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Franchising can be a great way for remodelers to diversify their holdings and smooth out the business cycle. It also allows them to offer something that their competitors may not and gives them a system for running their business. But franchising may not be for everyone. For some sound advice we talked to Amy Brown, director of marketing for DreamMaker Bath & Kitchen.
QR: Why should a remodeler consider buying a franchise?
Amy Brown: What we find is that there are successful remodeling companies out there that get to a certain level of growth and feel like they have to wear all the hats. They wonder why business has to be this hard. They're having a hard time recruiting the right people, and even though they're doing a great volume, they still do not understand their numbers.
Franchising can provide them with the systems for recruiting great people that will stay with them in establishing a company culture. They learn what to look for in a monthly P&L (Profit and Loss) sheet in order to guide the business in a positive direction.
They also get the sales and marketing systems to succeed. So really it is a way to take a good business to a higher level. Many times people often think franchising is just for a start-up, but our primary franchisee is someone who is already running a business but knows there has just got to be an easier way to run things and accomplish what they want to accomplish.
QR: Who would make a good candidate for a franchise?
AB: Somebody who has the drive to meet their personal and professional goals and who also doesn't want to reinvent the wheel. They want to follow a pre-established system, yet they're entrepreneurial enough to be in business themselves. We look for someone who is very coachable, very team oriented, has high integrity in business ethics, and who is interested in establishing a brand — not only for themselves, but also building equity as far as a national brand name.
QR: Do you know of a success story of someone converting or adding a franchise?
AB: One of our franchisees converted their business to DreamMaker Bath and Kitchen, and I believe initially didn't roll everything in. Today, I believe they solely exist as DreamMaker. What they found by becoming a franchise was that DreamMaker systems helped them achieve a lot of their personal and professional goals. For example, they were able to price their jobs at a better margin, which in turn allowed them to achieve the net profit that they wanted, pay themselves a healthier salary as owners, provide some healthcare benefits for their employees and donate to some local charities.
QR: What advice would you give a remodeler thinking about buying a franchise?
AB: Investigate, investigate. Franchising is not for everyone. So really ask yourself the questions: Do I want to follow systems or am I more of a maverick who wants to come up with a way to do it on my own? Do I like networking with my peers? Do I like being part of a team? With any franchise company there's a disclosure document required that a franchise company will provide a candidate. Take a look at that carefully and ask a lot of questions. Don't be afraid to talk to existing franchisees in the network as well to see what sort of experience it has been for them.
author: By Jon Minnick