Financing A Kitchen Cabinet Installation Business
Installing cabinets and remodeling kitchens can be a great business to get into. But to succeed, you must know the business plan of kitchen cabinet businesses.
The Business Plan Of A Kitchen Cabinet Installer Should Be Something That Guides Them In All That They Do.
A business plan isn’t just, “install cabinets, get paid”. Business plans need to be more detailed than that. A good business plan provides a business with guiding principles. These principles shape the foundations of the core of your business. One such foundational principle is whether you want to run a fully independent kitchen cabinet business or the franchise location of a larger kitchen cabinet company.
Franchised kitchen cabinet businesses have several advantages. For one, franchise partners get to learn from the experience of their franchisors, who can provide them with all sorts of advice and knowledge. Second, operating under a known and reputable brand name makes it quite a bit easier to attract new customers. Lastly, by operating under a successful franchisor, banks and financial institutions will be much likelier to lend you the financing you need. And finances are a big part of business plans.
Your Kitchen Cabinet Business Plan Should Include Detailed Financial Estimates, Goals, And Projections.
For Kitchen Solvers franchise partners, typical start-up costs are in the range of $88,000-$114,000. This is obviously a lot of money but compared to start-up costs for other types of businesses, these figures are firmly on the lower end. A kitchen cabinet business is a low-cost franchise. At Kitchen Solvers, we look for candidates with liquid capital of $30,000, a net worth of $150,000, and a minimum credit score of 700.
What stands out when one looks at the business plan of a kitchen cabinet installer is the profit margin. It usually takes any business a few years to start consistently turning a profit, but kitchen cabinet installers can often turn a high proportion of their revenue into profit. Consider that the average ticket for a project done by a Kitchen Solvers franchise partner is just under $17,000 and the average profit of that ticket is 41%.
Kitchen Solvers Offers Rewarding Kitchen Cabinet Businesses.
At Kitchen Solvers, we are always looking for qualified candidates to work with us heading up one of our kitchen and bathroom installation businesses. To learn more about what we do, or the kitchen cabinet business more generally, you can visit our blog. If you have any specific questions or would like to begin the process of becoming a franchise partner, please do not hesitate to get in touch with us.