So you want to open a home remodeling franchise, but you aren’t sure if you’re cut out to get the job done.
As with anything in life, there are always common myths about opportunity that might hold you back. And while they might be true for some people, they aren’t general rules of thumb that apply to everyone.
Most of the myths about opening a home remodeling franchise, though, are the same kinds of myths that every potential franchisee faces when exploring investments in a franchise.
Here’s a look at a few of the most popular myths, and some thoughts on debunking them:
Franchising Stifles Freedom
If you want to be your own boss and start your own business, this is probably something you’ve heard and worry about. If the point is getting away from following orders, why open a chain of someone else’s business?
Here’s why: There’s a proven track record of success, and it’s exactly like opening your business, except with structure, guidance, and support to help you succeed.
The only thing a franchisor typically controls is the framework of the company – and that’s something you should be thankful for having. By franchising, you’re receiving a repeatable model that has shown it is successful.
Beyond that baseline structure, though, everything else is really up to you. You control your hours, manage, market and promote the business, make hiring decisions, delegate what and to whom you want, and make the decisions. Ultimately, you’re really in control.
I Don’t Have the Money for a Franchise
If you’re reading this, you probably do, because if you really believed it was out of reach financially you wouldn’t be Googling things for more information and actually considering it, right?
Now, do you have a couple hundred thousand dollars lying around in cash or a spare bank account? Maybe not. Not many of us do. But you likely have some savings, good credit, and the ability to get financing. Plus, franchising makes financing easier than opening a business alone because there’s not only a proven track record of success, there’s an extremely detailed business plan that shows the bank exactly when and how you’re going to make money that allows you to pay them back.
Plus, usually the only payments you make directly to the franchisor typically are the one-time franchise fee, and royalties (typically a small percentage) on sales.
Once you open your business, you’ll be reinvesting money you make in order to pay off what you needed to finance. It’s a self-sustaining process, and the how-to guide is at your disposal.
If you’re still unsure, here’s a breakdown of what your initial investment in a Granite and TREND Transformations franchise will look like.
I Can’t Own a Business in a Field I Know Nothing About
You absolutely can. In fact, many business owners lack in at least one of two key areas: business experience, or topical knowledge and experience in their field.
Doctors and medical experts aren’t the only ones who open and run practices, urgent care facilities, and hospitals. Farmers and grocers aren’t the only ones who open supermarkets and food chains. Fashion designers and moguls aren’t the only ones who open retail stores.
You don’t need to be a handyman, carpenter, plumber, etc. to open a home remodeling franchise. You don’t even have to know how to swing a hammer. With Granite and TREND Transformations, you don’t actually have to do any field work, though you’re welcome to if you’re experienced and it’s something you enjoy. Plus, there are two types of franchise units you can open, which means you get to specialize in the area in which you believe you will thrive.
The key to success as a business owner is playing to your strengths and surrounding yourself with others who excel in the areas you lack.
Take a look at a day in the life of some of our franchisees to better understand the different types and levels of involvement you can have with your company.
Take a look at our process in becoming a franchisee with TREND, and then contact us to begin your journey today!