If you are thinking about investing in a new business venture, there’s a ton of research that goes into launching this type of project. Our team at Senior Helpers is here to assist you with this process through our step-by-step guide for finding the best home care franchises. When you’re looking to join the booming industry of home care, knowing which questions to ask can save you time and prevent regrets later down the line.
In this post, we’re focusing on general questions you’ll want answered before taking any next steps with a franchisor. At the outset, these broad inquiries can help you narrow down whether a specific franchising partner is right for you.
Kick Off Your Research Into the Best Home Care Franchises with These Inquiries
When you start asking big-picture questions, you can quickly gain an idea of what the franchisor’s approach to working with franchisees is and whether they can help you reach your business goals. Here are a few inquiries you may want to pose at the outset of researching the best home care franchises on the market:
What financial requirements do I need to meet to qualify as a candidate?
Most franchisors require franchise candidates to provide proof of their assets to ensure they will remain financially stable during the initial stages of opening and operating their businesses.
For example, to become a prospective Senior Helpers franchisee, you must have a minimum of $55,000 in liquid assets as well as a minimum total net worth of $200,000. With some of the lowest requirements in the industry, we are giving entrepreneurs with a passion for senior care the chance to readily become part of this essential sector.
What initial franchise fees and ongoing royalty fees must be paid?
Having concrete numbers at your fingertips will help you more readily compare potential franchise packages and determine which one suits your preferences and goals.
Franchise fees are a one-time payment, while royalty fees are paid on an ongoing basis, often as a percentage of gross revenue. For example, the Senior Helpers franchise fee is $55,000, and royalty fees are 5% of gross revenue, with discounts available.
Keep in mind that different franchisors will include different forms of support under the franchise fee. The best home care franchises can’t necessarily be identified based on numbers alone.
What is the total initial investment cost?
While the franchise fee and royalty fees are important numbers to consider, the last thing you want is to be surprised by the total initial investment cost at the last minute. This number should include both the franchise fee and royalty fees in addition to everything from equipment and marketing to training.
For example, the average total investment for a Senior Helpers franchise is $147,800, ranging from $127,800 - $171,800. With this number in mind, you can more accurately make both plans and comparisons.
What is the average annual revenue for your franchisees?
Acquiring this data point can give you a much better idea of what you can expect as a franchisee. This information should be available in the FDD provided to you by the franchisor. Annual revenue numbers will vary based on the length of time each location has been open.
Wondering what this number looks like for Senior Helpers? According to data from 2023, Senior Helpers franchises open between one and two years earned an average annual gross revenue of $589,472, while those open for 60 or more months earned $1,494,426 on average. Our 2025 FDD, which will include results from 2024, should be available in the second quarter of 2025.
What is your track record of success as a franchisor?
As this is quite a broad question, there are many different ways to answer it, meaning that posing it could provide you with quite a bit of information. For example, the franchisor could provide information that includes:
- The longevity of their system
- Evidence of the brand’s financial stability
- The history of the system’s financial health
- Explain past and projected expansion rates
- Suggesting you speak with existing franchisees who have been part of the system for their perspective and insights
What franchise territory locations do you have available?
To avoid wasting time as you do your research, it’s important to check that the franchise brand actually has territories available in the locations you’re interested in. The best home care franchises will have territories ready for purchase in communities with a large target demographic of aging individuals in need of home care services and with the disposable income to afford them.
What kind of support do you offer for new franchisees?
When you invest in a great franchise opportunity, you shouldn’t have to learn the ropes on your own. In fact, the best home care franchises offer comprehensive support for new franchisees, with extensive initial training as well as guidance at every stage of your experience as a business owner.
When it comes to supporting our franchisees, our team goes above and beyond by offering 55 hours of online training, 60 hours of classroom training, and access to plenty of opportunities for ongoing education, including continued support from a dedicated Franchise Operations Manager.
Learn More About the Best Home Care Franchises
After you’ve made the above inquiries, you can start narrowing down your list of potential franchise partners. Then, you can move on to asking industry-specific questions to ensure you’re taking the right route to business success in the home care sector.
Want to learn more about what makes Senior Helpers one of the best home care franchises on the market? Don’t hesitate to reach out to us online or schedule a call today!