While the pandemic was a tough time for many businesses, it actually had a positive impact on the home improvement industry. Homeowners began spending more time in their houses due to lockdowns and restrictions, and many decided they needed more comfortable, functional, and esthetically pleasing environments. Some remodeled, some redecorated, and some simply painted.
According to a Harvard University Study, spending on improvements and repairs to owner-occupied and rental properties grew to an estimated $495 million between 2019 and 2021. This resulted in an annual pace of growth that’s more than double the historical average of 4.4%.
If you’re an entrepreneur hoping to capture some of that market share, one way to do it would be to buy a painting franchise.
What Will It Cost to Get Started?
Painting franchise costs vary widely, based on several factors including the company you decide to franchise with, and the location where you choose to operate.
First, the franchise fee can range from as little as a few thousand dollars to $50,000 or more, depending on the franchise. You’ll also need to account for the cost of the equipment you’ll need to run your business. Before you open your doors, you’ll need brushes, rollers, ladders, sprayers, safety gear, and a vehicle to get to and from jobs.
You’ll also need to consider the cost of labor. Areas with a higher cost of living typically have higher wages, which will impact your overall operational expenses.
How Much Money Will I Make?
While running a painting business can be a profitable endeavor, there are several factors that will impact how much money you’ll make.
The painting industry is a highly competitive one. You’ll face competition from local painting companies, independent contractors, and other franchises. Plus, with the proliferation of big-box home improvement stores, many homeowners decide to handle the painting themselves.
With all that competition, balancing competitive pricing while maintaining profitability can be tricky. Other painting companies may offer lower prices, attracting cost-conscious customers and potentially affecting your market share.
Plus, the growth of the painting industry has begun to slow. According to IBISWorld, over the last five years, the revenue for painters decreased at an average annual rate of 0.3%.
How Other Home Improvement Franchises Compare
Painting is just a small part of the home improvement industry which is in turn part of the larger home services industry. The home services industry encompasses anything that is done to repair, maintain, remodel, or redecorate a home.
There are many franchise opportunities available under this umbrella including bath and kitchen remodeling and decorative concrete.
As homeowners frequently prioritize kitchen and bathroom renovations, this sector provides consistent demand. Moreover, remodeling projects like these are usually costly, which means more revenue for the franchisee.
Decorative concrete is a niche of the home improvement industry that’s growing in popularity. Inexpensive concrete is stamped, stained, or resurfaced to resemble stone, slate, tile, and hardwoods. Homeowners looking to save money on their renovation projects find decorative concrete an attractive alternative to these more costly materials.
Franchise with A Trusted Name in the Industry
Home Franchise Concepts is a leading home services franchise, and parent company to some of the most trusted names in the home services industry. We’ve been in business for thirty years and are now ten brands strong: Kitchen Tune-Up, Bath Tune-Up, Concrete Craft, Budget Blinds, The Tailored Closet, PremierGarage, AdvantaClean, Lightspeed Restoration, Two Maids, and Aussie Pet Mobile.
We provide all our franchisees with extensive support and training, so they have every opportunity to succeed, and by doing so, strengthen our brand.
Get Started with Home Franchise Concepts Today
If you’re ready to get started as a franchisee in the home services industry, contact us today. One of our franchise advisors will answer all your questions so you can decide which of our brands is the best fit for you. Take the first step toward franchise ownership today.