If you’re ambitious about starting your own business, consider a window franchise. That’s because there’s a high demand for different types of windows. The U.S. window market is projected to grow at an annual rate of 3.2 percent from 2020 to 2027.
On top of that, you get to be your own boss when running a window franchise. As the business grows, you’ll make more money from repeat clients who trust your services. There’s also a low capital requirement, affordable overhead costs, and an opportunity to scale up the business.
Starting a window franchise may be difficult if you are afraid to take risks. You have to abide by certain rules for the business to thrive. The franchise will also demand a lot of time commitment and persistence for it to grow.
We’re here to help you survive and thrive in the window business. Keep reading this step-by-step guide as you plan to start your franchise.
Draft a Business Plan
A business plan helps you map out business aspects like capital and leases. It allows you to assess your future financial needs, attract investors and focus on growth.
Choosing a target market is one of the tasks you should accomplish in the business plan. For a window franchise, you’ll serve clients with diverse types of windows. Your client base will include government buildings, storefronts, schools, and residential properties.
Conduct a market analysis to set your business up for success. The analysis gives you insights into the market size in value and volume. You also get to identify your competition, customer buying habits and segments, and the economic environment.
The business plan should cover your startup costs and expenses. It should help you stick to a budget to avoid running into debt.
Determine Your Funding Options
Choose your funding options wisely for your franchise to have adequate capital. Your financing options may include a business loan or self-financing.
For a business loan, most lenders will need a good credit score to process the funds. You may seek out unconventional funding options like SBA microloans and online loans.
Self-financing may work if you have the financial power to fund your window franchise. Since you’ll be risking your own cash reserve, you need financial discipline. Self-financing can improve your cash flow and help you avoid paying interest to lenders.
Get Legal Paperwork for the Franchise
The legal documentation will help you make the business official. Before getting the paperwork, choose a unique business name to stand out from your competitors. The name should reflect your vision and specialty.
Choose a business entity that will determine your tax filing efforts. The entity will also affect how you structure the window franchise and seek out liability protections. If you’re new to business structures, hire a business lawyer to help you start the franchise.
The legal paperwork should include an employer identification number (EIN). You need this number when filing taxes and hiring employees as your business grows. The EIN can help you apply for business financing and business credit cards.
Secure Business Licenses, Permits, and Insurance
You need a state business permit to regulate your window franchise. Permits and licenses differ with the county or state where your business is operating. Work with a business lawyer or visit your state’s business resources website to learn more about these documents.
Business insurance can help your business franchise settle liabilities. You need unemployment insurance and workers’ compensation if you’re planning to hire staff.
Membership in professional bodies like the National Glass Association will give your business an added advantage. These associations help their members to grow and nurture successful businesses. They can provide you with the tools and resources you need to scale your franchise.
Price Your Offerings
Your prices should reflect the market and your competitors’ pricing strategies. They should help you attract new customers and prevent losses. In fact, you may charge per project, per windowpane, or per hour.
When you charge per hour, your clients will only pay for the number of hours worked. Add up the overhead and labor costs with the profits and divide by the hours worked to find your hourly rate.
You can charge per window pane installed, repaired, or cleaned. This rate may be ideal for projects that involve multi-story buildings.
It may be ideal to charge per project if the work requires more preparation and labor time. Set your rates depending on the resources needed to complete the task.
Market Your Window Franchise
Marketing can help you attract new clients to secure more revenue. Ideal marketing approaches for a window business include cold calling and SEO (search engine optimization).
Cold calling allows you to engage potential clients on a personal level. With this technique, you’ll contact people who haven’t recently shown interest in your types of window blinds. It may involve in-person visits or telephone calls.
SEO is a more savvy approach to online marketing if you already have a website. It helps your business website rank for local search terms for clients to find you. Though it may take time to generate results, it can help you build long-lasting credibility.
Plan the Day-to-Day Operations of the Business
You have to run different aspects of your business when starting. These responsibilities include marketing the company, maintaining inventory, and invoicing clients. They may also include executing client jobs, scheduling appointments, and offering quotes.
Plan these day-to-day operations for productivity. You can hire employees to carry out these tasks as your business grows. But as you’re starting, be prepared to manage them by yourself.
You get to maintain balance and prioritize essential tasks when you plan your daily tasks. The plan also helps you categorize your operations and gives you flexibility when handling them.
Start Your Window Franchise Today
Starting a window franchise may seem overwhelming without guidance. Carry out one task at a time and create a business plan to guide your operations. Soon, you’ll be attracting more clients and maximizing your revenue.
Count on us for resources and opportunities that can help you launch a window franchise. Window Medics is among the fastest-growing in the industry, with more than 200 branches. Let us know how our franchise expert can help you grow your business today.