In the last two years, millions of Americans have quit their jobs in what is being called “The Great Resignation.” Many of them have grown tired of working for others and want to become business owners themselves. If you’re one of those people looking to become your own boss, you may be wondering whether buying a franchise is a good option. The answer is yes, especially if you choose to buy into a successful kitchen and bath remodeling franchise like Cabinet IQ.
Kitchen Remodeling Franchise vs. Fast Food
A quick internet search for franchise opportunities will yield thousands of results in multiple industries. Of course, fast food is what most people think of when they hear the word franchise, and there are certainly numerous options available in the food services industry. How does buying a kitchen and bath remodeling franchise, such as Cabinet IQ, compare to buying a popular fast food franchise?
Let’s look at investment requirements first. To purchase one of the more well-known fast-food franchises, you’ll need a huge amount of money. According to a recent AARP article, the total initial investment required to buy a McDonald’s ranges from $1,008,000 to $2,214,080. Yes, you read that correctly. It costs over $1 million to buy and start a McDonald’s franchise. Furthermore, as the same article reports, “the initial investment for a Wendy’s restaurant ranges from $2 million to $3.5 million. For a Taco Bell, it’s $526,000 to $3 million, and for a Pizza Hut, it’s $357,000 to $2.2 million.”
Meanwhile, the initial costs for buying and starting a Cabinet IQ franchise range from $143,350 to $223,300. That includes the franchise fee; security and utility deposits for your building, rent, insurance, business licenses and permits, training, travel, and living expenses, design and architectural fees, showroom construction and fixtures, signage, technology, advertising, professional fees, office supplies, and additional funds to see you through your first three months in business. For much less money than you need to start a McDonald’s or Wendy’s, you can begin your franchise journey in the lucrative home improvement industry.
One of the main benefits of buying a franchise in any industry is that the franchisor will provide you with the training you need to operate your new business. Some franchisors provide extensive training while others offer only the bare minimum. Naturally, every fast-food franchise has a different education program, but most are fairly rigorous in order to assure that brand standards will be maintained in every new restaurant. For instance, “the training program [McDonald’s] franchise applicants have to complete before they can purchase a restaurant can take up to two years,” according to the AARP article. While few other fast food franchises require that kind of time for training, most are still intensive.
At Cabinet IQ, we have an exceptional training program that will prepare you to run a high-tech kitchen and bath remodeling franchise. We start your training with one-on-one coaching while your store is being built out. In addition to six weeks of online tutorials, you’ll also receive 10 days of on-site training at our home base in Cedar Park, Texas. And once your store is open, we’ll provide you with four days of in-market training to make sure your operations get off to a smooth start. Our goal is to help you get your new business up and running as quickly as possible while assuring that you have the necessary tools to be successful.
Learn More about the Benefits of Buying a Cabinet IQ Franchise
Cabinet IQ is a cabinet and countertop company that is setting a new standard of excellence in kitchen and bathroom remodeling. To learn more about our brand, including franchise profitability, fill out and submit the form to get started. Someone from our franchise development team will be in touch shortly to answer all your questions. We look forward to hearing from you!