Sometimes, the trouble with running a small business as an entrepreneur is the fact that there isn’t a whole lot of support to help you. But that’s the beauty of opening a franchise – the support system is already built-in, and so is the company reputation and the products of the company. Your first step to running a successful business is learning how to open a franchise.
How to Open a Franchise: Find a Low-Competition Option
What’s one of the hallmarks of a successful business? If you ask any leading industry expert, the number one piece of advice is to find a niche in the market. What can you sell that other people aren’t already selling? Or can you make a product more popular with a unique feature that your competitors may not offer? These same questions must be asked when you are preparing to open a franchise.
At Solatube Home Franchising, we already have a niche in the market place for natural lighting and ventilation. With more homeowners and architects preferring to use eco-friendly building materials and designs, natural lighting like tubular skylights with high-performance abilities. We also re-tooled how to bring natural, fresh air into homes with our solar-powered attic, garage, and whole-house fans. Our products are growing in popularity in large part to the positive impact that natural lighting and ventilation have on the planet.
Why Does Low Competition Matter?
Low competition products are unique and fill a space in the market. Sometimes, low competition products also push the market forward and make products more innovative to meet the rising need or trend. Right now, patterns in the market suggest that skylight and natural ventilation products are going to become more popular through 2025 and likely beyond as green energy trends saturate all industries.
Importantly, the home improvement market continues to grow as old houses are flipped and renovated to achieve modern standards of safety and energy efficiency. The home improvement market will continue to grow with an emphasis on natural lighting and ventilation, so it’s important to start a franchise while the competition for these products is relatively low. Getting your foot in the door now will put you in a stable place later to grow your business.
The Basic Steps: How to Open a Franchise
Opening a franchise relies heavily on systems already being in place to make it easier for you and your business to succeed. That said, there are still steps you will need to take to prepare for being a franchise owner, such as:
Gaining Experience
Although you don’t necessarily need to be a contractor, architect, interior designer, or have any other home improvement experience, it’s still ideal that Solatube Home Franchise partners have knowledge about the industry and the product.
Most importantly, we are looking for franchise partners who have a passion for customer service since our products speak for themselves. Those who are tech-savvy problem solvers with people skills and customer-centric attitudes typically have the experience we are looking for in our franchising partners.
Gathering Capital
To open a franchise, you will need to have the necessary investment capital. To be sure, opening any small business will require a certain financial commitment and a willing investment of money to get the ball rolling.
For our franchise, we typically see those who have at least $100,000 to $240,000 in capital to get the franchise off the ground. This capital includes the franchise fee and factors in calculations for initial business growth for your area.
Learn About Your Resources
The most important part of opening a franchise is having the resources available to make your venture a success. Our franchising program gives you all the tools and resources you know to make an impact on the home improvement market in your local area. Some of the resources we give you include:
- Industry-leading products
- Efficient 2-hour service model
- Sales opportunities and revenue streams
- Initial and ongoing training
- Marketing and business management software tools
- Brand credibility
When you open a franchise, each of these tools is necessary to give you the best chance at success. For example, when you open a franchise, you are given access to the industry-leading products that are growing in popularity, which instantly puts you in a position of having a supply that meets market demand. Our proven track record for successful franchises relies heavily on our streamlined resources and guidance, which makes it easy for our partners to find a quick path to revenue.
Equip With Training and Tools
Part of being a franchise owner means you will become intimately familiar with how to install, advertise, and sell our products. We offer training on our proven 2-hour service model, which enables you and your workers to install any Solartube products within one day.
Our training also includes customer outreach, advertising, and how to use tools that will organize your business. For example, we will give you access to software and other tools that will help manage your day-to-day business needs.
Establish Yourself
While opening a franchise means you can take advantage of brand credibility that reaches back 30 years, it also means you can establish yourself as a business owner and make a name for yourself in your local community. Franchise partners bring their own story to the table, particularly when their story can be turned into a success story. Establishing yourself and your business is easy when you can take advantage of the open opportunity in the market and partner with a proven brand.
The sweet spot of running your own business and getting the support you need to succeed can be found in a franchise. Franchise partners can have the independence of being their own bosses while also receiving support from the parent company in terms of product lines, ongoing training, and marketing and business management tools.
When you think about how to open a franchise, you should primarily be thinking about the tools and resources you will need to make your franchise successful. To learn more about how to open a franchise, contact Solatube Home Franchising today.
