People love their homes and they are always looking for ways to improve them. From upgrading certain rooms like kitchens or bathrooms to fixing foundations and taking care of leaks, home improvement is an excellent business to get into.
True, most people probably tend to do their home improvements in summer, but sometimes in winter it’s an emergency and it has to be fixed right now. That’s where winter home improvement has the advantage. Often it’s a need rather than a want.
Home improvement franchises cover a vast array of work, from painting, crack sealing, foundation fixing, deck building, bathroom and/or kitchen renovating, general renovating, roofing, landscaping, flooring and much much more.
The home improvement industry also includes retail stores that sell tools and materials for fixing homes to both professionals and do-it-yourselfers. Home improvement retailers have been doing particularly well recently, with an IBISWorld report noting that the market is worth $27 billion and grew by 6% annually from 2013-2018.
Altus Group Ltd. says renovation spending reached $72.7 billion in 2017, which was up from $71.2 billion in 2016. It climbed to $74 billion in 2018. This was driven by Canadians’ love of home renovating. Rather than buying new homes, many Canadians have opted to just give their current abodes facelifts to match their changing tastes and needs.
This is good news for business owners in the home improvement field because many people will opt to hire professionals rather than undertaking major renovations themselves, especially if it’s an emergency and requires highly technical work.
You may be interested in home improvement and owning a business that performs one of these services even though you don’t have a background in it. That’s no problem when you join a franchise. You can easily hire and train technicians while you concentrate on managing the business, drumming up sales and growing your revenue.
Picking the Right Niche
With so many different businesses you could open in the home improvement market, how do you know which one would be good to open in your region?
Often, the best type of business to open in a given region is the one that isn’t there already. So, if your region has a painting service and a roofing service, but no window installation service, you should consider leaning toward the window installation service. The lack of competition will already be a head start for you.
Any franchise you consider joining will likely have some research numbers you can use to help you determine if that franchise would be a good fit for that particular region.
Something else you need to consider is how much money you can gather to invest in the business. Surprisingly, for the amount of work they do, a lot of home improvement businesses don’t actually require a lot of overhead and can be run out of a home, at least to start. As long as you have room to store materials and a vehicle to get to jobs, you can run most home improvement franchises from home.
These franchises can also usually be run as an owner/operator business with maybe one or two other employees. Then, as your business grows, you can take a step back from the actual technical work and concentrate on growing it and procuring a business location if you need it.
If you want to open a home improvement store, that’s obviously another matter. A store will take a lot of overhead and a large building to get started. If you can do it, though, it may turn out to be lucrative for you.
For those interested in opening a home improvement franchise, sign up for a free FranNet franchise search and consultation today and we’ll find one for you.