15 Sep There is No Place Like the Home Improvement Industry
Home has become more than where we live. It has also become, for many people, the new office and school as well. With millions of Americans scrambling to adapt their spaces to fit an evolving lifestyle, there’s never been a better time for small business owners to enter the home improvement market.
Today’s consumers are especially eager for custom storage and more functional organizational solutions. They are adapting rooms for home offices, creating study spaces for their child’s virtual learning, and looking for the best way to store all the products they’ve been stocking up on. Providers of made-to-order closets and storage systems have had an edge where other businesses have not been as fortunate.
Research suggests the demand for home organization products in closets will increase by 4.8 percent per year through 2023 to $3.4 billion, according to a home organization products study by The Freedonia Group. Demand for these products in all rooms should reach $12.7 billion during that same time frame, representing gains of 3.8 percent per year.
<H2>Revenues are Up, The Future Remains Bright
Even with issues related to the pandemic, including supply chain challenges in some areas, and social distancing precautions, sales of closets and other organized spaces have not only held their own, they’ve also grown.
Home improvement spending increased 3 percent in 2020 to $271 billion, according to a report from Harvard University’s Joint Center for Housing Studies. This year, JCHS is forecasting spending will reach $281 billion.
<H2>Closets and Storage: What the Trending Shows
The housing market is thriving, and people are eager for upgrades that will not only satisfy their current needs but also make their homes more appealing to potential buyers. As an owner of a Closets by Design franchise, you will have a suite of affordable, top-quality products necessary to satisfy a hot market for storage and organization. Here are some trends you can take advantage of:
- The top three design projects continue to be primary bedroom closets, home offices, and garage organization.
- Functional closets, pantries, and utility rooms are priorities for millennials in the home improvement and homebuying market. They ranked the following amenities at the top of their wish lists: 86 percent specified a desire for laundry rooms, 80 percent wanted garage storage, 79 percent specified a walk-in pantry, and 73 percent wanted a linen closet in the primary bath, according to the Millennial Home Buying Preferences study by the National Association of Home Builders.
- Full-extension drawers, accent lighting, islands, jewelry tray inserts, and hampers are among the most requested upgrades for closets. In the garage, homeowners requested cabinets, workbenches, shelves, slat wall, and countertops, the survey reported.
<H2>Rising Home Equity and Low Interest Rates: A Boon to Both Sides
Leading the remodeling trend is a boost in home equity for many homeowners and favorable interest rates. The access to credit works both ways — to you as a new business owner and to the clients who will be willing and able to pay for your services. Low interest rates might mean the time is ripe for you to become your own boss. Owning a Closets by Design franchise provides an opportunity for you to carve out your own entrepreneurial path and control your destiny.
<H2>Is Closets by Design Right for You?
You don’t need to be a woodworker or have manufacturing experience to open a Closets by Design franchise. If you have good leadership skills, a steadfast commitment to customer service, and excellent follow-through habits, being a franchisee might be a perfect match. Check out our article “A Great Closet Starts with the Right Person” to start your journey.
Visit us at www.closetsbydesign.com/franchise to learn more about the franchise ownership opportunities available in this booming industry.