Franchising is a great way to realize your dreams of business ownership while having support with making your business successful. If your heart lies in helping the community and seniors, seeking out senior care business opportunities with trusted franchisors may be the best path for you. Of course, choosing the right franchisor to work with isn’t always an easy decision.
To determine whether a senior care business opportunity is right for your personal situation and your professional ambitions, there are a number of criteria to take into consideration.
How to Assess Senior Care Business Opportunities
Above all, it is important to take your time when evaluating the various opportunities you find and do plenty of research along the way. Below, we’re listing some of the factors that shouldn’t be overlooked as you make this decision.
The Values of the Franchisor
When making business decisions, it’s easy to get caught up on numbers. As we’ll explain below, these numbers can be crucial to your overall success and earnings. However, the question of whether you will thrive as a franchise owner also comes down to how the values of the franchisor align with your personal values. You should be able to get a good idea of a brand’s values simply by looking at their webpage and materials, and can further pin down these values by speaking with their team members and current franchisees.
The Viability of the Franchise
Once you have found a franchisor whose value system aligns with yours, it’s time to take a look at the viability of the business. As every franchise location deals with unique variables, no franchisor can accurately predict how much you’ll make as a franchise owner. However, they can provide concrete data about how other franchisees within their system have performed over the years. Once you have access to the company’s Franchise Disclosure Document (FDD), you can even look at the growth of the franchise network and the average gross annual revenue of franchise locations according to their years of operation.
The Training Opportunities Available
As good as a senior care business opportunity looks on paper, you won’t be able to tap into all its benefits unless you’re fully prepared to become a business owner. That’s where training comes into the picture.
The best franchisors will provide new franchisees with in-depth training led by industry experts. At Senior Helpers, we offer both online training and classroom training for a total of 105 hours of education. This training is designed to fully prepare franchisees to take on the responsibilities of a senior care business owner, even if they lack prior experience in the field.
The Fees You Can Expect to Pay
After you have determined that a franchise opportunity is a good fit for your values and training needs and represents a solid path to a viable business, it’s time to examine the nitty gritty details of the fees charged by the franchisor.
In return for the franchisor’s operations and marketing support, brand recognition, and other crucial features, franchisees are responsible for paying a number of fees. These include an initial franchise fee, ongoing royalty fees, and other fees to cover costs in areas such as marketing, licensing, and IT.
Different franchisors will have different fee structures, and taking a close look at how these fees are calculated is essential to setting your expectations for earnings and financial growth. For example, at Senior Helpers, we keep our royalty fees at a low 5% to encourage franchisees to scale their businesses and reinvest their earnings.
Are you ready to learn more about whether our senior care business opportunities are right for you? You can reach out to us online or book a call for additional information about the details of our franchise packages.