Three Myths You May Have Heard About the Home Remodeling Industry

Home improvement business plan

Are you interested in home improvement business opportunities? Studies show that 53% of Americans are interested in the possibility of owning their own business. Many of these individuals, if they move forward with their plans, will likely be drawn to home improvement business ideas.

Although there are many such companies out there, many myths persist regarding how to start a home remodeling business, and what running one entails. Here are three myths about owning a home improvement company, and the reality behind them.

1. It’s an Industry That’s Always Growing

It’s true that home improvements are a service people will always need. However, it’s a mistake to read into this that the market is always booming. Many small businesses had to shut down during the recession that spanned over the last decade. If you don’t have a strong business plan, a good handle on your daily operations, and great marketing, you too might end up struggling.

2. There’s No Point in Teaming Up With Home Improvement Franchises

Why bother working with a franchise that you’ll have to pay royalties to? Unlike something like McDonald’s, home improvements are something you can learn on your own… or so the logic goes. In reality, there’s a reason that franchisees often succeed where stand-alone startups often don’t. If you don’t have in-depth industry experience, a home restoration franchise can give you the leg up you need, in terms of support, training, marketing assistance and more. After all: it’s to their advantage if you succeed.

3. Remodeling Businesses Don’t Require a Lot of Investment

Looking for a business you can invest in without having to take out a loan for capital? This might not be your best bet. Even the most low-cost businesses will still require several thousands of dollars, and it might be several months before you start to turn a profit. It’s also worth noting that businesses requiring the lowest amounts of capital might not always be the best fit for your area’s needs, and they might ultimately prove less profitable.

Are you interested in starting a home remodeling business? What rumors have you heard? Let us know in the comments.

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