27 Oct Diversify your Revenue Streams with Closets by Design
In today’s business, it’s helpful to have more than a single way to generate revenue. Given the time invested in attracting a customer, if you can sell multiple times to that same customer, you can maximize your profit more efficiently. Industry experts across the United States are promoting the benefits of diversifying revenue streams, and Closets by Design is a leader in this type of forward-thinking opportunity.
Let’s look at why diversification matters today more than ever, and how Closets by Design provides franchise owners with a multi-revenue stream business.
Why Multiple Revenue Streams Matter Today
Being able to generate revenue from more than a single source is a must-have in today’s business world. A Forbes article that asked several business leaders to chime in on the value of multiple revenue streams noted that when a business diversifies revenue streams, it becomes less vulnerable to sudden market shifts, economic downturns, and unforeseen disruptions.
Advisors offered these suggestions on how to diversify:
- Be able to anticipate the customer’s further needs and steps.
- Offer complementary products or services to existing offerings.
- Think about how your current product could evolve.
- Include products of different price values.
- Leverage existing customer relationships to develop new offerings.
Closets by Design has been a multiple revenue stream business for decades by expanding the traditional closet design market into home and office organization solutions. This allows franchise owners to enter a variety of markets and serve different client needs while establishing an opportunity for recurring business. Take a look at how our business model achieves diversification outcomes:
How Closets by Design Provides Multiple Revenue Streams
Your opportunities with Closets by Design are unlimited in terms of providing storage and organizational solutions. All products are manufactured to tailored designs, so they provide the exact solution the customer is seeking. Our product and service lines include:
- Walk-in, reach-in, and children’s closets.
- Cabinetry, flooring, wall organizing, and work benches.
- Home Offices. Turning a regular room into a smart home office workspace.
- Organizational storage to maximize commercial spaces to enhance or extend the usability of the current space.
- Additional Rooms. We design, build, and install solutions for media centers, laundry rooms, pantries, hobby rooms, and more.
- Storage Features. As part of the overall design, we can include custom jewelry drawers, wine racks, bookshelves, hampers, wall beds, and a variety of other unique storage solutions.
The depth of the customized organization options allows franchise owners to provide space-saving solutions to customers, and the varying price points of our design systems work across varying budgets. With Closets by Design, a home can be used to its full potential, which can be a cost-saving for a homeowner down the road.
For commercial customers, the same longevity applies. Being able to maximize space can eliminate the need to acquire additional office space or even move locations, and that benefits the bottom line of any business.
The Research Backs the Closets by Design Franchise
Industry research positions Closets by Design as a franchise investment that is worth investigating. According to the State of the Industry survey by Closets & Organized Storage magazine, the top five projects that grew the most in 2022 were:
- 83% – primary bedroom closets
- 45% – garages
- 38% – pantries
- 32% – home offices
- 18% – laundry rooms
The top upgrades for closets were drawers (92%), hampers (58%), cabinet lighting (55%), self-close (52%), jewelry tray inserts (44%), and shoe cubbies (41%).
For the garage, the most in-demand upgrades were cabinets (83%), slatwall (70%), workbenches (67%), countertops (58%), and shelves (54%).
Closets by Design provides all of these projects and upgrades.
Explore the Closets by Design Franchise
As a Closets by Design franchise owner, you manage the entire lifecycle of the customer experience. Your design expert provides an initial consultation, creates a solution, and follows up with a free estimate. Once approved, the system is designed and manufactured locally so you can ensure quality workmanship. Finally, an experienced craftsman installs the system at the home or office.
Being able to follow the process from start to finish allows you to make multiple positive impressions on the customer, building a strong foundation for recurring or referring business.
The built-in-closet market has an anticipated compound annual growth rate (CAGR) of 7.6% from 2023 to 2030, and we anticipate even more success throughout the decade.
Closets by Design franchise owners are problem-solvers for home and business owners. We are also an industry-leading franchise opportunity with multiple revenue streams.
Contact us to start the conversation on our franchise opportunity.