Should I Invest in a Home Improvement Franchise or Start One From Scratch?
The pandemic has certainly been bad news for several sectors but it has put the housing and home improvement markets on an upward trend in an already surging industry. If you’re an aspiring entrepreneur, home improvement is undoubtedly one of the best sectors to get into. But should you invest in a home improvement franchise or start an independent business from scratch?
Before we get into that, it’s good to understand why these are good times for home improvement. The first reason has to do with the amount of time people are spending at their homes. With more and more people working from home, there’s an increasing need for renovating residences. As folks spend more time at home, it’s only natural that they’d think about improving their surroundings. Although companies may start functioning again as before once a significant proportion of people are vaccinated, numerous organizations are likely to move to a hybrid model of remote and on-site work to accommodate employees with a newfound taste for work-from-home life.
The second reason is that although the pandemic brought several sectors to a halt, there are signs of improvement. Experts believe that the economy could add up to a million jobs just in March 2021. With this expected uptick in employment, people will have more income to be able to afford home improvement projects. Thirdly, with people staying home and not going to stores, restaurants, movie theaters, or on vacation, household savings are also at unprecedented heights. Money that previously may have been spent on entertainment activities or dining out is now being used to make home improvements or repairs, since this where we’re still spending the bulk of our leisure time. The economic stimulus package will put trillions in the hands of consumers, enabling them to spend on a scale seldom seen before. With most people still wary of travel, home improvement is one of the likeliest sectors to witness consumer spending.
Finally, peer pressure on social media is also encouraging homeowners to renovate their residences. So, as an entrepreneur, it’s the right time to get into the market. You primarily have two routes to establish a home improvement business. The first is to start on your own while the second is to become an Owner of a successful home improvement franchise like Footprints. If you decide to start from scratch, it’s good to have a realistic understanding of what you’ll have to do and the challenges you’ll face.
Challenges of starting a home improvement business from scratch
Building a Reputation
If you’re known in your locality for your home improvement skills, then it’d be better for you. People will only hire a professional who has proven expertise in their field. This means that you should have years of experience in home improvement under your belt before you venture on your own. So, if you’re planning to enter the industry, it’ll take years to build your reputation. It’ll also take a considerable amount of time for you to build a network that’ll refer your services to their friends and family.
If you say no to being a Franchise Owner and decide to do it on your own, there are some unavoidable initial investments that you’ll have to make. To begin with, you’d need a showroom somewhere in the center of your prospective market as it should be easily accessible to your target audience. For this, you’ll have to spend some time looking for the right spot, then spend on the lease, rent, renovation, utility bills, signages, etc. The build-out costs will add up to a significant amount of money.
Now it’s time to hire the right employees. If you’re inexperienced and on your own, it would be difficult to attract experienced people. It would also take some time for you to meet the candidates, screen them, and get them on board. Then you’ve to pay their salaries consistently irrespective of how many projects you get. While it may take some time for your business to take off, HR costs will kick in from the beginning.
Unless you’re renowned for your home improvement skills or come from a family that’s been in the business for a long time, you need to get the word out. Effective marketing is how you ensure lead generation. From hoardings to pamphlets to radio spots, you’ll have to consistently invest in marketing to build brand awareness. Even with the best of efforts, social media marketing will take to deliver results.
Building a Process
Entrepreneurship is less about passion and more about the systems you create to effectively grow. You’ve got your showroom and your employees. But who’ll take customer calls when you’re busy with a project? Who’ll schedule appointments? Will you have dedicated staff to give project estimates when you’re away? What about invoicing? If you don’t have dedicated resources for these jobs, you’ll be losing out on potential projects. All these cumulatively add up to customer satisfaction. Even if a homeowner is satisfied with how you delivered the project, if they can’t connect with you on the phone, or if they can’t schedule an appointment at the right time, it will affect their perception of your business. Customer service is crucial to not just acquiring more projects but also increasing the satisfaction of existing customers. Any dip in customer satisfaction will generate negative word-of-mouth publicity for you.
The Advantages of Owning a Home Improvement Franchise
Now that you’ve got a realistic view of the problems with starting on your own, you should consider being a Franchise Owner with an established and proven home improvement brand. Footprints Floors is renowned for our affordable, home-based flooring franchise. We’ve been consistently empowering entrepreneurs like you to grow with a credible and proven business model. Here are six reasons to consider being a home improvement Franchise Owner with Footprints Floors.
1. Excellent returns
The number one reason entrepreneurs prefer Footprints Floors is the consistently high returns the business provides. With an average investment of $81K, a Franchise Owner averages around $747K in gross annual sales. The reason we deliver high returns is due to our exceptionally cost-effective, efficient, and simpler model. In other words, this isn’t just an opportunity to be financially independent. This is an unparalleled opportunity to be prosperous and thriving.
2. No prior experience needed
With Footprints Floors, you don’t need any experience in the home improvement industry to get started. You don’t need any background or expertise in carpentry or flooring. You could come from an entirely unrelated industry and become a successful home entrepreneur in months. All you need is to be motivated, eager to reach out, customer-oriented, and a great communicator. That’s why you’ll find military veterans, high school teachers, and Fortune 200 managers among our Franchise Owners.
3. No unnecessary investments
With Footprints Floors, you’ll be a home-based entrepreneur. So, you don’t have to invest in setting up a showroom. This means you don’t have to spend time looking for the right location, negotiate with the landlord, pay the lease, rent, utility bills, renovation costs, etc. Getting to keep overhead costs low can add up to massive savings for a Footprints Floors Franchise Owner, which is why it is the cornerstone of our business model: Low investment, high returns.
4. Minimal need for employees
You don’t have to hire employees as the Owner of a Footprints Floors home improvement franchise- but this doesn’t mean you have to actually do the flooring work yourself either! You can manage your home improvement franchise by hiring subcontractors. This means few to no employees on your payroll, and no need to pay salaries or deal with any HR headaches. It also means that you don’t have to spend time managing a workforce that you don’t need. All that’s left to the subcontractors.
5. Easy lead generation and backend support
As a home improvement Franchise Owner with Footprints Floors, you will have a credible system to lean on. Our proprietary system is unmatched in the flooring franchise industry. It’s designed to make it simple and easy for you to concentrate on the core business. Our system will take care of your lead generation, customer service, marketing, and on-going functional support. That means no time-consuming managerial tasks for Franchise Owners and a better quality of life.
6. Brand equity
With the national presence of our home improvement franchise and high scores on customer satisfaction, you’ll be joining a brand with tremendous equity in the market. You don’t have to worry about building a brand from scratch. Homeowners who have availed themselves of our services have helped grow the word-of-mouth awareness and reputation of our home improvement franchise. You won’t have to worry about establishing your name in your territory. When someone makes a call, they’re already assured of the services of a credible brand name.
Get on board
Starting a business shouldn’t mean spending the next few years of your life struggling to build it with heavy investments and 18-hour workdays. What every entrepreneur wants is financial stability and a better life. With Footprints Floors, you get all that and much more. As a home improvement Franchise Owner, you’ll be assured of exclusivity in your territory, high returns on investment, fewer operational headaches, and a smooth functioning system to back you all the way. With each new project, you’ll also be assured of future business coming your way. Most importantly, you’ll have the freedom to take a break when you want it. That’s what our Franchise Owners are most excited about, other than the financial prosperity. So, take the right decision and join the Footprints Floors home improvement franchise family by clicking here. It’s one of the best financial and personal development decisions you’ll ever make!