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.
Hardware Stores
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.
Source: Home Improvement Business Ideas: 5 In-Demand Options for 2023
