As you examine different franchise opportunities, consider the demand for the product or service, the profitability, the investment required and your day-to-day activities. Refinishing is a growth industry and not crowded when compared to other categories. You’ll meet people every day who have a need for refinishing. Refinishing has some very compelling advantages:
Good profit potential: An average of a 20 to 25% pre-tax profit.
High customer demand: Literally every home, hotel and apartment is a potential customer. Refinishing offers incredible savings of up to 75% of the replacement cost of most bathroom fixtures and kitchen countertops.
Family friendly work schedule: A typical franchise owner’s workweek is 8 am to 5 pm, Monday – Friday and advance scheduling allows you the flexibility to work when you want to!
Scalability: Your sales and income will multiply every time you hire a technician! Expanding your own business is predictable and manageable.
Fast growing home improvement segment: Interest in refinishing is growing. It is featured on HGTV and DIY networks, home improvement magazines and on the Internet. Every homeowner wanting a bathroom or kitchen makeover is a potential customer.
Recession resistant: Whether the economy is booming or receding, homeowners, property and hotel managers are looking for cost savings and value. Cost savings of up to 75% on bathroom and kitchen remodels will always have an appeal.
Low capital investment: A Miracle Method franchise has a much lower up front cost than fast food or retail franchises and a more desirable net profit margin.
Limited competition: You’ll find carpet cleaning, plumbing, pest control, painting franchises, etc. listed by the hundreds in the Yellow Pages. By contrast, you will typically find just a few refinishers operating in your territory.
Low inventory: Your capital will not be tied up in large inventories of supplies. A surprisingly small amount of coatings and materials are needed to perform the average job. Most materials are sourced locally and even specialized supplies are typically delivered in just a few days.
Low account receivables: Homeowners will make up about 60% of your business and will pay by cash, check or credit card. Commercial receivables are typically net 30 days.
Growth Industry: Bathtub refinishing and resurfacing countertops is becoming more recognized as a viable and affordable alternative to conventional remodeling. It’s estimated that only 20% of the general public knows the benefits of refinishing. That means 80% of the population of your city represents untapped potential!
