Renovation Business: Why Owning a Franchise Is a Lucrative Choice
Home renovation spending has surged over the past several years. More than half of homeowners who did a renovation in 2023 spent $25,000 or higher, up from 37% in 2020. Increased spending and optimistic projections make this a great time to start a home renovation business. Learn why it makes a great investment and why buying a franchise may be the best choice.
Renovation vs. Remodeling
It’s common to use the words renovation and remodeling interchangeably, but some key differences matter when planning a project or opening a business. A renovation involves updating a look without altering the layout or purpose of a space. Remodeling changes the design, structure, and potentially the function of a room or area of a home. Knocking out a wall to expand a room is a remodeling project, and painting or replacing cabinets is a renovation.
Owning a renovation business can be a better opportunity, particularly for people who are first-time entrepreneurs. Here’s why:
- Lower supply costs and faster turnaround: Renovations, like painting or upgrading kitchen cabinets, cost less than a major remodeling project, generating a higher return on investment for homeowners and renovation businesses.
- High demand: Since renovations are typically less expensive than remodeling projects, they appeal to a wider range of customers, creating a steady flow of clients.
- Less oversight: Unlike remodeling, renovations don’t always require the hassle of getting a permit, reducing your administrative load.
- Adaptable: Renovating focuses primarily on aesthetic changes, making it easy to adjust to changing design trends.
Starting a Home Renovation Business
One of the first steps in starting your home renovation opportunity is choosing the right niche. Home renovation niches include kitchens, bathrooms, roofs, flooring, window coverings, and many other areas of home renovation. A dedicated focus is a key component to successfully growing your business.
Starting a business can be overwhelming. It involves market research, developing a solid business plan, choosing technology, establishing management systems, selecting, and purchasing equipment, and 100% of the marketing efforts that will help you establish your customer base.
Buying a franchise gives you access to resources, support, and brand recognition. A franchise business comes with training and ongoing support. You’ll receive vetted vendors and suppliers and being part of a franchise system enables you to take advantage of group buying power to lower supply costs. Another one of the advantages of franchising is managed risk. With a franchise, most risk factors are identified and assessed, and while there is still risk based on uncontrollable factors, a support system to help you through a set of managed risks will help set you up for greater potential success.
Buying a Kitchen Franchise Makes the Most Cents
When choosing a dedicated focus for your business, kitchen renovations are an excellent choice. Kitchen projects are the most popular renovation choice among homeowners, and they’re where many families spend the most time.
If kitchens are an area you’re interested in for your business, a Kitchen Tune-Up franchise may be for you! Specializing in kitchen updates and renovations, Kitchen Tune-Up offers personalized design services for customers through a simple, stress-free process. A recognized brand with more than 34 years in the kitchen business, a Kitchen Tune-up franchise requires a moderate investment, many franchise benefits, and a fairly quick start-up time frame. And you can trim start-up costs by operating from a home office.
In addition to renovations, Kitchen Tune-Up offers full-scale kitchen remodels, allowing you to serve an even wider client base.
“Kitchen Tune-Up is a home improvement business that has so many improvement ideas to offer every homeowner, property manager, or business owner,” said Russ Rysavy, a franchisee in Rapid City, South Dakota.
Inquire now to learn more about building a future in the home renovation industry and starting a remodeling business with Kitchen Tune-Up.
