Every home needs repairs, upkeep, and improvements. As a result, the home improvement industry has sales of more than $300 billion a year. That’s why buying into a home improvement chain can be a profitable franchise investment. Here are the top five home improvement franchises that investors can buy into.
Budget Blinds Inc.
Budget Blinds allows its customers to shop at home for blinds and other window coverings and offers in-home consultations, measurement taking, and installation. It currently has 804 U.S. and 101 Canadian franchise units. The franchise fee is $14,950 with a total investment of $89,240 – $187,070. The ongoing royalty fee varies, and the term of franchise agreement is 10 years, renewable. Liquid cash available of $54,370 – $86,120 is a financial requirement. Budget Blinds allows running of the franchise from home but does not allow absentee ownership.
CertaPro Painters Ltd.
CertaPro Painters offers residential and commercial exterior and interior painting services. It currently has 411 U.S. and 31 Canadian franchise units. The franchise fee is $52,500 with a total investment of $129,000 – $158,500. The ongoing royalty fee is 5 percent, and the term of franchise agreement is 10 years, renewable. Liquid cash available of $75,000 and net worth of $200,000 are the financial requirements. CertaPro Painters allows running of the franchise from home but does not allow absentee ownership.
Decorating Den Interiors
Decorating Den Interiors decorate homes and businesses by appointment. It currently has 272 U.S. and 14 Canadian franchise units. The franchise fee is $39,900 with a total investment of $54,018 – $79,000. The ongoing royalty fee is 7 – 9 percent, and the term of franchise agreement is 10 years, renewable. Liquid cash available of $40,000 and net worth of $50,000 are the financial requirements. Decorating Den Interiors allows running of the franchise from home but does not allow absentee ownership.
Re-Bath offers bathtub liners to full bathroom remodeling for homes and businesses. It currently has 194 U.S., 7 Canadian, and 7 international franchise units. The franchise fee is $30,000 – $115,000 with a total investment of $94,000 – $342,500. The ongoing royalty fee varies, and the term of franchise agreement is 10 years, renewable. Liquid cash available of $50,000 and net worth of $100,000 are the financial requirements. Re-Bath allows running of the franchise from home but does not allow absentee ownership.
Mr. Handyman provides a range of home repair services for homeowners including leaky faucets, drywall damage, small tile jobs or other minor repairs. It currently just under 200 units in the U.S., 12 Canadian, and 8 international franchise units. The initial fees total $59,400 with a total investment range of $102,000 – $129,600. The ongoing royalty fee is 7 percent, and the term of franchise agreement is 10 years, renewable. Additional working capital required of $42,600 – $69,700 and a net worth of $250,000 are financial requirements. Mr. Handyman allows running of the franchise from home or small office but does not allow absentee ownership. The company provides 6-8 weeks of pre-training prior to one week of training at the home office along with field training that follows.
Owning a franchise is a great way to own your own business. However, your business is expected to be profitable. In order to be a franchisee you need to investigate and research exactly what it takes in order to run a successful franchise. Here are some things you need to take into consideration before buying your first franchise.
- Consider the demand for your product or service. In order for your franchise to be successful you need to determine if there is a strong demand for what you’re selling. Think about how many competitors there are; is it so many it is going to be hard to compete? You also need to check the quality of your product or service next to the quality of what your competition is offering.
- Know your franchisor’s business. To help you choose the best franchise to invest in, you need to research the business’s track record as well as its reputation. Speak to long standing franchises to see what the experience of owning a franchise is like; ask them how happy they are working with their franchise. You don’t want to be unhappy and stuck in a weak or financially struggling franchise.
- You should always consider fees or how you will be compensated. Research how the franchisor is compensated. Ask how much the franchisor’s fees are and what exactly they cover. Always be aware of what you receive in exchange for continual royalties. Always make sure your franchise has a strong financial standing. You don’t want to invest in a franchise that will eventually crumble underneath you.
- Does the franchise have room for expansion and growth? Always select a franchise that has a targeted plan for expansion. A franchise is only high quality if you have room to grow. To help your franchise grow, you need to know the target markets that you will be trying to grow with. Check the location of your franchise. You need to consider being placed near heavy to moderate traffic so that your franchise is always insight and remains in high demand.
- The franchisor’s marketing intelligence. Last but not least, you really need to consider how the franchise will market you. Research to make sure that your franchisor is using new and credible marketing skills. As the franchisee see if you will have access or the ability to partake in similar marketing plans to help your franchise grow.
You can never know too much before owning your own franchise.
If you’re considering a franchise investment or just have questions, feel free to contact one of our franchise specialists to learn more about the process and all the different franchise opportunities by completing our request form or calling 1-877-650-5551.