There are many upsides to buying a franchise when looking to join the lucrative painting industry. It lets you access excellent advice, which enables you to hit the ground running.
Every year, American homeowners spend an estimated $400 billion on home improvement. That level of spending makes the home improvement sector more lucrative than departmental stores, full-service restaurants, and drugstores. Research indicates that the industry is growing by six percent annually, making it one of the most profitable sectors.
Home remodels range from improving the curb appeal to optional upgrades that enhance the homeowners’ lifestyle. Such developments make the sector quite attractive to investors. By joining one of the home improvement franchises on the market, you can have a slice of this enormous pie.
Hit the ground running
Starting a business from scratch can be a bit challenging, especially when getting into business for the first time. Over 40 percent of new companies fail due to incompetence. Buying a franchise ensures that your inexperience doesn’t work against you and cause you to incur huge loses.
As a franchisee, you can ride on the success of the franchisor and benefit from their experience and business model. You only have to adapt their business model complete with their standards and procedures, inventory management, and marketing strategies.
As part of your induction process, the franchisor will take you through an intensive training program to ensure that you’re off to a good start. You will also have access to a skilled and experienced mentor to keep you from making costly errors. You get to access an extensive network of franchise owners whom you can turn to for useful advice and insights.
Build trust quickly
Given the strong attachment that people have to their homes, they are quite particular about the reputation of the company they retain to remodel their homes. The presence of many shady fly-by-night contractors makes people uneasy when dealing with little known entities. Joining a reputable company spares you from such problems.
As the reputation of the brand precedes you and people are quite familiar with the quality of service it offers, they will readily retain your services. You won’t have to go to great lengths such as offering steep discounts to acquire new customers and grow your market share. You can build your customer base quickly and increase your cash flow.
As part of the franchise agreement, you pay part of your revenue to the franchisors. Part of the money goes toward corporate marketing and advertising. The parent company handles all the advertising and marketing campaigns at the regional or national level. That helps to build brand recognition and trust, bringing a higher customer base to each location.
If you’re looking to get a slice of the multibillion-dollar home improvement sector, you are better off buying a franchise. It lets you gain traction on the market sooner than when you start a business from scratch. You get to be part of a larger and more reputable company, which is crucial in establishing trust on the market. Your franchisor will take you through comprehensive training to ensure that you have what it takes to run your business successfully.
