Experts believe the home improvement industry will be worth $537.47 billion in 2026, experiencing a compound annual growth rate of 4.47% between 2022 and 2027. Add the rise of franchising at a 2.2% growth rate, according to FRANdata, and it’s no wonder you might be interested in home renovation franchises.
Need help determining which way to go among dozens of home improvement business ideas? Learn which home improvement services are in the highest demand to help you narrow your search.
Kitchen and Bathroom Remodels
With home prices skyrocketing and people spending more time in their homes since the onset of the pandemic, kitchen and bathroom remodels have become very popular. They’re some of the most used rooms in a home. They can also give homeowners the most significant return on an investment in a remodeling project. According to Remodeling Magazine’s Cost vs. Value 2022 report, you can recoup 71% of your costs for a minor kitchen remodel, like refinishing cabinets and updating appliances. As for bathroom remodel projects that include a new tub, tiling, vanity or cabinet updating, and floor updating, you can recoup nearly 59% of your investment.
Kitchen and bathroom franchises can have low initial investment costs and minimal ongoing expenses. For example, to get started with America’s No. 1 wood refinishing franchise, N-Hance, it costs between $57,823 to $168,545. No showroom or employees are required, which helps keep ongoing costs low. At N-Hance, you can provide your customers with exceptional service at a fraction of the cost of our competitors. In addition, our proprietary technology allows you to complete jobs quickly with minimal disruptions for your customers.
In this day in age, you can find almost how to do any project yourself online. From 2019 to 2021, homeowners spent $625 billion on 135 million home improvement projects, according to an American Housing Survey from the U.S. Census Bureau. And where do people go to get their supplies? Hardware stores. As a hardware store owner, you can also serve as an information source for your customers, providing them with product and process recommendations.
These franchises can come with hefty investment costs. Since a storefront is required and you need inventory on hand, hardware stores can cost up to $2 million to open.
Plumbers are in high demand because many current professional plumbers are reaching retirement age. Not enough younger people are getting into the profession to meet the demand. According to the U.S. Bureau of Labor Statistics, the industry is expected to see a 2% annual growth rate through 2031. Plumbing is one of those home improvement services that homeowners can’t always DIY, and they often must be completed immediately. Because of this, the demand for business is always there for plumbing franchises.
This business venture is like building home additions or similar contracting work but on a smaller scale. As a franchise that completes garage conversions, you can transform attached or detached parking spaces into home offices, bedrooms, kids’ playrooms, a workshop, or additional living spaces.
Experience in contracting and carpentry is recommended for this home improvement business idea, as many of these projects are highly involved.
Flooring Installation and Renewal
The floors in our homes get beat up every day from us walking on them. As a result, homeowners turn to floor installation and renewal businesses to either refinish their floors or update the look of their homes with new carpet, vinyl, tile, or wood flooring. Besides installing new flooring, as a flooring franchise, you could also refinish homeowners’ floors to help save them money in a home remodel.
With N-Hance, you can have the chance to capitalize on multiple revenue streams, including floor refinishing, at one low investment cost. You can restore the natural beauty of your customer’s hard flooring and all other wood surfaces in their home. Instead of sanding floors, we use our powerful Lightspeed® U.V. curing technology that produces less dust, mess, and odor in customers’ homes. This technology allows our customers to continue living comfortably while you quickly finish their service.
Start Ahead with N-Hance
When considering various home improvement business ideas, remember that the benefit of franchising is that no experience is required. At N-Hance, we have owners from all walks of life. Our comprehensive training teaches you how to use our equipment and perform jobs while also teaching you the business side. You can trust our business model entirely, as it has helped create hundreds of successful business owners.
Lastly, you’re not starting from ground zero. N-Hance is a nationally recognized brand that people trust, compared to a brand-new shop where you’d have to build a reputation for your name.
Don’t waste any more time. Instead, start the year off with a new business venture — request franchise information today.