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The Home Improvement Industry
There are many options within the home improvement industry that provide high profitability potential for Franchise Owners. There are franchises for installing or repairing drywall and insulation, doors, windows, roofing and cabinetry. Franchises that offer painting services or countertop installation are particularly profitable. The painting market is expected to be valued at over $179.4 billion by 2025, while the countertop market is projected to be valued at over $110.54 billion by 2025.
Still, these markets fall far short of the flooring industry, currently valued at more than $388.24 billion, with projected profits increasing 6.1% by 2028. The home improvement industry overall has seen impressive growth over recent years, but the flooring industry is the clear stand-out for potential revenue.
Is a Flooring Business Profitable?
Home improvement franchises are big business on the market today! As the demand for homes outpaces the availability of new housing, more and more homeowners look to businesses to help revitalize their current home rather than invest in a costly move.
Even in the wake of the COVID-19 pandemic, the home improvement industry has proven to be incredibly resilient and stable. In fact, 2020 proved to be a particularly profitable year for many within the industry. Home improvement has proven to be stronger than many other major business models, including full-service restaurants, department stores and other major retailers.
With projected values of over $680 billion by 2026, the home improvement industry is one of the most stable and profitable options on the market for owners today.
What economic indicators have drawn experts to believe that home improvement will continue to pay major dividends on the market?
- The overall economy of the United States saw a 3.5% decline in 2020, but the home improvement industry rose 3% overall–resulting in a value of approximately $420 billion overall.
- 76% of homeowners in the United States took on a home improvement project after the beginning of the COVID-19 pandemic.
- Interest rates are lower than they have been in recent years. As a result, more consumers are likely to finance home improvement projects.
- Cost-conscious Millennials are more likely to purchase an affordable home they can remodel into their “dream home” than spend more money to build their ideal home from the beginning.
- The majority of American homes available on the market today are 30-40 years old, leading to a great surge in the need for home renovation and remodeling amongst homeowners and home buyers.
Why Start a Flooring Business?
Flooring businesses and flooring options have exploded on the market recently. Innovative research and product development have led to more options that appeal to homeowners, including options that are environmentally sustainable and durable. There is also greater variety in color, texture, and finish. Popular options on the market today include the following.
Carpet:
Carpet remains the most popular flooring option, particularly for bedrooms. Carpet immediately helps a space feel warmer, softer, and more welcoming. It also helps soundproof rooms. Some carpets are now more stain-resistant and allergy friendly than past options.
Hardwood:
The ever-popular hardwood floor has a reputation for immediately increasing the value of a home, making it one of the most desirable options for homeowners. Hardwood is more expensive to install, but can last for decades with appropriate care.
Laminate:
Love the look of hardwood but don’t want the maintenance? Laminate is a fantastic option. This cost-friendly option is highly durable and easy to clean.
Vinyl:
This highly water-resistant and durable flooring option has gone through some fantastic innovation in recent years, especially as new technology has helped vinyl to develop in more attractive, modern formats. There are hundreds of design options available at reasonable prices for any budget.
Tile:
While tile is generally thought of for bathrooms or kitchens that involve lots of water, tile has increased in popularity in other rooms as well, especially as new styles of emerged, including tile that has the appearance of wood floors without the same maintenance requirements.
Stone:
Natural stone options like granite, marble, and travertine have gained in popularity not only for outdoor spaces but indoor as well. These floors are bold, and provide elegant, durable, waterproof spaces that pop.
Linoleum:
Linoleum has long been looked to as an eco-friendly and affordable option for floors that requires very little maintenance.
Alternative flooring options have also gained interest on the market. Cork offers fire resistance and is particularly good at blocking sound. Bamboo offers a durable but more environmentally friendly alternative to more traditional hardwood flooring materials. Terrazzo — a composite of natural stone and resin — has a unique finish and incredible durability.
How Footprints Floors is Different
- Strong Franchise Model: While other home improvement franchises require owners to operate expensive showrooms as well as warehouses to store flooring, Footprints Floors cuts costs for owners and customers alike by letting each homeowner purchase their flooring from wherever they choose. Cutting costs for customers and cutting operation costs improves the bottom line for everyone!
- Freedom and Flexibility: We place high value on our owners enjoying a positive work/life balance. Our support team handles the heavy lifting of fielding customer calls and questions, allowing you to focus your attention on your customers, and on your family.
- Unbeatable Support: Most franchises offer support in some form to their owners, but we truly believe that ours is among the best. In fact, our dedicated call center handles lead generation, customer calls, and appointment scheduling for you. This frees up owners from some of the busy work of owning a business and allows them to focus on providing excellent service for their existing customers.
- Outstanding ROI: We have a home improvement industry low investment and operating costs, which means our owners enjoy a much faster return on their investment than the average franchise. In fact, our average sales were $747,401 on our last FDD, with our highest earning territories reporting $1.9 million.
