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Franchise Prospector » Franchise Trends
Home Improvement Franchises are HOT Today!
A Very Profitable Future
By Bob Seay
Home is where the heart is, and home improvement franchises are where the money will be in 2006-2007. "The home improvement industry continues to grow at a record pace," says Lynda Lyday, a home improvement expert and host of DIY, Do-It-Yourself network. "We're seeing more and more homeowners not only expand the amount of living space or redo a room to increase the value of their home, and exterior makeovers such as new landscaping are becoming more commonplace." Americans spent 214 billion dollars on home improvement products and services last year, according to the National Association of the Remodeling Industry (NARI). NARI expects that tend to continue, with projected revenues of $224 billion in 2006-2007. As Devlin Smith of Entrepreneur magazine says, "You can't argue against a market that comprises 70 percent of Americans."
All of this means a very profitable future for the owners of home improvement franchises. Fortunately, several franchise opportunities are available for entrepreneurs who are looking to break into this lucrative and sustainable market.
While do-it-yourself projects continue to be popular, many busy homeowners are finding that they would rather take out their wallet than open a toolbox. Homeowners are looking for skilled professionals whom they can trust. They are leery of fly-by-night operators and unqualified contractors. Home improvement franchise owners benefit from the name recognition and credibility that comes with being associated with a national brand like House Doctors or Archadeck, just to name two. Nationally recognized franchises with reputations for quality materials and workmanship inspire consumer confidence. The franchise owner benefits from being part of a large, well-known company.
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Several factors are behind the growing home improvement trend, including a growing sense of community in American neighborhoods. Instead of moving to new neighborhoods, more homeowners are choosing to stay put and remodel the home they already have. Rather than buying a bigger house, a growing family may consider adding a bedroom or modifying their living space to accommodate their changing needs. More and more, people are choosing to refurbish their homes and use what they already have.
Another important factor is the drop in new home sales. Research from the mortgage industry indicates that fewer than one in ten Americans plan on buying a new home in 2006-2007. In many cases, homeowners are refinancing their homes to take advantage of historically low interest rates and are using the money to spruce up where they live. When they do buy a new house, today's homeowners are less likely to accept a house "as is," and will usually want to make at least some modifications to personalize their house to fit their individual lifestyle. Changes may be subtle, like redoing the carpet or adding some shelves, or they may include raising ceilings, moving walls, and other major structural renovations. Traditional home improvement projects like kitchen and bathroom renovations continue to be popular, as are decks, gazebos, and other large projects. Whatever changes are called for, chances are good that there is a home improvement franchise available to meet the need.
Our homes have always been our castles. Today, they are much more. A proliferation of home-based businesses means that more homes need home office accommodations. Home computer networks are becoming more common, and homeowners are converting empty closets into computer centers, complete with additional wiring, new shelves, and other necessary fixtures. Telecommuters who spend their days at home want a relaxing and productive work-friendly environment that doubles as a family-friendly living space. More people are choosing to stay home to entertain guests. Home entertainment centers, complete with acoustically designed rooms and custom décor, are becoming more common. Designing and building such a room is beyond the capabilities of the average homeowner, and many home theater buffs are turning to qualified professionals for help.
Franchise owners also benefit from the aging population. Baby boomers are thinking of new ways to use empty bedrooms, now that their children have moved out of the house. First time homeowners are also looking for ways to fix-up older, more affordable houses. Whether they are remodeling a kitchen, overhauling a bathroom, adding a room, or repairing a broken driveway, Americans are taking steps to make their houses more comfortable and to protect their investment. As Americans grow older, their homes will require modifications to accommodate their decreased mobility and other lifestyle changes. Again, these factors point to a long and sustained growth curve for the home improvement industry.
There are numerous opportunities for franchises in the home improvement industry. Franchises are available for companies selling steel buildings and other large structures to be used for garages, storage sheds, or for other purposes. Other companies focus on smaller home improvement projects, including decorating, landscaping, and maintenance work. In between these two extremes are companies that provide bathroom and kitchen renovation, cabinet repair, and a variety of other specialties. Franchises range from relatively inexpensive startups which would be perfect for the first time franchise owner to more expensive investment opportunities that would be better suited for someone with more extensive business and construction experience.
In addition to building and remodeling services, there are home improvement franchise opportunities that specialize in handyman services, including window and screen repair and other small repair jobs. Interior and exterior decorating businesses include companies that provide landscaping services, interior decorating, specialty lighting, and seasonal décor. Customers looking to maximize their living space will be interested in doing business with franchises that provide closet storage systems and other products designed to improve efficiency. Companies that specialize in siding systems or surface refinishing work to keep everything looking good, inside and out. Successful home improvement companies are those that are able to read and anticipate growth trends in their communities and respond accordingly.
Now more than ever, Americans are investing their time and money in home renovation. Home improvement franchise owners can improve their bottom lines by taking advantage of this opportunity and claim their share of this $224 billion a year business.
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