Things You Should Considerbefore Buying a HomeImprovement Franchise

The wide variety of options in the “home improvement” sector of franchising makes thiscategory one of the more popular service-based franchising categories. There arenumerous great opportunities in this sector. Opportunities you can find in the home

improvement sector range from painting to handyman services, from flooring, blinds andwindow covers to closet, garage and kitchen organizing. You can even find kitchenremodeling to full renovation and custom home-building franchises. Anyone who enjoysusing their head and their hands, this is an industry worth considering.However, there are a few things to consider before investing your hard-earned money into aHome Improvement Franchise. This blog contains some tips to keep in mind when lookinginto home improvement franchises.

The demand for home improvements is significantly influenced by the aging populationdemographics.

It is often been said that the baby boomer generation has had one of the biggest historicalimpacts on consumer spending; this holds true for the home improvement sector. Considerthe following:

1. As the youngest sector of boomers achieve that empty-nester status, their housing needschange significantly. They no longer need the dynamic environment that used to support theirkids, and they have more disposable income to enjoy as a result of the kids finally leavinghome! This means that they can be more selfish about their home – kids bedrooms getconverted into home offices, basements get converted into entertainment rooms/home gyms;functional kitchens get converted into gourmet kitchens… The list goes on. Many boomers inthis group want to upgrade their homes to reflect their newfound freedoms.

2. Some boomers in the younger group will also find that their current homes are simply toolarge, so they are looking to downsize; when they move into their new home, they are willingto invest money in personalizing everything to their own tastes.

3. The middle (and largest) group of boomers have recently experienced retirement or are aboutto do so. The extra time they find on their hands often gets filled with new hobbies, and oftenas a result, this group also makes changes to their home environment. They begin thinking,‘Well honey, if were going to be here for a lot more years, let’s make some changes so that wecan really enjoy our home for years to come’.

4. Another factor that this group faces is that as a result of aging, they are simply not able to dotasks they used to do – this is where service companies like painting, gardening and yardmaintenance come in to play.

5. As the oldest sector of boomers face the harsh realities of health related to aging. Sometimes,major renovations are required – after all, nobody wants to live in a nursinghome. Furthermore, it is very difficult for adult children to have their parents live with them.A common solution is to modify the home to enable aging in place – things like moving

bedrooms to the main floor, putting in stair lifts or even elevators, full bathroom renovationsfor easy and safe personal care, etc.

6. Transfer of wealth is another factor that is driving opportunity in the home improvement sectorof franchising. Economists tell us that over the next 10 years or so, we will see the greatesttransfer of wealth from the boomer generation to their children – either through estatedistribution at death, or through planned transfer of wealth prior to the death. Either way, thegeneration that is about to receive this wealth will have the benefit of a significant amount ofadditional money for investing and improving their lifestyles. We anticipate that this willtranslate into a lot of business for the home improvement sector, as the younger generationimproves their standards of living with the extra cash.

Home improvement options are vast!As mentioned previously, the home improvement sector encompasses many differentthings. Make sure you understand what your core skills and abilities are, and where your primary

interests are best leveraged. In this way you can identify which sectors of the home improvement

market best leverage these transferable skills and abilities to create optimum results. This will helpyou narrow down which franchises are a good fit for you and eliminate the possibility ofwasting time with those that are not a good fit.You will likely need liability insuranceMany customers will require that you have liability insurance before you work on their home,so make sure you work out the details of insurance coverage with potential insuranceagents once you have your sights set on some franchises. Additionally, some jurisdictions

may require that you possess a contractor’s license before you begin your work, so check withlicensing requirements in your area to determine if this applies to you.Home improvement franchises can be both prosperous and enjoyable businessinvestments, so if you have a knack for handy work and are comfortable overseeing thework of installers and sub-trades, this is definitely a category of franchising worthy of furtherconsideration.

About Gary:

Gary Prenevost is one of Canada’s leading franchise expertsand has been an

entrepreneur for more than a quarter century. He has been involved in a variety of successful non-

franchised and franchised self-employed businesses. By exploring the ideal solutions that fit an

individual’s desires and strengths, Gary helps senior and mid-level executives take a step back and

objectively look at whether franchise ownership would be a viable and positive career choice. By

playing to the individual’s transferable skills and passions, the franchise owner can enjoy less stress,

greater success, more fun, and improved quality of life. For more information

visitwww.CanadaFranchiseExpert.ca or call 905-405-6300. In addition to being one ofCanada’s top franchise matchmaking experts, also co-owns a master franchise and unitfranchise for Alair homes, a custom home building and renovation company, so he isintimately familiar with the home improvement marketplace.