4 Key Facts About The Kitchen Remodeling Business
Learn four important facts about the kitchen remodeling business that will help you decide if this is the type of business you should start in 2022.
1. Kitchen Remodeling Businesses Are Low-cost Businesses To Buy And Start Up.
If you’re looking to start your own business or buy a franchise, you have many possible choices. There are lots of sectors in which many businesses turn impressive profits. The problem is that many of these businesses have a high bar of entry. There are plenty of promising entrepreneurs out there who could be great business owners, but they don’t have $400,000 (or more) to invest in a business.
A kitchen remodeling business isn’t like that. You can keep your business small and streamlined if you want to keep costs low. By eschewing a showroom and hiring only a couple of employees, you could buy your remodeling franchise and get it up and running for about $100,000. A Kitchen Solvers franchise rarely costs more than $113,000 to start up and, depending on location and other factors, some can even be started for less than $90,000.
They say you have to spend money to make money, and while that may be true, you don’t have to spend a lot to get a lot. It doesn’t cost much to start a remodeling business and once you’re up and running, you can make a good profit. The average ticket for a Kitchen Solvers job is just under $17,000 and about 41% of that is typically gross profit.
Spending on big-ticket residential remodeling has been very strong over the past 18 months. According to Zonda’s Residential Remodeling Index, the last time we saw year-over-year gains as high as 2020 to 2021 was in 2005. For example, the first quarter of 2021 saw a 10.8% increase on the pre-pandemic spending of the first quarter of 2020. A combination of high property values, low interest rates, people being stuck inside, and remodeling trends on social media have led to major demand for kitchen remodeling.
Apart from making good money, most kitchen remodeling business owners really enjoy their work. Creating a dream kitchen like this both creates a sense of accomplishment as well as satisfaction when you see how much your client loves the job you did.
To learn more about the kitchen remodeling business, you can visit our blog. If you have any specific questions or would like to begin the process of becoming a franchise partner, please get in touch with us.