What makes the longest-running franchises so successful?
What makes a franchise successful, and how can you grow...
The rising costs of rental properties could signify an opportunity for savvy investors. With CBC reporting up to an 18% increase in the cost of renting a property [1], many property investors are likely to be purchasing property or seeking to rent out any vacant properties that are on their books. However, to do so in a way that is legal and proper, they will need to first have the properties independently inspected.
This is where franchisees can profit. There are many home inspection franchises operating in Canada whose job is to ensure that properties that will be rented out meet current standards and are safe to occupy. Although many buyers will choose to have a basic inspection carried out, many others will opt for specialized inspections such as septic, environmental tests for radon and mold, WETT (Wood Energy Technology Transfer), and asbestos testing.
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Why Home Inspection Franchises Make Financial Sense
Home inspection franchises are among the most affordable franchises to buy into. They offer full training, and the job itself is very flexible. Setting up is quick and easy, and the business can be run alongside an existing job or taken up full time once a network and reputation is established. Payment is made by the customer at the time of inspection, and no premises or staff are typically required. This means that all profit made is yours to keep.
There is no need to have a background in construction as full National Home Inspectors Certification Council accredited training is offered, ensuring that the necessary skills are demonstrated and that all franchisees can operate effectively at a very high level in as little as four months.
This type of franchise is reasonably insulated from the upheaval seen in the real estate market as inspections can be carried out for a number of reasons, including changes of tenants within a particular rental property and at commercial properties.
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The bottom line
If you have decided that 2023 is the right time to get into franchising, run your own business from home and become your own boss, it is sensible to choose a reasonably low-risk franchise to invest in. Home inspection franchises are affordable to join and offer considerable opportunities for profit, so they fit the bill very well.
Because franchisees need no prior experience and can become accredited within a short space of time, there is an opportunity to capitalize on the current boom in the rental market and get their names known so they can maintain a regular flow of customers in the future.
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Resources
[1] https://www.cbc.ca/news/business/cmhc-rent-report-1.6726764 https://www.cbc.ca/news/business/cmhc-rent-report-1.6726764
