What The Market Is Telling Us About Home Improvement Franchises
If you’re looking to start or buy a business, you want to do so in a market that’s stable, so what’s the market telling us about home improvement franchises?
There are myriad benefits to owning a home improvement franchise. First, these are low-cost businesses. If you choose to forego having a showroom and keep a small team of just one to three employees, your expenditures will be very low. Second, you get to work with your hands. Not everybody enjoys this kind of work, but imagine the sense of satisfaction you’ll feel when you create a beautiful kitchen like this.
Third, as the owner of your business, you can set your own schedule. Want to take Wednesdays off and work Saturdays instead? You can do that, as long as it’s OK with the client you’re helping that week. And last, there’s always demand for home improvement jobs. But just how strong is that demand right now?
Right now, mid-2023 is a difficult time to evaluate the home improvement market. This is primarily because everything is conditioned by what was happening just a few short years ago. In 2020, when everybody feared the whole world would stop due to Covid-19, the home improvement renovation market surged surprisingly. As soon as contractors figured out how to work in a relatively safe way, the desire people had to change the homes they were stuck in, and the cash they had that they weren’t spending on vacations, meant renovations, remodels, and cabinet refacing jobs skyrocketed.
This demand has cooled off since then. That means you’ve missed your opportunity to get into the home improvement sector, right? Especially since inflation means people are spending less, right? Well, not exactly.
People will always want to improve their homes and while some simply may not have the money to spend on a remodel right now, others are looking for a renovation because money is tight. It’s important to recognize that home improvement jobs are often an alternative to simply buying a new home. And with housing prices very high in much of the country and high interest rates scaring people off mortgages, many families are choosing instead to simply renovate their current homes. According to a survey conducted by Discover Home Loans, 79% of homeowners prefer to renovate rather than move.
You’re already here, so why not get in touch with us? We have plenty of home improvement franchise opportunities available and we’re always interested in talking with qualified prospective franchise partners. To learn more, please contact us.Back