Why is the painting franchise business a lucrative venture?
The painting trade, like other trades, has grown tremendously in the last twenty years. This increase is the result of several major factors including:
- The change in demographics over the years has resulted in an increase in disposable income for dual income families.
- The reduction in the supply of tradespeople coupled with the corresponding increase in demand for trade services.
- The busy nature of the modern lifestyle has led to a lack of time for the average person to perform home maintenance projects.
There has been a growing demand for painting contractors in recent years. As children of the baby boomers mature, they are more likely to attend a university as opposed to a college or a trade school. The retirement age for baby boomers is arriving and many of the tradespeople in this demographic are not being replaced, creating opportunities for businesses like Elite Trade Painting. Painting services have remained in demand despite times of economic hardship. Even when a family’s disposable incomes declines, homeowners will spend money on minor home maintenance, like painting, over larger home maintenance items, like renovations. Most homeowners take pride in their property and are willing to devote financial resources in order to maintain their principal investment.