities in New York vs. starting a business from scratch.
Fees and start-up costs
If a lower start-up cost is high on your wish list, then it may make more sense to start your business from scratch. Since you likely already have the necessary tools and a reliable vehicle, start-up costs can be kept relatively low – such as purchasing proper insurance, advertising etc.
With a franchise, there are going to be franchise fees that you will have to pay upfront. Generally, this will cover items such as marketing, support and training and often guarantees you an exclusive territory. While the fees may seem high to some, they do provide instant brand recognition to your target clientele.
Speed to income
If you decide to go the independent route and start a business from scratch, it is important to understand that the speed to income could be slower. Developing a system, building a reputation, and establishing a client base on your own can be time consuming and it may take significantly longer before you are making a decent income.
Home improvement franchises, on the other hand, have proven systems to help their franchisees get up and running quickly, so that they can get cash flow positive and start earning a living with their franchise.
When you start your own business from scratch, you must often learn by trial and error. And in the business world, some “errors” can be very costly.
As part of a franchise, you are connected to a whole network of franchisees who can lend their experience and expertise when you run into a challenging situation.
Support from the franchisor
In addition to being able to reach out to your fellow franchisees, investing into a franchise also means that you have access to support from the franchisor. This support could range from anything to ensuring you have the latest technology, to providing training for you and your staff.
Starting a home improvement business from scratch will mean that these responsibilities will fall on your shoulders alone.
If you are considering starting a home improvement business, it is best to consider these factors when deciding whether to go it alone or invest in one of the home improvement franchising opportunities in New York. Starting from scratch may seem like the simpler route, however investing in a franchise is frequently the more profitable choice.