Buddy's Home Furnishings

Buddy's Home Furnishings Franchise

Buddy’s Home Furnishings, based in Orlando under the direction of CEO Michael Bennett, has been around since 1961 and now operates over 300 franchise and corporate locations nationwide.

In 1961, Buddy’s was founded in Tampa, Florida. Its mission has always been to help customers afford home necessities by offering affordable payment plans without the stress of credit or financing looming over their heads. 

In 2009, the company decided to franchise to serve a larger audience and reach new markets nationwide. 

Related: 7 Things You Need to Know Before Becoming a Franchise Owner

What to know about Buddy’s Home Furnishings

Now that you’ve got a bit of history, it’s time to go over the process, costs and everything else you need to know about franchising with Buddy’s. 

What are some critical facts about Buddy’s operations?

As a fast-growing company in the rent-to-own industry, Buddy’s Home Furnishings' business model has figured out how to maintain profits while keeping its services affordable. Take a look at the essential RTO services Buddy’s success prides itself on:

1. No credit needed: Buddy’s provides customers with essential products without a long-term commitment or a credit check.
2. Express delivery: Buddy’s store locator allows you to see local pricing on furnishings, appliances and electronics, as well as which items are available for express delivery — 24 hours or less. 
3. Included service and repair: One of the most convenient aspects of Buddy’s Home Furnishings is that it will service, fix, replace or provide loaner items all for free.
4. Flexible payment options: Clients can customize their payment plans and schedules depending on their financial needs. 

Why join the furniture industry?

The furniture industry is recession-resistant. Whether customers are minimalists or maximalists, people need furniture in their homes. 

The furniture market is multi-billion dollar, with revenue in 2023 at $252.90 billion. In addition, the furniture industry's annual growth is projected at 3.98%. 

Why franchise with Buddy’s Home Furnishings?

One of the most important parts of researching a company is understanding the financial commitment it takes to succeed and how much profit you can expect to see. The critical financial requirements and incentives of becoming a Buddy’s franchisee can be found on this Entrepreneur.com listing page.

Related: How to Be A Wealthy Franchisee

What will your income be as a Buddy’s Home Furnishings franchise owner? That number varies. However, to give you a better idea of the range franchise locations make, here are some numbers: 

• Gross sales: Top 25% of stores see $1,473,401 average gross sales. 
• Cash flow per store: $421,834.

Related: The Role and Responsibilities of a Franchisee, Defined

What to expect when becoming an owner of a Buddy’s Home Furnishings franchise

Buddy’s has been a franchisor for years, and it knows the ropes of how to onboard its franchisees to make them successful. 

If becoming a franchise owner seems jarring, remember it may cost just as much, if not more, to start your own small business. Also, Buddy’s offers its franchisees financing that covers the following:

• Franchise fee.
• Startup costs.
• Equipment.
• Inventory.
• Accounts receivable.
• Payroll costs.

Buddy’s Home Furnishings cares about the path of its new franchisees, so it provides 42 hours of classroom training and 60 hours of on-the-job training. Team members are assigned to help you with the following:

• Site selection.
• Lease negotiations.
• Cyber training with proprietary software systems.
• Safety and security procedures and protocol.
• The grand opening.
• Long-term assistance: Toll-free call center, online support, field operations and consultants for one-on-one help.
• Marketing and promotions: Regional and national advertising, website development, email marketing and SEO.
• Loyalty programs.
• Mobile apps.

Related: Are You an Ideal Franchisee? Here's How to Find Out. 

The franchising process with Buddy's Home Furnishings

If you like what you’ve read so far and think Buddy’s could be the right fit for you, then the next thing to do is continue your research and reach out to the company directly. 

During the process, expect to meet with corporate leaders, review the Franchise Disclosure Document (FDD), secure financials, receive training and sign a franchise agreement.

Related: The 23 Items Your Franchise Disclosure Document Must Include  

If you are unfamiliar with an FDD, it is the contract between you and the franchisor. This will be a legally binding contract with all essential information, including:

• Description of the company and its history.
• Any previous or current litigations.
• Bankruptcy history.
• Patents, copyrights and proprietary information.
• Financial statements and receipts.
• All investment costs and fees.
• Details and products and services.

Related: Ready to Commit? - Franchise License Agreement 

Next steps with Buddy's Home Furnishings

If owning a Buddy’s franchise sounds like the right franchise opportunity for you, then it's time to get going. 

Remember to weigh the pros and cons, picture yourself as the owner of your franchise, continue researching franchise information and reach out to Buddy's Home Furnishings to get free info and start the process.

Are you looking for more content to learn all about franchising? Explore the Entrepreneur Franchise Center here.