7 Benefits of Being a Franchise Owner
You want to flex your entrepreneurial muscles and be your own boss. Setting your own schedule is an attractive idea. But start-up businesses require a steep learning curve, a potentially hefty investment--and the potential for failure. How can you have the benefits of owning your own business, but with less risk?
Buying a bathroom remodeling franchise like Bath Tune-Up can give you the independence you want, with the support you need to succeed. The benefits of franchise ownership include name recognition, a proven business model, training and systems provided by the franchisor, a network of fellow owners, and the ability to create your own schedule and workload. Check out these benefits of joining a franchise family.
1. Business Ownership with Less Risk
Becoming a franchise owner means you move directly into business ownership. You effectively bypass the traditional route of moving through jobs to gain higher positions while building a resume in a specific field. Yet your leap to ownership isn’t as big a risk as it might seem, because your franchisor has your back.
Creating a start-up involves financial risk. Purchasing a franchise is a good bet: on average, franchised businesses have higher survival rates than independent businesses. The two-year franchise success rate is about 8 percent higher than the success rate for independent businesses. This success comes down to support from franchisors to ensure franchisee success, coupled with the fact franchisors screen potential franchisees to ensure they’re good candidates. You start your business knowing you’re set up to do well.
2. A Booming Market to Serve
You can benefit from purchasing a franchise at the right time--and the right time for a bathroom franchise is now. The National Kitchen and Bath Association forecasts that remodeling revenues should rise from $136 billion in 2020 to $158.6 billion in 2021 as homeowners continue a strong trend of investing in home improvements.
3. No Experience? No Worries
You don’t have to have experience in bathroom renovations--or any kind of renovations or remodeling--to own a bathroom remodeling franchise. Franchisors train new owners on products, processes, management and finances, and marketing. Training doesn’t end when a franchise owner is ready to open up shop, either. Ongoing training keeps owners on top of new products and trends.
4. Name Recognition from Day One
The name and logo on your franchise give you an advantage from the day you open your doors. Though your one location of this business might be new to that area, customers will feel they already know what you do and they know your reputation.
5. A Proven Business Model
As a new owner of a bathroom remodeling franchise, you benefit from tried and true, already tested products and systems. Franchising means you sell and use products other owners already use successfully. Because the franchisor has collective buying power and purchases in large quantities, you have lower overheads and pass along those savings to your clients.
The benefits extend beyond products, too. You’ll use proven systems to run your business. The franchisor will train you to use its inventory and project management systems, customer relations management, systems, and payroll. The franchisor shows you how to hire and bring new employees into the fold. Don’t know anything about marketing or advertising? The franchisor will teach you, and provide ready-to-use campaigns to launch in your area.
If you need advice, the franchisor is there to help. Plus, you can call on the experience of all your fellow owners. When your bathroom remodeling franchise is--like Bath Tune-Up--part of a bigger family of brands, you have even deeper support. Bath Tune-Up and its sister company Kitchen Tune-Up are part of Home Franchise Concepts, a leading franchisor with over 25 years of experience, which has six home service brands and resources including a support team of industry experts, national lead generation campaigns, on-going training and support for the life of your business, and other tools to help owners succeed.
6. A Welcoming “Family”
Another benefit: Franchising creates flexible opportunities for owners at all ages and in all stages of life. Some owners buy a franchise when they retire from careers. Others crave a mid-career change. Still others are seeking opportunities after losing jobs to downsizing. Some owners choose franchises in locations important to them, moving to be closer to family or to relocate to the areas where they plan to retire eventually. And owners benefiting from franchising are women, men, couples, parents teaming with their adult children, and more.
7. A More Secure Future
As a franchise owner, you’re well-positioned if you want to buy a second franchise to expand your business. When you’re ready to retire from bathroom remodeling, you’ll be selling a working franchise that’s already up and running, and the franchisor will help you identify potential buyers.
If you want your own business but also want less risk and more support, consider these benefits of owning a franchise, compared to going into business from scratch. The growing market for bathroom remodeling makes Bath Tune-Up a great candidate for your franchise future.
Ready to learn more about Bath Tune-Up and whether it is a right fit for your franchising journey? Visit franchise.bathtune-up.com, or call 866-437-0202 to speak to a franchise licensing advisor.