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home improvement franchise

Top Home Improvement Franchises

Home improvement is an industry that is ripe for the taking. The purchase of a home brings with it plenty of opportunities for maintenance and repair. From landscaping and adding a deck to interior decorating and plumbing, the services required by homeowners are deep and expansive. With today’s homeowner likely to be too busy, too unknowledgeable or too old to tackle these jobs, now is the perfect time to get in on an industry that topped $327 billion in 2015, according to statistics gathered by the Home Improvement Research Institute (HIRI).

mrhandymanMr. Handyman

Mr. Handyman is a unique home improvement franchising opportunity that provides two types of opportunities. With their tools and guidance, investors can either grow their current business or start one from the ground up. From eye-catching vehicles and uniforms that exude a professional appearance to menu pricing guides and extensive marketing programs, Mr. Handyman works closely with you to achieve your professional, financial and personal goals. As a ranked business on Entrepreneur magazine’s Franchise 500 list in 2017, Mr. Handyman strives to meet their goals of treating people and their homes with respect and quality by providing ongoing support in the form of field operations, regional media, a toll-free phone line and more.

trendtransformationTrend Transformations

Since 1997, Trend Transformations has been providing entrepreneurs with the opportunity to transform homes. Specializing in terrazzo tiles for new and resurfacing countertop applications, Trend Transformations also offers acrylic bath surfaces and cabinet refacing. Their large-format terrazzo tiles are ideal for commercial projects. With an array of collections, including quartz and granite, and an emphasis on eco-friendly construction, Trend Transformations is committed to helping their franchisees grow their businesses. Ranked as #284 on Entrepreneur’s top 500 Franchises, Trend Transformations offers purchasing co-ops, field operations, ad slicks and other supportive training.

nhanceN-Hance

N-Hance offers a unique franchising opportunity for remodeling home interiors. It uses a proprietary wood refinishing process that doesn’t require any sanding. Instead, the company uses an instant-curing UV method to refinish kitchen cabinets and hardwood floors. N-Hance is ranked #258 on Entrepreneur’s 2017 list of the top 500 franchising opportunities. It requires two employees to run a franchise and provides ongoing support in the form national media coverage, newsletters, and meetings.

OLPOutdoor Lighting Perspectives

Outdoor Lighting Perspectives provides a variety of lighting services for homes and businesses, including landscape lighting design, lighting automation, and maintenance. With this franchise, you’ll be offering customized services to your clients. Each lighting system is custom-crafted of weather resistant materials, such as brass or copper, to meet the individual needs of the client. As North America’s largest provider of architectural and outdoor landscape lighting, Outdoor Lighting Perspectives provides an extensive array of support and marketing options including field installation, lead generation tactics and business management and accounting.

DDIInteriors by Decorating Den

Interiors by Decorating Den gives you the tools to transform your clients’ home interiors to match their goals and visions. Whether your customers need help with decorating their home office, living room, bedroom or the whole house, Interiors by Decorating Den provides everything — furniture, drapery, wall coverings and more — for you to make them happy. You can even provide interior decorating services to commercial establishments. With more than 45 years of helping people succeed, Interiors by Decorating Den provides ongoing training, a wholesale vendor network and a variety of marketing and advertising to reach your target audience.

As evidenced by the companies highlighted above, there is a wealth of diverse opportunities that await entrepreneurs who have the dedication and interest to tap into this growing industry.

Next Steps

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.

independent vs franchise

Independent Business vs. Franchise Business

Many nascent business owners are unaware of the basic differences between starting an independent company and buying into a franchise. Each option has its own unique benefits, and any potential business owner must weight the pros and cons in accordance with their own situation to determine which model is the better fit.

Brand management

For people who dream of taking an original idea and using to define and build a brand from the ground up, starting an independent company is the ultimate dream. When you open your own independent business you have complete control over every aspect of brand development, from the most fundamental design components to minute details. Having this freedom, of course, means that you will have to start from scratch and work hard to create your brand image, continuously monitor its evolution, and spread awareness through effective marketing.

By opening a franchise business you sacrifice a great deal of control over the various elements of the brand design and management. But what you lack in control, you make up for with an established brand presence and a powerful marketing arm already in place. Many franchises that you can partner with have a recognizable brand identity that has been honed over decades, as well as built-in customer bases that will automatically anticipate your opening.

Developing systems and processes

As an independent business owner, you will be responsible for creating all of the systems and processes that are necessary to get your product from an idea in your head to an object (service, software solution, etc.) in your customers’ hands. You can, of course, research helpful sources and take cues form established companies, but no process will work exactly the same in every situation, and you will have to constantly work to optimize your business systems to maximize results.

