While the COVID-19 pandemic has caused more people to stay home as a way to safeguard and remain healthy, it has also sparked a significant increase in home renovation activity. Homeowners everywhere are deciding to upgrade or renovate their homes- from the interior to exterior, as a way of coping with the growing trend to work from home or spend more time at home with family. So if you have an entrepreneurial mindset and want to have greater control over your income, owning a home renovation franchise may be your next smart career move. Read on and let’s take a look at how a year at home is creating home renovation demand that will likely continue- even as pandemic restrictions ease.
Staying at home has made homeowners aware of their home’s shortcomings.
During the pandemic, our homes were called on to provide much more than just shelter. For many, dining rooms became our new telecommuting offices, kitchen tables were transformed into work desks for the kids, garages turned into mini-gyms, and living rooms morphed into movie theaters. With so many of us at home, rooms that seemed a bit small before the pandemic suddenly felt cramped. And since most restaurants closed, homeowners spent more time cooking. They also became aware of their kitchens’ limitations, and sharing bathrooms all day made the idea of a more family-friendly bathroom, or the addition of a kids’ bath, more appealing, or in some cases a necessity. In fact, the Better Business Bureau® (BBB) recently published a report by Porch.com that 76% of homeowners in the United States have carried out at least one home improvement project since the start of the COVID-19 pandemic.
Homeowners have more disposable income to spend on home renovations.
Throughout the pandemic, many consumers and homeowners saw their work commute all but disappear, and this put extra money in their wallets. In addition, the dollars people would have spent on restaurants, entertainment and travel went into savings. Kids’ after-school and summer activities came to a halt, leaving unspent funds in parents’ pockets. Overall, it is estimated that Americans have saved a staggering $1.6 trillion since the start of the pandemic. With this pent-up savings and demand at an all-time high, home renovations in 2021 are soaring, and it doesn’t look like it will slow down anytime soon. Although some homeowners will still try the popular do-it-yourself approach to home renovations, experts predict home projects will get bigger and homeowners will get busier, and those homeowners will rely, more than ever, on professional home renovators. Also, as COVID infection rates continue to drop, homeowners who would have been hesitant to allow contractors inside their homes during the pandemic will be more willing to let workers in their houses. This trend towards using professional renovation help is reinforced by a recent Houzz survey that showed the pandemic drove a 58% annual increase in project leads for home improvement professionals in June 2020 over June 2019.
Home renovation franchises are seeing the benefits of an exciting, profitable trend.
When you take into account the strong, pent-up demand for home renovations, add in Americans’ increased savings from the past year, and then include their preference to hire professionals to handle renovations, it’s easy to see why exploring a home renovation franchise makes so much sense. Overall, the home improvement industry saw a 2020 profit of $6.6 billion, and this figure is expected to grow substantially over the next several years. Much of this growth in home renovations will be fueled, in party, by companies such as Home Franchise Concepts® (HFC). With 25 years of proven experience and six home service brands, HFC has established a solid track record of success in the home services and home renovation space. For example, ConcreteCraft® is a nationally branded expert in stamped, resurfaced, stained, and restored concrete, and Budget Blinds® is the largest window covering franchise in North America. Other leading brands in HFC’s franchise portfolio include Tailored Living®, a top designer and creator of stylish home storage and organization solutions, and Kitchen Tune-Up® and Bath Tune-Up®, two home renovation franchise brands that provide curated concepts for every level bath and kitchen remodel.
See why now is the perfect time to explore the benefits of owning a home renovation franchise.
As more and more homeowners look to make improvements to their homes, the opportunity to gain greater independence, flexibility, and control over your future income make owning a home renovation franchise extremely attractive. If you have a desire to succeed and are looking to take that next step toward achieving your own slice of the “American dream”, explore the exciting franchise opportunities of Home Franchise Concepts. By partnering with HFC you are provided with the support and backing of a dynamic, successful company that is highly regarded, and one that’s consistently ranked on Fortune Magazine’s “100 best companies to work for” list. Take control of your future and get educated about franchising by selecting a company that is best for you and your family’s future. Call us today at 800-420-5374 or go online to Home Franchise Concepts. One of our franchise licensing advisors will be happy to answer any questions you have and assist you with evaluating whether franchise ownership is right for you and which of our brands is the best fit—Budget Blinds, Tailored Living, Concrete Craft, or another one of our premier brands in the home services and renovation franchising category.