If there’s any profession that lends itself to legacy, it’s remodeling. In fact, it’s not uncommon to encounter home improvement professionals who have been “grandfathered” into the field. A company name, often including the last name of the founder, can carry a great deal of clout within a local community. Some states even allow for home improvement professionals to transfer licenses among family members with joint ownership, allowing future generations to benefit from longevity. Quite simply, passing a remodeling business down to subsequent generations is a wholly American tradition.
But here’s the challenge: Business may be booming right now, however, keeping growth and revenue on pace can become increasingly difficult as more families are added to the equation. How can you position your business to endure as a more family units from the same revenue stream? You have two options:
Option 1: Get Deeper
On the one hand, you can grow your market share deeper within your existing service sector. If you’re a custom contractor, you can do so within that custom niche. However, the key is in your ability to market, market, market. Call past clients, ask for referrals, do everything you can to grow proactively. It’s difficult to rely solely on word of mouth as a vehicle for growth, let alone keep pace with the next generation. You’ll need to put your all into your fair share of outbound marketing strategies and grow that niche if you desire to keep up.
Option 2: Get Wider
You might also consider expanding your offerings to widen the range of target customers. Adding a module to your existing business is a great way to do this. KitchenCRATE & bathCRATE are a plug-and-play business module that can compliment and expand upon your current custom remodeling services. What’s more, you’re able to leverage your existing sources of manpower, construction and design knowledge and existing operational tenets like your overhead structure without a hassle. You already have an office. You’re already carrying insurance. There’s no need to re-invent the wheel. Rather, self-contained modules like kitchenCRATE & bathCRATE allow you to expand your offering and use that revenue, income, and ROI to support the next generation.
When it comes to succession in the remodeling business, setting your heirs up for expansion is the ideal scenario. Bringing your son, daughter or next-generation in-law on board presents a meaningful opportunity to give them something of their own to grow and build. A home improvement franchise like kitchenCRATE & bathCRATE makes that possible for families while making the most of the entrepreneurial spirit known to today’s generation.
We’d love to talk with you about a CRATE Franchise in your location. Click here to download our complete CRATE Information Guide, or click here to schedule a phone call with me at a time of your choosing.
Scott Monday is Co-founder + CEO of CRATE Franchise Systems, the franchisor of the kitchenCRATE & bathCRATE remodel products. You can follow him on Linked-In or email him at scott[at]cratefranchisesystems[dot]com.