4 Things To Keep In Mind When Starting A Cabinet Making Business
Starting a cabinet making business isn’t easy. But it can lead to great rewards, both financial and personal. But for that to happen, you must start off on the right foot. Here are 4 tips for starting a cabinet making business.
1. The First Decision You Must Make Is Whether You Want To Start Your Own Independent Cabinet Making Business Or Purchase A Franchise That Makes Cabinets.
There are pros and cons to both independently owned and operated cabinet making businesses and franchised cabinet making businesses. However, to succeed by running your own cabinet making business, you must be both skilled at cabinet making and have some business acumen. Beyond that, you need to stockpile quite a bit of money because very few independent businesses turn a profit in their first two, three, or even five years, and banks are likelier to loan to entrepreneurs who are buying a franchise location from an established company. Buying into a cabinet making franchise gives you a brand name under which to operate and allows you to benefit from the model and experience of your franchisors.
2. Installing New Cabinetry Is A Lucrative Business. But Starting This Business Requires Money.
As with any business, you need to have a good foundation of resources before you start. Buying into a cabinet making franchise will save you money in the long run, but you need to save up first. To give yourself a good chance at success, expect to spend around $100,000 give or take on start up costs. Having at least $30,000 in liquid capital and a net worth of $150,000 would be good. A strong credit rating is also a key to success.
3. Don’t Get Hung Up On A Showroom. They’re Nice To Have But Not Necessary When Starting A Cabinet Making Business.
Many cabinet making businesses have a showroom that allows them to show off what great kitchen and bath renovations they can do. Showrooms are great because they can increase business and allow for making good business connections. But showrooms are most effective at increasing the revenue of an already established cabinet making business. When starting one, you don’t actually need a showroom right away. It is a large investment and many homeowners appreciate when you come to the home to give them their options and make selections. Pictures of projects can also help them visualize as well as creating designs.
4. When Starting A Cabinet Making Business, It Only Makes Sense To Get In Touch With The Industry Leaders. Contact Kitchen Solvers Today.
If you’re ready to take the next step in the process of starting a cabinet making business, please get in touch with us at Kitchen Solvers via our website or call 888-484-8468. Find out how we can help you and if we’re looking for qualified franchisees in your area.