When it comes to starting a franchise, in many ways, timing is everything. If you can hit a market right as it’s starting to blossom, you can push through the difficult part — between startup and the break-even point to where you start actually making money. As it happens, the rental market in the US is so horribly overpriced right now that the housing market is starting to pick up just by virtue of the fact that mortgages are actually cheaper than rent for most decent-credit-score folks. That means that businesses that service home buyers — like home inspection franchises — are a strong bet right now.
Advantages of a Home Inspection Franchise
What makes a home inspection franchise better than any other franchises you might choose? Let’s get into some details:
- Mandated Business: Home inspections are completed in 95% of real estate transactions, in many cases because an inspection is required by ordinance or law.
- Low Overhead: Home inspectors do their business over the phone, via email, and at other people’s houses — which means no overhead from renting a storefront, no loss of time and gas money from an everyday commute (among other benefits).
- Control Your Schedule: Scheduling home inspections is a matter of balancing your schedule with the client’s schedule, but generally speaking there’s plenty of flexibility to be had. Unlike with most jobs — franchise and otherwise — you’ll rarely have to miss out on an important personal event because you can’t get away from work.
- Control Your Income (Somewhat): On the other side of the same coin, it’s not uncommon for a busy, tightly-scheduled home inspector to break six figures annually. Especially if you live in a busy area, making serious money is a strong possibility.
What Do I Need to Be a Successful Home Inspector?
If you want to be a successful home inspection franchise owner, you need to have all of the skills that a general franchisee needs — specifically, the ability to:
- Follow a Plan: This is perhaps the single most important thing for any franchisee — if you can’t just buckle down and stick to a plan (even when you think your ideas are better), owning a franchise will be a challenge.
- Reach out and Connect: Every franchisee needs to be able to give and receive feedback from their franchisor — but they also need to be able to reach out to their peers, share stories and best practices, and rely on their training and support staff.
- Control Your Money: Following the plan can help you succeed at your business, but if you can’t manage your money carefully, keeping your future expenses in mind and balancing them against your supply of ready cash, you may have trouble making it to your breakeven point.
But beyond that, a home inspection franchisee will also need a set of skills unique to this industry, including:
- An Eye for Details: Home inspection is a science, not an art. And as such, it requires a keen sense of observation.
- A Good Memory: Home inspectors have to know a lot of details about everything in a home, and they have to be able to recall them on the fly.
- The Ability to Market your Services: Even with a strong growth trajectory, you still need to be able to make yourself known to the community of business people most likely to hire a home inspector – real estate agents. This will require the ability to network with such professionals.
Home inspection franchises are growing in popularity, and many new owners achieve success in a relatively short period of time. However, this industry is not for everyone. If you want to find out more, the best place to start is to speak with a franchise consultant with access to several home inspection business opportunities as well as numerous other industries. A franchise consultant can help you find the ideal match for your passion, skills, and budget without having to deal with high pressure recruiters from each franchise brand. To learn more about what a franchise broker can do for you, fill out the form at the bottom of this page.