A lot of people interested in owning a franchise really don’t know that much about them. Even if you’ve done your preliminary homework, there’s a good chance you have a whole lot of questions about running a franchise. You’re not alone.
Keep reading to learn five frequently asked questions about franchising from those interested in this unique business ownership opportunity. In many cases, basic information applies to a homecare franchise and many other types of companies as well.
1. How Much Money Do I Need?The cost of a franchise varies greatly from brand to brand. That makes it hard to discuss any exact dollar amount when talking about a particular homecare franchise.
In general, the franchisee will be responsible for franchise fees that go to the company, branch constructions, necessary furniture and business-related fixtures and other startup expenses. In the case that you’re taking over an existing branch, some of these fees may not be associated with a new owner. To find out about fees and get a bottom line dollar amount, you’ll need to talk with the franchisor looking to sell.
2. Where Do I Get Supplies?In most cases, supplies come directly from the franchise seller as per your agreement. However, in some cases, supplies are the responsibility of the new franchisee. In these cases, help is often offered when it comes to where to set up accounts and where the right products can be found.
If your franchise deals with outside contractors, the parent company may also be able to point you toward other businesses they have worked with in the past. In other situations, you may need to find suppliers and other companies to work with on your own.
3. Will I Have Help?When you start a franchise, whether it’s a homecare franchise or one in another field, you will generally get the support of the parent company. That’s because they want you to succeed since you are a part of their business model.
As a franchise owner, it will generally be your responsibility to hire employees to work for your company. In terms of management, that role will likely fall on your shoulders, with corporate advice being given out when needed or when requested.
In some cases, corporate entities provide hands-on help during the first few months to make sure the new franchise builds on a solid foundation.
4. Should I Like the Franchise?Whether you’re starting a homecare franchise or something entirely different, having an interest in the business is a must. Owning and running a franchise takes a lot of hard work, especially in the early stages.
If you’re not interested in the business and you don’t want to do the work on a daily basis, you’re looking at the wrong franchise.
5. Can I Have Partners?Partners can help many people open a franchise, but if you do take them on, make sure you have clear-cut agreements in place. Have these drawn up and looked over by a reputable attorney.
Partnerships can go sour, even ones based on friendship and mutual trust. Have everything in order before you open your business to keep things on solid footing.
Starting a homecare franchise can be exciting, but it will take work and knowledge on your part. Before you begin, make sure you discuss all of the details with the parent company in depth. For more information, visit our website today.