Kitchen Remodeling Franchise Facts: 4 Questions to Ask Yourself Before You Buy
The proliferation of reality-TV renovation programming has triggered a massive increase in the numbers of amateur house-flippers and would-be kitchen remodeling experts, many of whom are quickly overwhelmed by the hard work and dedication absent from those 26-minute TV timeslots. Though their reasons for pursuing renovation careers are sometimes misguided, their timing could not be better, as 2015 looks to be a vibrant year in the industry despite an unpredictable realty market. Savvy kitchen remodelers are poised to enjoy a very profitable year, and aspiring franchise owners are taking notice. Life as a kitchen remodeling franchise owner can be extremely rewarding, but the successful franchisee should know more than their way around a tool-belt before buying. Read on for 4 questions every aspiring franchise owner should ask themselves before deciding to buy.
Do I have access to an appropriate amount of start-up capital?
Money is rarely overlooked when someone is looking to launch a new business venture. Though money is always on the brain, many newcomers to the remodeling industry are guilty of underestimating construction costs. Additionally, handymen and trade workers lacking in business experience are often surprised by advertising expenses and franchise fees. A successful kitchen remodeling company will require a significant amount of cash flow to get the business off of the ground. Standard recommendations state that aspiring franchisees should have roughly $30,000 in start-up capital available.
Do I have an appropriate skillset? What are my strengths and weaknesses?
Kitchen remodeling is more than hands-on renovation work. In addition to handyman know-how, the ideal candidate has business acumen, design flair, and excellent interpersonal skills. Any one of these traits can be developed with structured training, as long as you possess the humility and honesty required to identify any potential weaknesses. Identifying which skills you lack is critical.
Identifying your strengths is equally important. Kitchen remodeling can be a stressful venture, as the epicenter of family meals, interaction, and cleaning is disrupted by the work. Worse still, indecision about design direction can leave people in a panic, so it becomes crucial to know your strengths so that your confident consultation can calm the client in moments of doubt.
Am I willing to connect with people?
It is important to have an interest in people if you want to be a successful remodeler. The kitchen is a sacred space for the family, functioning as a place for meetings, meals, and memories. To fully satisfy the client’s vision, you need to understand the needs of their family. To be a successful consultant, you need to earn their trust and respect.
Kitchen remodeling creates unique relationships among clients and owners. Remodeling can be a nerve-wracking notion, and smoothing this process for the client has a tendency to develop a strong bond. You may even find friendships flourishing with satisfied clients!
Can I work within a budget?
Not every remodeling project calls for brand new cabinetry, toppling walls, and complete kitchen overhauls. Remember that your role is that of a consultant, not a salesperson. It is very important to have a working knowledge of cost-efficient solutions to different problems that you may encounter on the job. Cabinet refacing is a perfect example of a budget-saving solution; if the client likes their cabinet layout, you can use the existing frames to save money and time, while still being able to give their fronts, drawers, and hinges a 21st century aesthetic. If you do not know how to tighten your belt through a budget, you should either seek training, or reconsider your franchise ownership dreams!Back