Why Home Inspection Franchise Is So Attractive
Franchising provides you the head start you don’t have if you were to start a business from scratch. A home inspection franchise can be a launch pad to a thriving business with minimal headaches compared to most other businesses. Here are a few reasons why the home inspection franchise is so attractive.
Affordable Upfront Cost
One of the first hurdles in starting a business is the start-up investment. Aside from the franchise fee, you’ll also have to shell out serious money for training, equipment, and other expenses just to get business up and running. No wonder, some franchises could cost a few hundred thousand to a million dollars as start-up capital.
For instance, opening a retail or food store could cost over $1 million. A restoration or cleaning franchise could cost upwards of $150,000. In comparison, a home inspection franchise with WIN would has an estimated start-up cost of $32,000 to $37,000, which is incredibly low for starting a business.
Highly Resilient and Recession Resistant
Next, the statistics around the home inspection industry are extremely attractive. For example, according to the National Association of Realtors®, 99% of its members recommend a home inspection to their clients in the purchase process. Moreover, 85% of home buyers already prefer that the property be inspected before finalizing the deal.
As another example why the home inspection franchise is so attractive, even with COVID-19, the home sales continue, when compared to the near complete halt in most other industries. There were over 600,000 home sales in the month of March 2020. Again, this just goes to show the resilience of the industry. No wonder, home inspection is a massive, multibillion dollar industry. The United States Bureau of Labor Statistics expects a 10% year-over-year growth rate for this industry until 2026. That’s plenty of room for any budding business owner to grow.
Virtually No Overhead
In addition to being a resilient industry, a home inspection franchise is very inexpensive to start, compared to other industries. Moreover, there are no overheads for storefront and inventory. For example, even the largest franchise owners at WIN are able to run highly successful businesses without unnecessary burden of rent payments, lease and buying inventory. On the other hand, most other home services franchises require you to keep buying inventory. Then you have the headaches of storing and accounting for it all. None of these issues arise for you in the home inspection industry.
High Profit Margin
Another reason why home inspection franchise is so attractive is absence of overheads, less headaches and higher profit margins. Furthermore, franchises such as WIN Home Inspection have unique business model of training their franchisees in a number of ancillary services. This enables their franchisees to create significant value for clients while increasing their revenues and profits. And the business model is predictable—you always earn after every inspection.
Flexible Growth Options
Home inspection industry provides remarkable flexibility to create growth that suits your goals. For example, you can grow as a sole operator, or build your home inspection team to make an impact in your community. On the other hand, most other industries require you to hire and build teams while also investing in equipment, inventory and commercial office space. Having your own home inspection franchise allows you to charter your own path when it comes to growth. You get to define what success looks like, allowing you to play to your strengths and interests.
No Prior Experience Required
Starting a new business requires you learn new skills. Similarly, it’s no different for home inspection. To be successful in home inspection, you need strong interpersonal skills, analytical skills, and attention to detail. Whether you are a veteran, Realtor®, corporate professional, independent inspector, tradesman, or engineer, a franchise system with a strong training program can train you to become a home inspector and put you on a path to success.
The strengths and skills from your prior roles will come handy as you grow your home inspection business. With this in mind, if you’re a veteran, your propensity to follow procedures and a can-do attitude will translate well as you work operate per the system of the franchise to achieve your goals. For corporate professionals, your management and operational awareness would help you achieve greater heights in the home inspection industry. For those in real estate or construction, your industry experience will help you rapidly establish a strong foothold toward building lasting success.
Build a Thriving Business While Make an Impact
Finally, buying a home is the largest single purchase for most individuals. As the owner of a home inspection business, you help homebuyers make informed decisions, bring peace of mind, and identify ideas for repair and maintenance. Not many businesses have as much impact as home inspection on the people they serve.
If you are interested in learning more about how you could build a thriving business in the home inspection industry, please contact WIN Home Inspection. WIN is rated as a Top-100 franchise, and is the lowest cost home inspection franchise. To receive your free brochure and learn more, please click here, and one of our specialists will contact you.