Making our homes look beautiful and elegant is an innate tendency but due to time constraint we cannot really make them as we desire. However, in our hearts we wish for perfectly designed homes with beautiful décor. This wish has come true with home Interiors brands, which take care of everything from personalised furniture, furnishing & décor, modular kitchen & wardrobes to all home improvement services.
Earlier this was an unorganised sector with total disarray as the local shops were not the one-stop solution to all home désign needs. This has changed with the emergence of few organised players, who are the game-changers of the market scenario.
These brands in the Home Interior industry have brought about a big time opportunity for aspiring entrepreneurs & franchisees to invest as the very few brands that exist in this field have an $18 billion market to cater to. More so, Covid got these brands an added advantage as people have been spending more & more time at home and want to improve their home interiors with the help of renowned main time players.
Home design Services making In-ways
Presently the home interiors and renovation market in India is estimated to be between USD 20 Billion- USD 30 Billion. India’s interior design market which was worth USD 23.2 Billion in 2020 is further projected to reach USD 38.2 Billion by 2027, at a CAGR of 7.4 percent during 2021-2027.
The rising urbanisation rate, population explosion, improved standard of living, increase in disposable income, technological development leading to increased awareness, and launch of construction and infrastructure development projects by the governmenthave given a greater push to the home decor market in a way that the market has opened diverse arenas for entrepreneurs. As a result several investors and aspiring entrepreneurs are getting interested in the home decor business as they can foresee the potential of the market already. This surge in demand has directly impacted the home décor franchise segment as well, allowing it to boom simultaneously.
Growth Catalysts
As mentioned earlier mainly it’s the increasing urbanization which has lead to the boom in home decor services in today’s time. Home interior does not limit itself to furniture or décor only. It includes services such as painting, remodelling, false ceilings, renovations, furniture and many others for which clients do not have to invest any time but the company takes cares of everything. This has also made clients go ahead with theme-based interiors which earlier were considered a very costly affair. On an average, commercial and residential properties and constructions accounts for 40 to 50 percent of money on home improvement in India, owing to the increased urbanisation.
This statistics clearly suggests that the industry holds enormous potential at present and will continue to do so in the near future, alluring entrepreneurs to take a glance at this booming market.
Brands Making ‘Houses to Homes’
Few brands that have emerged in the sector presenting a one-stop solution to all home needs are namely HomeLane, LivSpace, DesignCafe etc. These brands are a one-stop solution for all home interior needs offering personalised services at affordable prices.
HomeLane
HomeLane which started in 2014 is present in 12 cities in India as of now. It has done renovations in more than 15,000 homes with 9,000 expert designers. One of the brand’s many USP’s is that it offers a 45-day delivery guarantee else it will pay the customer one month's rent. Moreover due to time constraint, clients can either meet virtually or at the experience stores as well. Another differentiating factor that has helped the brand in getting success is the launch of SpaceCraft, a 3D design collaborating tool. HomeLane claims it to be the world’s first virtual design platform that allows homeowners and designers to collaborate on design ideas and visualise a furnished home in 3D in real-time. This reduces the time needed to arrive at design decisions and crashes the time taken to complete a home project by 30 days.
For the benefit of clients, the company has also partnered with brands like Urban Ladder, Apka Painter, and Home Center to provide a total solution to the customers from modular to home automation services.
LivSpace
LivSpace,anotherIndian startup with its tagline of ‘Creating personalised homes across the country’ has been engaged in the interiors, home design and renovation businesssince 2014. The brand has become quite successful in the last couple of years owing to the popularity of the concept. It has recently received an investment of $10 million-$15 million from Ingka Group, the franchise partner of IKEA. Therefore, it is believed that IKEA may make a direct investment in Livspacein near future.
DesignCafe
DesignCafe is another full-service professional interior design firm, led by dynamic architects and focused on making designer homes personalised to the tastes and needs available within its customer’s budget. They aim to bring premium design and quality to the average home buyer.DesignCafe provides end-to-end interior design and turnkey solutions for homes using state of the art technology and a professionally trained design team to create designer homes.
Franchising: A Perfect Opportunity
Our Indian business industry is getting bigger & better with many home services brands joining the bandwagon. Mostly these brands adopt the franchise route after a few years for enhancing and growing their businesses. HomeLane, LivSpace and DesignCafe are few brands, which are actively operating under the franchise-based model, offering franchises to potential franchisees.
The USP of a home services business is that it can be a low investment business opportunity. While investing in a franchised outlet of an already established brand, a lot of errands can get cut-off. One of the renowned brands in home services business offers a franchise opportunity ranging from an investment of just Rs 30-50 lakh in whch franchisees are provided with complete guidance and training to run their outlets and are given sales, marketing, technical and operational support.
HomeLane which is present in 12 cities in India and plans to expand up to 25 cities, offers franchising via two models. The investment needed for a Studio Partner model is as low as Rs 25-30 Lakh with an area of 500-800 sq ft. The other model is Experince Centre which needs a higher investment and larger square feet area.
Similarly to become a ‘Livpreneur’ of LivSpace an investment of Rs 30 -50 lakh and an area of 1000 to 2000 sq ft is needed.
Being a low-investment opportunity itself and combined with a cost-effective business model like franchising, the home design services becomes a lucrative opportunity for entrepreneurs.
These home design &décor brands have an end to end detailed support system for the franchisees at each step. They help with hunting for properties, rent negotiation, finding brokers, and help design studios. Mostly all brands have a centralised vendor and also aids the partner in recruiting the design team, carpenters, supervisors, etc.
The brands help in interviewing, recruiting, and training the staff. For any financial help to its franchisees, the company has tie-ups with NBFC’s that provide loans for setting up the studios as well. Moreover these brands offer lead generation based on the industry in a particular city and the potential for a particular franchisee.
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