The Benefits of Using Financing to Grow Your Home Improvement Business

Did you know that between 2018 and 2019, spending increased on home improvement projects by 17.5% to reach an average of $7,560 per project?1

If you offer home improvement services, you should consider exploring strategies such as financing to grow your business.

A solution to the financing hurdle

A home improvement project is often a major financial decision for homeowners, and deciding to go ahead with the project can be even more difficult once they receive a quote. In fact, people often decide against a home improvement project because they feel that it would be too expensive.

This is a hurdle you can address by providing financing. Integrating options into the payment discussion is a great way of supporting homeowners in their decision-making process and will increase your chances of closing the sale.

One key advantage of offering financing is that you can provide potential clients with an affordable monthly payment option right after discussing the total cost of the project. Talking about this aspect of the project in terms of monthly payments will make the investment more manageable. It also allows homeowners to purchase what they want, and not just what they can afford.

Growing your business with financing

Payment options will also help attract new opportunities to grow your business. Here are a few examples of new project types you could pursue once you offer financing:

Larger projects: Providing financing will help potential customers secure the funds needed for a larger home improvement project. Your customers no longer have to settle for a smaller project that addresses immediate needs. You can discuss long-term plans and help your clients make significant renovations that will boost the value of their home.

Emergency projects: Emergency home repairs can be a source of stress for homeowners because they might not have enough money in their emergency savings fund. As such, they will often seek the lowest price they can get for emergency repairs and overlook quality. You can help these potential clients pay for the repairs they need by offering payment options.

Reach out to me today to find out how Dividend Finance can help you grow your company through offering financing.

Written by Ken Yeager
Regional Sales Director
m: 443.739.6939
e: ken.yeager@dividendfinance.com

Article Sources:
1. https://www.homeadvisor.com/r/true-cost-report/
2. https://ipropertymanagement.com/research/home-improvement-industry-statistics