When you own a franchise, one of the most significant benefits which you gain access to is a series of processes that have been tested and improved over time. This includes systems such as supply chain management, inventory controls, product manufacturing specifications, and so much more.

Hiring and training protocols

If you hope to one day grow your independent business, you’re eventually going to have to hire some employees. Your employees will grow to be the heart and soul of your company, but the process isn’t without its pitfalls. Budgeting for salaries with uncertain growth plans is a complex issue. Additionally, if your training procedures or materials are insufficient, there isn’t much that your team members can do to overcome that.

Franchise brands, on the other hand, have recommended guidelines for hiring and staffing procedures, including number of employees needed at each position (based on size and operational output), wage structure (dependent upon local wage laws), and handling human resources issues. The franchisor will also provide you with training manuals that are standardized for your company’s specific operations.

Financial matters

For an owner of an independent business, the different financial scenarios that can occur run the gamut from simple to life-altering. It’s possible you’ll only need to invest a small amount of your own money before you start to make it up in revenue. It’s also possible that getting your company off the ground will require any combination of draining your personal savings, taking on additional debt, securing investments from outside sources, and more. It’s unpredictable, and every scenario is on the table.

Franchise business, meanwhile offer much more predictable financial investments on the part of owners. The requirements will differ from business to business, but going into the agreement you’ll have an understanding of exactly what is expected in terms of franchise fees and operational costs, and therefore you can budget more effectively.

Next Steps

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.

franchise investment

Understanding The Franchise Investment Path

You’ve found a franchise that you could imagine yourself running.  You’ve envisioned yourself passing along your business card with the word “owner” nestled beneath your name. You may have even spent time in the mirror where you practice saying, “Why yes, this is my business.” After all, practice makes perfect. But before you submit your request for consideration to the company of your choice, you’ll need to count some Benjamins…

As a potential franchisee, it’s important to consider how much you’ve got, how much you’ll have to give upfront, and how much your franchisor will get as time goes on.

Know your worth, your net worth that is. Using a balance sheet, make a list of all your assets: checking accounts, savings accounts, real estate, automobiles, stocks, bonds, any mint-condition Beanie Babies you may have acquired in the late nineties, and of course cash on hand. Next subtract your liabilities, meaning everything you owe or pay: mortgages, bills, and outstanding loans of any kind (student, automotive, or otherwise). The number you’re left with is your net worth. Now identify your liquid capital. This refers to your assets that are readily available to start your business such as CDs, cash, stocks, or bonds. A franchise will have a minimum requirement for liquid capital and/or net worth. Why? These financial statements serve as proof that you can get a franchise off the ground.

Decide whether or not you can afford the franchise fee and investment.  The franchise fee varies greatly depending on what industry you’re getting into. Some fees are as little as five-thousand dollars where others may be in the neighborhood of one-million dollars. You have to decide what works for you. Look at your franchise fee as membership dues that all franchise business owners pay to get their businesses off the ground. This one-time payment often includes training, support, and guidance regarding the physical location of your business. It is enormously important that understand exactly what your franchise fee entitles you to so read all of the fine print. (Twice if need be.) Your investment represents what the company believes it will cost you to get the business started. Costs may include rent, hiring costs, supplies, inventory, insurance, and more depending on the type of business you’re opening. While it’s in the company’s best interest to accurately depict how much your initial and ongoing financial contributions will be, it’s in your best interest to get a second opinion, and third, and fourth. Utilize online message boards. Since they’re anonymous, you’ll get insight you wouldn’t otherwise get from an employee who may think twice about sharing one-off incidents of money pit-itis.

On going, going, going, royalty fees.  Long after your franchise fee and investment costs are paid, you will still be required to pay royalty fees. This is the percentage of your gross profits (before any deductions are made) that will go back to your franchisor as long as you own your business or until a zombie apocalypse, whichever comes first. Before you balk and say, “But this is my money!” remember that a great deal of your success stems from the fact that the business you are running is in fact a franchise. You were provided with a proven model and method to achieve business success. In some instances, additional royalties for profit-generating initiatives such as marketing and advertising are collected. (Those celebrity endorsements and Super Bowl advertisements aren’t going to pay for themselves.)

In summary, you have to know your wealth before you grow your wealth. The franchise you chose to invest in is designed to help you succeed.  Help yourself by accurately detailing your financial status and choosing the franchise that best suits you.

Next Steps

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.