Home Improvement Business Opportunities: How to Choose
Thinking about home improvement business opportunities? There are many different options within the industry. At Bath Tune-Up we have the experience and knowledge to help you learn what to consider when choosing.
High Reward Industry
The home remodeling industry is thriving. The average American household spent $8,484 on 3.2 home improvement projects in 2022. Popular projects are bathroom upgrades, painting, and installing new flooring, reports Anji, an online home improvement resource.
After two years of record-setting gains, expenditures in home improvement are forecast to rise modestly in 2023, reaching $485 billion, according to Harvard University’s Joint Center for Housing Studies. Even as rumors of a recession swirl on Wall Street, homeowners are still making home improvements and hiring contractors. In 2023, people plan to focus on essential repairs and small projects to enhance the quality of their homes and create multi-purpose spaces.
Entrepreneur’s Franchise 500 includes at least 34 home improvement business opportunities on its franchise ranking. Choosing the right franchise requires ample due diligence and validation. Before you get started, it’s important to lay out your financial and lifestyle goals and determine the business model that works best for you and your family. Do you want to be an owner-operator, or outsource the heavy lifting to a contractor to focus on growth?
Bath Tune-Up provides a full range of custom design options and curated concepts for every level of bathroom remodeling. We’re a one-stop shop for all parts of a customer’s project, including tiles, flooring, vanities, surround, finishes, and more. We simplify the design process by offering 28 curated design collections to get the job done quickly and on budget. Bath Tune-Up is part of the Home Franchise Concepts family of brands, one of the world's largest franchising systems in the home improvement services space. Home Franchise Concepts franchises nine brands, including Budget Blinds, Concrete Craft, and The Tailored Closet.
Select the Best Franchise
Once you understand your goals, it’s time to start your search. To help narrow down your home improvement business opportunities, here are some important factors to keep in mind as you explore your options:
- Business model. Home improvement franchises come in a variety of shapes and sizes. There are mobile businesses you can operate from a home office or van, while others require hiring employees or securing a storefront. Pick a business model that fits your lifestyle and price point. Bath Tune-Up owners have flexibility and can choose to open a retail location or work from a home office.
- Startup costs. Franchising allows you to operate a recognized brand with a proprietary operating system. But, the training and support come at a cost. Pay attention to the initial investment and ongoing fees when choosing a franchise. Make sure to scope out the brand’s Financial Disclosure Document to get a financial overview of some of the existing franchise owners. Every business requires a ramp-up to profitability and understanding the timeline will help you make an informed decision. Bath Tune-Up requires an initial investment fee of $64,950 and $39,980 of working capital. We offer up to $36,000 of in-house financing to help our owners get started. The royalty fee for Bath Tune-Up starts at 4% and we have a 1% ad fee to facilitate a nationwide marketing program.
- Training. Franchising allows you to open a business without direct experience in your field by offering ample training. Pick a franchise with virtual, in-person, and field training to gain the insights you need to get started. Bath Tune-Up franchise owners spend four weeks participating in online training and nine days of virtual and hands-on training at our corporate office. We help you create a 12-week action plan to get started.
- Marketing support. Franchisees pool their advertising resources to have a nationwide approach to marketing. When selecting a franchise, pick one with ample marketing support and national and local guidance.
Bath Tune-Up uses strategic advertising methods and techniques learned from years of experience. We have a team of talented marketers who will personally connect with you. You’ll also have access to our approved preferred vendor partners to build a successful lead-generating local marketing plan.
Inquire Now About Bath Tune-Up
If you’d like to learn more about Bath Tune-Up and the benefits of investing in a business in the home improvement industry, inquire now. One of our franchise advisors can help you determine if a future in bath remodeling is the right entrepreneurship option for you.