When it comes to choosing a franchise to invest in, there are a number of factors that will go into your calculations. However, affordability is sure to be at the top of these considerations. Finding an affordable franchise that aligns with your values can help you get on the road to financial independence while finally reaching your goal of becoming a business owner.
At Senior Helpers®, we are proud to have been named among the best affordable franchises by Entrepreneur magazine for their 2023 Franchise 500 ranking. Read on to learn more about what goes into this ranking and what makes our franchise such an ideal fit for prospective business owners who prioritize affordability.
Understanding How the Best Affordable Franchises Are Ranked
This year marks the 44th annual Franchise 500 ranking by Entrepreneur magazine, a trusted resource for current and prospective business owners alike. This year, the magazine sorted through a record-breaking number of applications to determine which franchises offer the best investment for entrepreneurs.
Here are the five key factors that went into evaluation process that ultimately ranked Senior Helpers at #172 of 500 of the best affordable franchises:
- Costs such as the franchise fee, royalty fee, and average total investment
- The size of and ongoing growth of the franchise, including the number of operating units, closures, and the rate of growth
- Support offered by the franchisor, from training to marketing assistance and operational support
- The strength and reputation of the brand itself, including its longevity and social media presence
- The financial stability and strength of the franchisor, with a look at audited financial statements
With all of these factors considered, Senior Helpers was chosen as one of the best franchise investments thanks to a delicate balance of affordability, brand strength, franchisee support, and stability.
Next, let’s take a closer look at what affordability looks like in the context of our franchise system.
What Makes Senior Helpers An Affordable Franchise?
When you look into purchasing a franchise, you can count on paying two main types of fees: the initial franchise fee and franchise royalties. Below, we’ve provided a breakdown of these fees and how they contribute to our standing as an affordable franchise.
Initial Franchise Fee
The initial franchise fee for a Senior Helpers franchise is $55,000, covering the cost of one franchise territory. This fee represents a low barrier to entry for those who want to invest in a business but may not have access to huge sums of liquid capital. Additionally, this fee can be further discounted by 15% for investors who qualify as veterans, or by $5,500 for minorities.
Royalty Fees
We maintain a low royalty fee of 5% of gross sales. Setting the fee at this level enables our franchisees to keep or reinvest the majority of their revenues, encouraging growth, scalability, and profitability. Plus, there is no minimum payment required for these fees during the first year of operations. This fee can be reduced to an even more affordable 2.5% for the first half year of operations for those who choose to sign their franchise agreement during our Meet the Team Day.
Adding It All Up
All in all, the upfront costs of our franchise packages range between $125,800 and $169,800, and we encourage candidates to have access to a minimum of $55,000 in liquid capital to get started. These numbers position us as one of the best affordable franchises for entrepreneurs who are eager to help their local communities by providing much-needed senior care services.
Are you ready to invest in an affordable franchise in the thriving industry of senior care? Book a call with the Senior Helpers team or reach out for additional information online.