There’s nothing quite as satisfying as leaving a 9-5 job to become your own boss, but few people tell you about the situations you can only encounter as an entrepreneur. Without any prior experience in business ownership, there are a variety of challenges that could cause you to lose your business entirely. Before you become a Franchisee with any brand on the market, there are a few things you need to keep in mind to ensure you’re fully prepared to maintain your new business after you’ve launched with your franchise.

 

What to Do

 

Choose the Franchise That Fits You

The home improvement industry has seen record growth in recent years, but that doesn’t mean every home services business in this sector will be wildly successful or see the same minimal competition that we do at Cabinet IQ. Once you’ve decided to look into franchising as a way to get out of the corporate world or to supplement your income, take your time getting to know the brands you’re considering to ensure they fit you and your expectations for your business. With our home services franchise, you’ll have a member of our team guiding you through the entire process so you know you have all the information you need to make your final decision.

 

Consider Your Available Territories

As you start the process of joining a franchise, one of your first tasks will be to choose the territory you plan to operate in. Many new Franchisees choose to open their business wherever they’re living when availability permits, but you’ll always have the opportunity to look elsewhere, especially if you strongly believe success would be easier in a different city or community. If you’re not sure where to open your first Cabinet IQ location, read our post on how to determine what makes a territory ideal for our franchise for more details.

 

Keep Scalability in Mind

Becoming your own boss, especially when you do so with a home services franchise, typically requires you to put together a business plan of some kind to show your franchisor you’re serious about this new venture. However, this plan should go well beyond your daily operations; it should also include the goals you’ve set for growing your business and show how you expect to scale after your first one, two, five, and/or ten years after launching. If you’re unsure how to do this, you’ll have the opportunity to ask other franchisees what they’ve done or reach out to your franchisor support team for guidance – one of the many perks franchising has over starting your own business.

 

Keep Marketing a Top Priority

If growth is one of your top priorities after seeing the success you can achieve once you’ve launched your home improvement franchise, there’s one surefire way to work toward that goal: marketing. This side of running a business is essential to scalability – without it, you can expect stagnancy in your revenue or even a decline should a competitor move into your market. However, if you don’t have a marketing background or familiarity with how to market a small business, it can be difficult to know where to start.

As a Cabinet IQ Franchisee, you’ll receive initial training and ongoing marketing support through a variety of channels. Not only do we operate a call center that performs outbound cold calls, but we also have an internal support team that will oversee all search engine optimization (SEO) efforts and give you access to a third-party agency that runs all Google and social media ads. Plus, with our focus on contractor relationship building during training, you’ll have all the marketing tools you need to ensure you continue prioritizing your presence and brand recognition in your territory.

 

Be Ready to Lead Your Team

Whether you’re running a single showroom or you’re managing multiple locations across a few territories, you’ll need to be an effective leader to maintain your daily operations, sales strategies, and hiring efforts. No matter your leadership style, if you regularly put your team first and create an environment where they feel that their contributions are valued, then you’ll foster an environment your team will want to thrive in for years to come. This way, you’ll be able to create opportunities for your employees to grow with you, allowing you to promote from within as you grow rather than spend money and time on constantly training brand-new hires.

 

What Not to Do

 

Don’t Dwell on Site Selection

When Franchisees join the home renovation business, one of the first and most common misconceptions we hear is that they need to open their brick-and-mortar in the most affluent neighborhood possible. However, we’ve found that our showrooms do well in light commercial areas instead of expensive prime locations. In fact, spending too much time worrying about where you’ll open can make it take longer to launch and potentially harder to scale your business. When you join the Cabinet IQ franchise, our team will assist you with the site selection and lease negotiation processes so you can feel confident you’re getting the ideal location at the best possible price.

 

Don’t Forget Your Necessary Licenses

Regardless of the type of business you open, you will be required to carry industry-related licenses or certifications in order to launch. With franchising, you’ll have a team guiding you through this process, but you’ll still need certain paperwork to use their branding, products, and services. Outside of these documents, you’ll also likely need articles of incorporation and sales tax licenses, as well as any county or city-specific licenses, depending on where you plan to operate. If you neglect a license or forget to submit a piece of paperwork, it’s not uncommon for it to result in hefty fines or worse, so this should be one of your higher priorities when operating your franchise.

 

Don’t Neglect Your Financing Options

As a W2 employee, the only finances you need to worry about are your own, but as a business owner, you’ll also need to consider how much you have available to keep your business running and your employees paid – in both good and bad times. Should your industry ever see a decrease in demand or the economy ever result in another major recession, you’ll need to ensure you have money ready to pour back into the business.

While you can do this by maintaining a savings account, as you would with your personal finances, you can also turn to financing – something that’s available to you as needed, as well as when you first join a franchise. At Cabinet IQ, we keep our initial financial investment approachable for our industry, starting at just $189,450, so you can choose whether you want to use financing to get started or not. Either way, how you choose to leverage all the financial resources is your decision – just don’t forget the avenues available to you when you need them most!

 

Don’t Forget Business Insurance

If you choose to join a home renovation franchise like Cabinet IQ, it’s important to remember that you’ll be in the business of servicing people’s homes every day. While the vast majority of these homeowners will have their own insurance policies, you still need to consider how you’ll cover yourself and the liability you incur when you begin work in their homes. The business insurance you can receive today can cover everything from financial loss and/or medical expenses due to an injury on a project to property damage, lawsuits, and all other kinds of claims that may come in your line of work.

 

Don’t Stifle Your Growth

While “business as usual” may be good enough for many small mom-and-pop providers, a Franchise Owner needs to be hungrier and more prepared to grow and adapt when the market demands it. All businesses are presented with the opportunity to grow over time, and when you’re part of a franchise like Cabinet IQ, growth will come as part of the business model. If you’re resistant to this growth, whether consciously or unconsciously, it will result in your inability to keep up with everything from your business’s staffing needs, evolving marketing strategies, or unique regional trends in your territory, leaving you vulnerable to being overtaken by a competitor in your market.

Regardless of the challenges or successes you face with your cabinet and countertop business, all the best practices you’ll learn and adopt stem from these dos and don’ts. Once you find the right franchise for your lifestyle, you’ll have the opportunity to apply your background knowledge of how to manage your sales or employees, all while receiving ongoing support from your franchise team to ensure you have everything you need to be successful.

If you’re ready to become your own boss and take control over your financial and professional future, Cabinet IQ kitchen remodeling franchise is the ground-floor franchise investment opportunity that will help you get there. No matter your background or experience with the home services industry, our team is here to guide you through every step of your new home improvement business. To see if you qualify for your own Cabinet IQ franchise location, take our quick, 1-minute match quiz to get started today.

Published On: February 2nd, 2024 / Categories: Featured, Trending /