4 Things You Should Know About Owning A Home Renovation Franchise
If you’re interested in operating a business in the home renovation sector, here are four things you should know about owning a home renovation franchise.
1. Demand Is Soaring For Home Renovation Franchises.
Demand for home renovation has increased by 10%-15% since the beginning of the pandemic. People stuck inside either noticed their kitchens and bathrooms were no longer bringing them joy, or they decided to finally act on longstanding plans for home renovation. Either way, demand soared. Further facilitating this trend was the rise in home prices. Higher home equity and demand for housing meant people were both more inclined and more able to pay for the services of a home renovation franchise.
2. Kitchens And Bathrooms Are The Most Popular Spots For Home Renovation.
Kitchen and bathroom renovations alone increased 4% year over year from 2019-2020, according to the Q4 2020 Kitchen & Bath Market Index. Kitchens and bathrooms have always been popular rooms to renovate. This is partially because people spend a lot of time in these rooms, and also because they undergo quite a lot of wear with steam, cooking splatter, and general use. Furthermore, it’s often more straightforward to alter these rooms, by installing new cabinets for example. Renovating a living room often requires knocking down a wall, which makes people hesitant to do so.
3. Home Renovation Franchises Have Easier Paths To Success Than Independent Businesses.
When you hire somebody to renovate your home, you’re putting a lot of trust in them. Clients don’t usually know their renovators beforehand, but if they recognize the company name, they’ll feel more assured. Home renovation franchisors also teach and support their franchisees with their knowledge and experience.
4. Territories Are Hugely Important For Home Renovation Franchises.
A home renovation franchisor should also grant their franchise partners an exclusive territory. Without such a guarantee, the franchisor could allow another franchise location to open in the same area as you, hurting your business. You should work with your franchisor to define a territory large enough with enough homeowners to grant a sufficient chance at success.
Kitchen Solvers Has Some Of The Most Successful Home Renovation Franchises Around.
At Kitchen Solvers, we offer all the benefits mentioned in this article to our franchise partners and more. We are always looking for qualified candidates to work with us as one of our home renovation franchise partners. To learn more about what we do, or the home renovation business more generally, you can visit our blog. If you have any questions or would like to begin the process of owning one of our franchise locations, please do not hesitate to get in touch with us.