Are you looking to get into the kitchen remodeling franchise? Are you looking for a viable business opportunity that you can profit from? Are you looking for a full time opportunity or a part time business that you can do on the side? If you are, then the kitchen remodeling franchise business may appeal to you.
Most if not all- smart and driven entrepreneurs are in the habit of actively seeking new investment opportunities that they can profit from.And when they are looking for business opportunities, they look for those that are both viable and profitable.
If youre reading this post, chances are that you are thinking of going into the kitchen remodeling business, have little or no idea of which franchise is best and would like to know how to find the best one. If thats the case, then you need to know everything there is to know before making on your decision.
Reasons Why a Kitchen Remodeling Franchise a Good Investment
1. The Kitchen Remodeling Niche Has Been Stable
The first interesting thing about this market is the fact that it has been one of the very few sub-sectors of the housing market that has been stable even through the recession. Yes, thats right. It has been stable and profitable even during the housing bubble.
It would appear that no matter how tough things are, people still want to have stylish and good looking kitchens even if it means a basic remodel. According to the Kitchen Cabinet Manufacturers Association, the kitchen remodeling business grossed over $7 billion in 2010. While Home Depot grossed over $70 billion in 2012. There is money to be made in this market, and it appears the market is recession-proof.
2. The Housing Market is Just Recovering
As you probably know, the housing market has just started recovering. Many home remodeling companies folded up, filed for bankruptcy or just closed up shop when the recession hit. This means that there is less competition than there once was in the market.
Now that the housing market is getting back on its feet, there is a gradual increase in demand for kitchen remodeling. People moving to new homes and those buying new properties are now interested in fixing up and upgrading their kitchen.
3. People are more comfortable spending Money
When the recession hit in 2008, lots of people lost their jobs, homes and cars. The job market basically tanked. There was a buying and hiring freeze everywhere. People became more conscious of their expenses and were unwilling to make any extravagant purchases.
People who had 3 or more cars kept 2 some even kept just one- and unloaded the rest to get some more money to put in their savings. Long story short, it was a hard time for many people. Thankfully, the days of abundance are gradually coming around.
Unemployment rates are lower, people can afford to splurge, go on vacations and purchase new homes or properties; which makes kitchen remodeling a very unique opportunity. As the housing market recovers, lots of people are looking to upgrade their kitchens. This is where the kitchen remodeling franchise comes in. A savvy entrepreneur willing to put in the work can easily enter this market and profit from it.
Things to Look for in a Kitchen Remodeling Franchise
There are many things you need to check for before deciding that a particular kitchen remodeling franchise would work for you. However, the most important are:
1. Reasonable Start-Up Costs, Profits and Stable Income
Some franchises are quite expensive to own. A good one however, doesnt have to be exorbitantly priced. The franchise should have a decent profit margin and the potential to earn a return on the investors investment over time.
The best franchises typically have a combination of reasonable fees, income within 8 weeks of opening up the business and profits shortly after. If you have to wait at least 6 months to start generating some revenue, you might want to have a rethink.
2. Stability and Increased Value Over Time
The best franchises value always increases over time. For instance, if you bought the franchise for $40,000 and are able to make it profitable, you could easily sell the business for a much higher value when you decide to exit the market.
3. Cutting Edge Sales and Business Management Support
Sales and marketing are an essential part of running your franchise. So, your franchisor should be able to provide you with cutting edge sales and marketing training, excellent business consulting and management support to help make your transition into the market as easy as possible.
If theres one thing a franchisee needs, its the ability to sell their services. Most franchises are still using traditional advertising media which kind of jacks up their fees. Look for a franchise that uses a mix of both digital maybe more digital if possible- and traditional advertising media and provides excellent sales training on the use of both.
4. Requires Little Learning Curve
When you buy a kitchen remodeling franchise, you want one that can become profitable as soon as possible. Therefore, a franchise with a high learning curve is unacceptable. So, look for one with straight to the point training materials, requires little or no experience and provides all the necessary training. Your franchise should be a business-in-a-box. You shouldnt need any major investments after purchasing it.
5. Lower Overhead Costs
The best kitchen remodeling franchises have low overhead costs. In fact, its better if you can work from home. With this, you can do your marketing online, contact potential clients over the phone or email and schedule meetings, all from the comfort of your home. Without the need for printing marketing materials, classified ads, direct mail marketing which can be quite expensive- and an office, you should still be able to get started.
Look for all these things in kitchen remodeling franchises before you choose one. If they have a passmark of 4 out of 5, theyre good. If they dont, see if they have other appealing features and incentives that will substitute for the missing options.