Taking business advantage of the foreclosure wave by obtaining a franchise for home improvement services
The recent tidal wave of house foreclosures has thrown up a large number of franchise opportunities for you to set up your own business. Before discussing these opportunities, here are some basics.
In the first place, we should learn a little bit about franchising and how it works. A franchising company works through franchisees rather than company owned outlets for the distribution of services. The franchisee, although an independent entrepreneur (often known in the trade as a "frantrapreneur"), operates as an arm of the company in providing service to customers. The franchising company provides all the support, backup and advertising support that is required so that the franchisee is not required to reinvent the wheel.
Franchising is, therefore, an excellent way for first time or inexperienced entrepreneurs to start up their own businesses. Here are a few interesting facts about the franchising business:
-franchised businesses account for about 50 percent of all retail sales in the USA
-more than 75 different industries distribute products and services through franchisees that employ a total of 14 million people
-a 1999 United States chamber of commerce study showed that 97 percent of the franchisees are still in existence after five years.
You should choose a franchise that suits your particular skills but as mentioned earlier, the foreclosures have thrown up a number of interesting opportunities. Foreclosures happen because the homeowner is not in a position to pay his mortgage. As he is short of money, the chances are that essential maintenance of the house would not have been affordable. The house will, therefore, need to be refurbished either by the new owner or the lender who would expect a better price as a result of the refurbishment. These opportunities exist in every aspect of home improvement, whether we are talking about painting or flooring restoration.
If you are looking for a stable business opportunity where you get to be your own boss, you should study these opportunities carefully.