Home Inspection: A Lucrative and Profitable Business Opportunity
Houses these days are more trendy, spacious, and luxurious as people are getting more conscious about their homes, trying to decorate it according to their personality. The rise in disposable incomes of the people is allowing them to renovate their homes, which provides a great opportunity for entrepreneurs that exists or are willing to enter in the home inspection industry.
A home inspection business is a perfect opportunity for all those entrepreneurs who have experience in construction and remodeling. Along with these, if you like diagnosing house ailments, then certainly you can provide home buyers sweet dreams with different home inspection services.
A home inspection is a business like any other, which requires starting off on the right foot. Entrepreneurs need to invest some capital that could include the costing for tools, training, insurance, and more. All you require is an effective business plan along with other essential components like inspection license, staffs, and proper training programs for enhancing your services. The training programs are meant for the staffs that do the home inspection, assuring the quality of services to the clients.
A Relatively New Segment with Great Potential
Home inspection segment might be a relatively new concept in India, but it has been in existence and great demands in international territories like the United States and the United Kingdom. Though several Indian brands are currently operating under this segment, it is still an unorganised sector, which carries enormous potential for budding entrepreneurs.
Brands like e-Ghar home inspection andMacj – a buyer's choice –are some of the home inspection brands that are a great success in the current time. The sector is believed to turn organised very soon, as franchising is making a great roar in the industry, awaiting budding franchisees with fruitful results.
What exactly Happens at a Home Inspection Business?
Some of the daily activities which entrepreneurs need to do at a home inspection business are:
- Scheduling appointments with clients
- Fire safety inspection of water heater and all appliances
- Exterior inspection of walls, drainage, roofs, etc
- Establishing a good network with clients and real estate agents
- Recommending repair and full house inspection by experts
- Interior inspection including electrical, plumbing, air conditioning, etc
The Growth Potential of the Home Inspection Business
As mentioned earlier, there are already several home inspection firms currently operating within the Indian business ecosystem. While belonging to the independent business model earlier, soon, brands will be opting or taking the franchising route for growing their businesses.
The benefits of franchises include assistance in obtaining insurance, reporting tools, readymade contracts, continuing education opportunities and mentoring by a network of experienced professionals.
Franchising: The Future of Home Inspection Business
The concept of franchising is gaining popularity on a daily basis. Entrepreneurs that once used to run/operate their business are heading towards the franchise model for growing their business demographically along with enhancing their services.
Macj– buyer's choice–was initially operating as an independent business, and it started providing its franchise to potential and budding franchisees. The franchise is available at an investment around INR 20-30 lakhs followed by an area requirement from 250-500 sq ft.
Since home inspection business is slowly unwrapping its dominating existence in India, it might be the right time to invest in this sector, especially through a franchise-based model.