Buying a senior franchise can be a life-altering decision. It can allow you to follow your dreams of business ownership, chart a path to financial independence, and make a difference within your community. It also represents a major commitment for new entrepreneurs, requiring a significant investment of time, energy, and capital.
As rewarding as the returns on that investment can be, buying a franchise is no small decision. You’ll want to be sure that senior care is the right sector for your goals, your skills, and your vision of business ownership. At the same time, you’ll need to find the right franchise system and perform due diligence before signing a franchise agreement.
The process outlined below will give you a general sense of which steps you need to take before buying a senior care franchise, regardless of which franchise system you choose.
If you’re interested in a Senior Helpers franchise specifically, you can read about our 7-step process for buying a Senior Helpers franchise.
The Process for Buying a Home Care Franchise
There are five basic steps involved in buying a senior home care franchise.
This process starts with basic research about franchise opportunities in your target market, and it ends when you sign your franchise agreement. In between, you’ll also speak with the franchisor, take a deep dive into the Franchise Disclosure Document (FDD), and secure financing for your initial investment.
Prospective owners can expect to complete each of these steps before acquiring and starting a senior care franchise business. Here’s a closer look at what each step involves.
1. Research the Franchise Opportunity
The first step to buying a franchise is finding the right fit. The best home care franchise opportunity for your situation will depend on:
- Which franchisors have territories available in your target market.
- How well each franchise system aligns with your preferred business model.
- The cost of starting a franchise, measured against your access to capital and financing.
- Training and support provided by franchisors, particularly if you’re new to the industry.
- Your personal values and vision and how they align with different franchisors.
You can narrow down your list of franchise candidates through online research and by contacting franchisors for territory availability. Home care franchise rankings, franchisor websites, and speaking with active franchise owners are some of the most popular ways to research these opportunities.
At Senior Helpers, we offer a wealth of information through our website to help you research our home care franchise opportunity. This includes a breakdown of our franchise costs, information on our training and support systems, and a map of available franchise territories.
2. Speak with the Franchisor One-on-One
Once you’ve made a shortlist of possible franchisors, we recommend contacting the franchisor directly for a one-on-one conversation.
This conversation will give you a chance to ask questions about the franchise opportunity, including how well it aligns with your business goals. The franchisor can also provide detailed information about available territories in your target market.
At Senior Helpers, we encourage potential owners to schedule a 15-minute phone call with a franchise development specialist. We then invite prospective owners to take part in a three-part webinar series, where we provide an inside look at our franchise system.
3. Read the Franchise Disclosure Document
When you speak with the franchisor, they can provide you with a copy of their Franchise Disclosure Document (FDD).
The FDD is a detailed document that covers the franchisor’s history and financial health, the estimated costs of franchise ownership, legal and financial requirements for franchise owners, and any financial claims made by the franchisor. It may also include a copy of the franchise agreement.
Senior Helpers provides a copy of our FDD at the end of the first webinar for prospective owners. We also have condensed highlights from the most recent copy of our FDD available online.
We recommend reading this document in detail before buying a franchise. We also recommend reviewing the contents of the FDD with help from a lawyer or a financial advisor. Once you’ve finished reviewing the FDD, you’ll have all of the information you need to decide if this is the right opportunity for you.
4. Secure Financing for Your Franchise
Buying a senior care franchise is a significant investment. While the initial investment will vary depending on the franchisor you choose, you can generally expect to invest at least six figures for a franchise with a physical location.
Your ability to finance a franchise will depend on your access to liquid capital and/or third-party financing. Capital may take the form of cash, home equity, a 401(k), or saleable assets. Third-party financing could be available through an SBA loan, or through other third-party lenders.
At Senior Helpers, our low upfront costs make us one of the most affordable home care franchise systems on the market. We also maintain relationships with a number of third-party lenders, and can help prospective owners acquire outside financing.
5. Sign the Franchise Agreement
Once you’ve decided on a franchise system and secured the necessary financing, the final step is to sign your franchise agreement.
Most franchisors invite prospective owners to attend a Discovery Day before signing the agreement. Discovery Day is a chance to meet key members of the franchisor’s leadership team. These team members will include experts who work directly with franchise owners during the startup process.
At Senior Helpers, our “Meet the Team” Day is the final step in our owner approval process. Once you’ve signed your franchise agreement, you can begin to train and prepare for the opening of your franchise.
Senior Care Franchise Opportunities with Senior Helpers
If you’re looking to start a senior care business, a Senior Helpers franchise could be the perfect fit for your goals.
Our turnkey business model and affordable costs offer a low barrier to entry for entrepreneurs in the home care sector. In fact, many of our most successful franchise owners joined the Senior Helpers family without prior experience in home care.
With a Senior Helpers franchise, you’ll also enjoy a number of key advantages, including:
- One of the most affordable franchise offerings in the senior care sector
- Low ongoing royalties and fees for your franchise
- Over 110 hours of training, plus extensive one-on-one support for new owners
- Access to exclusive programs, like LIFE™ Profile and Senior Gems®
- A customized “Off to the Races” marketing and lead generation plan
- Local referrals for clients and caregivers
- A franchise system that’s helped 300+ franchise owners find success in senior care!
Today, we have over 600 franchise territories available in the U.S., including premium territories in several major metro areas. Simply contact us to learn more about opportunities near you and learn more about the Senior Helpers system!