Starting a new career is a big move, and it is natural to want to give your time and energy to a career with potential to take you far. Investing in a home inspection franchise has real long-term career potential, as this industry is an essential part of the real estate market.
Keep reading to learn about the home inspection industry, as well as a few tips for helping a home inspection franchise thrive in the long term.
The Home Inspection Industry
Home inspections are essential in the real estate industry, giving this industry serious longevity. As many as 90% of home buyers get a home inspection before they finalize the purchase of a home, which means there is a lot of business to be had in this industry. Just like there is always a real estate market, there is always a home inspection market.
Demand for home inspections is expected to increase even more in the next decade or so. Older generations are moving into retirement homes and younger generations are moving into starter homes; both groups need qualified home inspectors on whom they can rely to check the homes they are purchasing.
An additional factor that is influencing the industry is that the number of homes being built is low compared to the demand. That means that there are not enough new homes for all the people who want to buy them, which is resulting in more people purchasing older homes. The older a home is, the more it needs to be inspected to protect the buyer. As consumers buy older homes, they will be getting even more home inspections.
Tips to Help Your Home Inspection Business Thrive Long-Term
As a home inspection franchise owner, you can benefit from the franchisor’s industry experience. Working with people who have been in your shoes before—or have helped new franchisees become experienced business owners—is an invaluable asset. Here are a few tips to help your business thrive, and always remember, if you invest in a good brand, they can help you with any questions or issues that arise.
Part of a successful life is setting goals. Setting both business and personal goals gives you something to work toward, which inspires you to work each day. Even better, setting goals in three- and five-year time periods will help you measure your success.
Setting and reaching for business goals is an obvious way to set your business up for success. As a franchisee, the company will work with you to determine goals for your business, such as sales, inspections, cash flow, and other numerical indicators of your business’s strength. You should also set financial goals for yourself to ensure that you are earning the living you want and need.
It may seem counter-intuitive, but personal goals are just as important—if not more important—than financial goals. Personal goals will help you find and maintain the quality of life you need from your career. Chances are, you have already earned a comfortable living at one job or another, so something is driving you to try something new. That something may be quality of life.
Recent research has found that employees who feel overworked are 31% more likely to quit their jobs than their peers, so building a work/life balance is crucial. Make a goal for time spent at home, with your family, or doing things you care about; then, as a franchise owner, you can see how you are meeting your quality of life goals as well as financial goals.
Meet Your Fellow Franchisees
Before you invest in a home inspection franchise, take some time to meet and talk with other franchise owners in the brand and industry. These people have been in your exact position before, and they can tell you what it is going to be like to own a franchise.
Learning from your fellow franchisees both before you invest and as you continue your career as franchise owner can help you build a stronger business.
Starting a home inspection business can easily become a long-term career. With the proper discipline and hard work, you can build a strong business as the owner of a home inspection franchise that lasts a long time.
Pillar To Post is a home inspection franchise with locations all over the United States and Canada. We support our franchisees at every turn, giving them the tools they need to build a long-term career. But you don’t have to take our word for it; check out what Franchise Gator has to say about Pillar To Post.