Is It Important To Specialize As A Home Renovation Franchise?
Home renovation is a big business and as such, there’s no shortage of demand for home renovation franchises. But what is the best way to drum up business for your home renovation franchise? To generalize or specialize?
The Demand For Home Renovation
Like many businesses, home renovation franchises experienced a dent in their business in 2020. As the coronavirus took hold in the United States in spring, there was a massive pause on home renovation jobs. But this really only affected the second quarter. The home renovation business experienced a remarkable bounce back as early as June. This is partly due to the fact that the best home renovation franchises quickly innovated a plan combining PPE, physical distancing, and good hygiene to keep people safe. But it also reflects the massive demand that exists for home renovations.
One key piece of evidence for this demand is the massive uptick in home refinance applications. In early 2020, mortgage refinance applications increased a jaw-dropping 479% over the previous year’s number. Homeowners were looking to take advantage of lower rates which were partly in anticipation of COVID-19 lockdowns. When lockdowns did happen, this put a dent in the home renovation business. But this downturn was brief; by June, the most successful and responsible home renovation franchises had rebounded significantly. No matter what type of home renovations your franchise specializes in, carefully following detailed protocols to minimize the risk of COVID-19 is key.
Jack Of All Trades Or Master Of None?
The more home renovations that you are capable of doing, the more jobs you can take on. So, it makes sense to generalize, right? That way you’ll never miss out on a job. Except, when people have a specific job to do, they might not think of a general home renovation franchise. If you want new cabinets in your kitchen, are you more likely to hire a general home renovation franchise or one that specializes in cabinetry and kitchen and bathroom remodels? Furthermore, what are you going to search for online? Probably, “kitchen renovation”, or something similar. This makes it less likely that a general home renovation company will get the job.
Many home renovation franchises find that it’s best to focus their efforts. Kitchen and bathroom remodel jobs are a great area for focus. For one, they’re some of the most common remodel jobs: the kitchen and bath industry is valued at $130.8 billion. Moreover, these jobs are often similar. Both involve cabinets and working around appliances.