5 Things Great Home Improvement Franchises Have in Common
If you’ve been thinking of embarking on a journey known as franchising, then you’re not alone. Owning your own home-based franchise business has become increasingly popular. And for good reason. First, you have the opportunity to adjust your workload to achieve that all important, but often elusive “work-life” balance. Secondly, when you own your own franchise business, you gain greater control over the amount of money you can make, as well as other business functions. You can also benefit from exceptional training and support that’s offered by the parent company or franchisor. Yes, there are a host of reasons why owning a franchise is more popular than ever, and with most industry experts predicting the industry to experience continued growth of between 2.8% to 3.5% annually into the future, it’s easy to understand why so many are exploring franchising as a next step to achieving their slice of the “American dream”. While it’s exciting to see the benefits of owning your own franchise, it’s also wise to know what to look for in a great franchise, and what most superior franchise opportunities have in common. So whether you are considering a home improvement franchise, such as one of the brands offered by Home Franchise Concepts® (HFC), a national leader in the home franchise industry with more than 25 years of experience, or another franchise industry, below are 5 things to look for to help ensure you have a successful experience.
#1: Look for a strong market opportunity.
One of the first things to look at is the market opportunity of the product or service you’re thinking of investing in. Whether it’s food and beverage, fitness, or home services, the demand will always vary depending on the climate of the current economy, although some may vary less than others. As an example, the home improvement franchise category has seen significant growth despite the recent economic challenges caused by the pandemic. Home services, from remediation and restoration, to home and garage storage solutions, to decorative concrete, are seeing continued demand as homeowners spend more time in their homes and look for ways to beautify the place they spend the most time in. An example of this is Concrete Craft®, one of the brands of HFC and the largest decorative concrete franchise in the nation. Although decorative concrete is not a “must have” service, Concrete Craft has seen exponential growth during the pandemic and additional, exclusive sales territories are still available that allow you to focus more on marketing to your prospective customers without the challenges of competing with other Concrete Craft owners.
#2: Look for a track record of strong financial performance.
This is where you need to determine where your priorities lie and what the most realistic option may be for you. Begin by asking yourself, is it more important to find a lower investment model with higher revenue potential? Or to find a higher investment model that offers greater assistance from the franchisor in a down economy? Once you have this and other related financial questions answered, and have narrowed down your options to a few brands that you’re drawn to, ask about the financial performance of existing franchisees. If their proven financial performance aligns with your priorities, continue to explore the brand.
#3: Top franchises should benefit from a strong company foundation.
The history and founding of a franchise company is an important aspect that should be considered of every brand. The inspiration that sparked the business’s conception, along with its values, current vision, and mission are components that you should keep in mind when doing your research. Was the company founded to inspire change or was it founded because it was a hot, trending concept at the time? This may help you eliminate options based on your own values. Additionally, look at who’s running the business today. Who is on the current management team, especially at the franchisor level? Keep in mind this is the team that will train you, and likely the team that has developed the franchising model you will follow. In most cases, great franchises have a team that includes those who have significant success within the franchising industry, and others who have also performed exceedingly well within the specific service that the franchise offers to consumers. You will also want to feel confident that they will provide continuous support throughout the entire onboarding and training process, as this is one area you don’t want to settle on.
#4: Great franchises have a competitive differentiator.
Most entrepreneurs have heard that you have to differentiate your business. But is it actually important? The answer is an easy “yes”. That’s because in a growing industry, such as home services, there will undoubtably be competitors along the way, and you need to separate your business from the “pack”. Most experts will agree that successful businesses are almost three times more likely to have a strong differentiator. If you don’t have a strong differentiator, the only option left is to compete on price – and that, over time, won’t put a business on a successful growth trajectory. Simply put, your franchise brand’s differentiators are among its most important assets because they nurture your relationship with the consumer and ultimately drive your reputation and pace of growth. In the case of Concrete Craft, this could not be more true. That’s because Concrete Craft offers franchise owners several distinct competitive advantages with their exclusive process and techniques. As an example, their hand-cut and custom-colored system allows them to create a lasting finish that simulates real stone. Their genuine stone molds and wood plank stamp patterns provide the same textures found in nature, so finished surfaces look authentic. Customers can also have the elegant look of premium stone facades for a fraction of the cost of real stone.
#5: Look for a well defined brand and commitment to marketing support.
A strong brand identity is one key differentiator between successful franchises and those that often struggle. In marketing circles, experts often agree that, “people buy brands, not products”. When exploring a home improvement franchise or any other for that matter, look to see if the parent company or franchisor is committed to building and maintaining a strong brand. This can usually show in their ongoing marketing efforts, which may include a robust presence in social media as well as other more traditional forms of marketing, (radio, cable TV, print advertising, and promotions). With Concrete Craft and parent company Home Franchise Concepts®, branding and marketing are turn-key, comprehensive, and localized to help set you up for success, and it begins with their National Advertising Fund, (NAF). The primary purpose of Concrete Craft’s NAF is to increase top-of-mind awareness for the brand which includes an active presence in the digital world. Your NAF dollars are used for national campaigns that support you locally with highly effective digital marketing that includes email campaigns, social media (Facebook, Instagram, blogs), and professional product photography with marketing templates and implementation guides for your local campaigns.
Now is an ideal time to get started with owning your own home improvement franchise business.
Using the 5 “qualifiers” as outlined above, you can continue to explore and eventually narrow your franchise search to include those opportunities that will truly set you up for success. Concrete Craft continues to expand as the leader in decorative concrete and we’re looking for those like yourself who have that “can do” mindset. Call 1-800-420-5374 or explore the Concrete Craft opportunity online. You can also visit Home Franchise Concepts online and learn more about franchise ownership with our sister brands. One of our franchise licensing advisors will be happy to answer any questions you have and assist you with evaluating whether franchise ownership is right for you!