When it comes to driving the economy, the remodeling industry is a powerhouse. It generates almost $320 billion in annual revenue and has grown by more than 4 percent over the past five years, according to IBIS World, one of the world’s top market research firms.
The home remodeling industry is growing along with the country’s economy. That means now is a great time to consider investing in a home remodeling franchise opportunity such as TREND Transformations, which specializes in granite renovations and transformations.
At TREND, we guide our franchisees through choosing locations and finding sources to finance their franchises. These two beginning stages of opening a franchise are critical to a business’s long term success, which is why we focus on them.
Choosing the Right Site
As with anything related to homes, the right franchise opportunity is all about location. Here’s a look at three key considerations that go into site selection for franchises that specialize in home renovations.
1. The Customers
Customers are the lifeblood of any business, which is why it’s critical to understand who they are, where they live, and how they like to spend their money. The good news is that government agencies and your local chamber of commerce gather a great deal of helpful data that is free and easily accessible.
The U.S. Census Bureau can tell you how many people live in a certain area, their ages, and how the population is expected to change. Your local chamber of commerce can provide information about spending habits. The U.S. Small Business Administration can provide tools to help you gather other important data.
Understanding who in your area is most likely to be interested in using granite to renovate is the key to finding the right location for your franchise.
2. The Housing Market
Once you know who your prospective customers are, you need to know where they live.
Talk to your local licensing authority to see if there’s a remodeling boom in the area. Find out how old the homes are and whether there is a lot of new construction. Ask about trends: Are people investing in granite renovations? If so, you may be on your way to finding the right location for your franchise opportunity.
3. The Franchise Resources
Every new franchise opportunity should include franchise resources designed to help you succeed. This is especially true when it comes to TREND Transformations franchises. The company has a long record of helping new franchisees hit the ground running and build successful businesses through its training and support program.
It starts with a program called Atlas Mapping, which helps us understand markets, territories, and demographics. In an extensive research project, we have learned who our core customers are and where to find them. We investigated data from more than 250,000 of our renovations to build up a powerhouse of hard data that we use to help our franchisees find the right territory to open a franchise or place a showroom.
We also have an invaluable relationship with a national real estate company. The real estate company searches for the perfect territory and property for each franchisee, based on the research and parameters set forth by TREND Transformations. Both the brand and showroom requirements factor into the real estate company’s recommended properties. From there, the franchisee, TREND, and the real estate agent make the decision on where to locate.
Financing Your Business
An integral part of starting a franchise is developing a comprehensive business plan. TREND Transformations works directly with an independent, national finance company that helps our franchise owners with this crucial step. This company specializes in franchising, which allows them to assist in writing these business plans. Once the plan is created, it is used to obtain funding through an extensive preferred lending network.
There are a number of options for financing a franchise, and TREND Transformations, in partnership with an independent company, helps our franchisees decipher the different terms of each. Deciding which financing method is best for you is one of the most important ways to make your franchise work.
Get Started Today
The economy is picking up, thanks in large part to the remodeling industry. If you are exploring ways to capitalize on this trend and looking for a franchise opportunity that’s growing along with communities across the country, connect with our experts today. We’ll help you understand who your potential customers are, determine where they live, and find the perfect location for your franchise.