- A small investment – You don’t want to give up an arm and a leg in order to open up a franchise. One of the benefits of investing in a franchise is that the initial costs should be lower than starting a business from scratch. This is because hopefully the franchisor has figured out how to streamline the opening process and has a business plan that is effective and efficient. At Senior Helpers, you can expect to pay between $81,300 and $117,300 to get your home care franchise off the ground, which is low even by franchising standards.
- Small ongoing fees – Be sure to look at the fee structure of the franchisor. They should be very upfront about it—any franchisor that isn’t is probably hiding something. The last thing you want is to find out that you have to hand over half of your profits every year. At Senior Helpers, we only charge an ongoing royalty fee of five percent and an ad royalty of one percent.
- Franchising experience – You may want to be a little wary about businesses that have only started franchising. A company that has one franchise unit and started in the previous year has no track record. The more experience a business has with franchising, the more effective they will be at getting new franchise units off the ground. At Senior Helpers, we have been franchising since 2005.
- Franchise growth – You can get a good idea of the health of a business by looking at the growth rate of their franchises. You won’t want to risk investing in a franchise of a business whose franchise locations have been steadily closing down year after year. If you look into the franchise health of Senior Helpers, you’ll notice steady growth. Back in 2007, we had 105 American franchises and no international locations. As of last year, we had 266 American franchises and 13 international franchises.
- Franchise reputation – Investing in a brand with a poor reputation is probably a bad idea. Not only does Senior Helpers have a great reputation among our clients, but our franchise in general is highly regarded. For example, we are currently ranked 200th on Entrepreneur’s Franchise 500 list—no easy feat.
- Franchise support – When it comes to an industry like home care, you’ll want to make sure that you’re given all the support you need. A good franchisor has a strong support system in place to ensure you can run your home care business effectively. At Senior Helpers, we offer owners full training and support throughout the lifetime of your ownership. You’ll be provided with five days of on-site training as well as ten days of training at our headquarters. Ongoing support is provided in the form of opening your business, running your business, marketing your business and much more.
If you follow this checklist when doing your research, you should discover that our Senior Helpers franchise is one of the soundest investments out there in terms of the home care franchising industry. For more information about our home care franchise opportunities, be sure to contact us at Senior Helpers today.