Finding the best home care franchise to invest in is a process that goes well beyond looking at costs alone. Franchising in the senior care industry can be highly rewarding in a number of ways. In addition to joining a sector that is experiencing growing demand, you can also enjoy the benefits of investing in your own quality of life thanks to the immensely satisfying nature of work in this field.
It is important to look at a range of key areas when evaluating a potential investment and choosing the best home care franchise for your personal criteria. These areas include everything from initial financial requirements to ongoing fees, the reputation of the brand, and the forms of support they offer for franchisees.
Below, we are exploring these factors to give you a solid foundation for conducting your own calculations and making an investment that is worth it to you in the long run.
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Initial Financial Requirements
The initial costs of the best home care franchise packages can vary quite dramatically from brand to brand. Your initial investment may include everything from franchise fees to startup expenses and training. Additionally, franchisors often ask potential franchisees to have a certain amount of liquid capital set aside to ensure they can operate comfortably during the startup phase.
At Senior Helpers®, we are proud to be one of the most affordable home care franchises on the market. In fact, Entrepreneur has recognized us as one of the top low-cost franchises as part of their Franchise 500 list.
The upfront cost for our franchise locations ranges from $127,800 to $171,800, with an average investment of $148,000. This number covers the franchise fee, initial advertising, insurance, and more. We also require candidates to have at least $55,000 in liquid capital and a net worth of $200,000 or more.
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Ongoing Fees
It’s also important to take into account ongoing fees, which can significantly affect your profitability if they are not factored into your calculations. Home care franchises typically charge royalty fees that cover the licensing of their brand name, as well as national marketing fees for advertising efforts that promote the brand name and further the development of the company’s image.
When you partner with Senior Helpers, the bulk of your ongoing costs will be in the form of the royalty fee, which is 5% of gross sales. We keep this fee as low as possible to encourage our franchisees to reinvest in their businesses and promote scalability. Other ongoing costs to consider are our marketing fund fee at 1% of gross sales, and the LIFE™ Profile licensing fee.
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The Value of the Brand’s Reputation
While brand reputation is key in all industries, it is particularly valuable in the sector of senior care. Families only want to put the care of their loved ones in the hands of people they trust. Having a recognizable brand name with a spotless track record can take you far as you get your business up and running. Working with the best home care franchise will save you valuable time that you would otherwise have to spend trying to earn the trust of your fellow community members.
This means the ideal investment is with a franchisor that has long been recognized for delivering high-quality care. Take Senior Helpers for example. Our reputation for providing compassionate and personalized services is further underscored by the awards and recognition we have received from influential third parties ranging from Entrepreneur and Fortune to The Alzheimer’s Association of America and The Parkinson’s Foundation.
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Support You Can Tap Into
The best home care franchise to invest in will provide all the support you need to hit the ground running, as well as further support throughout your tenure as a business owner. When you have the chance to lean on industry experts, you’ll be able to navigate the challenges of growing your business and offering the best possible care for your clients. You’ll also have greater confidence in your own capabilities as a business owner and this will reduce your risk of failure.
Our team at Senior Helpers works to ensure franchisees are not only investing in a new business when they purchase our franchise packages but also in themselves. That’s why we offer extensive pre-opening training in addition to plenty of opportunities for continued education and growth.
Make the Best Home Care Franchise Investment
If you want to invest in the best home care franchise, consider partnering with Senior Helpers. We’ll ensure you can make the most of your investment and get on your way to running a flourishing business. Contact us online or schedule a call today!