Are you researching and evaluating different senior care franchises to select an opportunity that will give you the best chance at business success? The franchise you partner with will dictate how much you will need to invest to get started, how much support you receive during ownership, and even the extent to which families in your area will trust you to care for their loved ones.
Researching different franchise brands is an in-depth process fraught with detail, and certainly not something to be taken lightly. However, when you know how to assess your options and come to a conclusion about the right senior care franchise to purchase, you can look at this endeavor as a rewarding experience that will help you get one step closer to business ownership.
What Do You Want Out of a Senior Care Franchise?
Before you even begin comparing different franchise brands, you should first establish a baseline of what you want from your experience of business ownership. Every entrepreneur comes to the table with different skill sets, levels of experience, priorities, and values. Taking a close look at your personal and professional goals can help to pinpoint the right franchisor fit among the many options.
Establishing Core Criteria
Once you have done some thorough reflection to define your preferences, priorities, and values, you can move on to exploring different categories of criteria by which you can compare senior care franchises.
We recommend using the core criteria listed below to avoid overlooking any crucial areas.
Overall Costs
When evaluating any business opportunity, profitability will play an essential role in the equation. To determine potential profitability, as well as the value offered by the senior care franchise opportunity, you’ll first have to calculate the upfront investment you’ll need to make, in addition to ongoing costs. Furthermore, you must consider the financial requirements the franchisor demands of franchisee candidates.
For example, new franchise owners at Senior Helpers make an average investment of approximately $147,800, including the initial franchise fee of $55,000. Ongoing fees to consider include a 5% royalty fee, and candidates are expected to have $55,000 in liquid capital and a net worth of $200,000 or more. According to Entrepreneur, these numbers make us one of the most affordable senior care franchise opportunities on the market.
Training & Support
Other criteria to evaluate are the forms of training and support offered by the franchisor. In general, the more initial training available and the more support offered on an ongoing basis, the better prepared you will be to handle anything that comes your way as a new business owner. It’s important to watch for franchise brands that only offer the minimum when it comes to training, as this is a red flag that you’re not getting your money’s worth out of the franchise package.
At Senior Helpers, we bring added value to our franchise opportunities and set new franchisees up for success with over 110 hours combined of online and in-person training. Additionally, we provide a detailed marketing plan, one-on-one coaching, and ongoing assistance with recruitment that ensures franchisees feel supported well after opening day.
Our efforts don’t stop there. We know that each day brings new experiences for franchise owners and their teams. That’s why we offer monthly, virtual training sessions. Some topics we cover include:
- Building referral sources
- Marketing tips
- Converting leads
- Hiring best practices
Each year we also offer our franchisees the opportunity to come together to share and learn from each other. Programming at our conferences includes training, networking, awards, meet and greet with vendors, and other unique opportunities.
Brand Name & Experience
Finally, consider how well-known the franchise name is and whether it has a reputation for delivering high-quality, trusted services. If the brand has only recently got itself up and running, you may not be able to enjoy the full range of benefits offered by other franchisors.
For example, working with a brand that is recognized nationwide will give you more confidence about its track record and enable you to benefit from the foundation of trust they have spent years establishing. Also, look into how franchisees rate their franchisor. Joining a brand that enjoys strong franchisee relationships bodes well for your future.
As you research and evaluate different senior care franchises, we believe you will find that Senior Helpers ticks all the boxes. If you would like to hear more about joining our franchise family, feel free to contact us online or schedule a call today!