| By R.L. Fielding | | | | willingness to be a part of the system. It |
| | | | also involves paying for an existing business |
| As the housing market continues to cool, | | | | model - one that includes approved marketing |
| opportunities in related businesses, such as | | | | materials, the latest software systems, |
| the home inspection industry, often thrive. | | | | insurance and other operational systems. |
| Despite a slower than average market, the | | | | Owning a business franchise is an attractive |
| National Association of Realtors, estimates | | | | option when considering the time and money it |
| that 5.7 million resale homes will be sold | | | | would take to organize all these elements on |
| and almost 852,000 new homes will be sold | | | | your own. |
| this year - and many of them will need | | | | |
| inspections. | | | | Successful franchise owners generally have a |
| | | | strong background in marketing, management, |
| An inspection is one of the most important | | | | remodeling or home rehabilitation and utilize |
| steps in the home buying process, especially | | | | those skills to grow their local franchise |
| in today's market. At a time when price | | | | and potentially expand into a multi-unit |
| negotiations have become more vigorous, a | | | | operator. |
| home inspection can give buyers, or sellers, | | | | |
| an edge in the negotiation process. A | | | | The best candidate for a franchise is someone |
| professional home inspection can help buyers | | | | who is interested in reaping the benefits of |
| avoid buying someone else's problems, and for | | | | hard work, but values the added coaching and |
| sellers the home inspection can help them | | | | accountability of a franchise system. While a |
| eliminate potential defects that could turn | | | | franchise owner controls the day-to-day |
| off a prospective buyer. | | | | operation of a business, he or she is also |
| | | | required to follow the franchisor's ways of |
| As the home inspection business continues to | | | | operating. These might include designated |
| remain steady and profitable, there has never | | | | hours of operation, the use of specific |
| been a better time to buy a franchise in the | | | | equipment or materials to operate the |
| field. Buying a franchise is a wise | | | | franchise, or franchisor-approved marketing |
| investment, but only if the buyer understands | | | | and/or sales materials. |
| the ins-and-outs of the relationship between | | | | |
| the franchisor and franchise owner. | | | | If you think you might be interested in |
| | | | starting a home inspection franchise, it's a |
| Franchises generally have successful track | | | | good idea to consider the following: |
| records compared to non-franchise start ups; | | | | |
| however, it takes time and money in order to | | | | 1) Get Educated - Find out what kind of |
| turn a profit. Like any small business, | | | | training is offered by the franchisor. |
| undercapitalization is usually the number one | | | | Training is the cornerstone for success, so |
| cause of failure. It could, in fact, take a | | | | it's important to make sure the training |
| significant amount of time before a | | | | provided by your franchisor is top notch. |
| franchisee realizes a return on his | | | | |
| investment. However, once your franchise | | | | 2) Get Input - As part of your due diligence, |
| takes off, the benefits are well worth the | | | | you will want to speak to as many current and |
| investment in time and money. | | | | former franchisees of the system as possible. |
| | | | As part of the disclosure process, the |
| The Benefits of Owning Your Own Inspection | | | | franchisor is required to give you these |
| Business | | | | contact names - use them! |
| | | | |
| Although the housing market has cooled in | | | | 3) Assess Your Strengths - or weaknesses. |
| some areas of the country, the percentage of | | | | Buying a franchise does not automatically |
| transactions where a home inspection is used | | | | guarantee clients. Calling on |
| has been growing. Opening a home inspection | | | | RealtorsÂ(R) in your area and bank |
| franchise offers tremendous business | | | | managers dealing in home loans will be a big |
| potential for entrepreneurs and for home | | | | part of your marketing strategy. If you |
| inspectors looking to grow their business | | | | can't see yourself putting on a professional |
| with the help of a national company. Just a | | | | presentation or making a sales call, a home |
| few of the benefits of being part of a home | | | | inspection franchise is probably not right |
| inspection franchise system include: | | | | for you. |
| | | | |
| • There is no building, real | | | | 4) Talk to Your Family - Family support is a |
| estate investment or inventory to carry. | | | | critical factor in making the dream a |
| | | | reality. If your spouse is against the plan, |
| • There is no construction | | | | it will be difficult to navigate the highs |
| experience necessary as you can hire | | | | and lows of a new business alone or with the |
| qualified inspectors to work for you. | | | | added tension at home. |
| | | | |
| • You gain access to training | | | | Deciding to invest a significant amount of |
| resources and marketing support from your | | | | your time and money into buying a home |
| franchisor. | | | | inspection business franchise is, of course, |
| | | | a risk. The first step should be taking the |
| What It Takes to Get Started as a Home | | | | time to learn all you can about how to launch |
| Inspection Franchise Owner | | | | and operate a successful business. The rest |
| | | | should fall into place with a little |
| Becoming a successful franchise owner | | | | perseverance, steady clients and a real |
| involves time, energy, commitment, and a | | | | passion for the business. |