Four Franchise FAQs Answered!
If you’re interested in the possibility of franchising in the rapidly growing in home senior care industry — or if you’re simply curious about franchising — we’ve put together a list of the top-four franchise FAQs.
How Much Does Franchising Cost?
This is probably the most commonly asked question about franchising. Unfortunately, there is no clear, solid answer. Franchise costs are based on a number of different factors that change over time and are different depending on location. Your best bet is to ask questions of people who operate franchises in your area. Then, you can gain a sense of the financial outlay that will be required of you.
One thing you should remember: regardless of the cost of a franchise, it’s important to have extra capital on hand to account for costs that you may not consider at the outset of your franchise operations. Before you make any decisions, make sure you have a comfortable amount of capital on hand. Be sure, also, that you have the ability to borrow the necessary amounts of money, if needed.
How Can I Tell if a Franchise Has a Good Reputation?
This question should be addressed from two different angles:
1. What franchisees have to say (or not say) about the franchise
2. The press and media coverage for the franchise
Plan to talk to people who are current franchisees with the business you’re considering. Ask them lots of questions about the level of support they receive, the time commitments that are expected of them, their income (assuming they will share such information) and whether the experience has met their expectations. This is incredibly valuable information, but you should also pay close attention to what franchisees conspicuously leave out when they discuss their experiences. Take good notes and be proactive in this process for the best results!
In addition to speaking with current franchisees, it’s helpful to augment your explorations with research into the types of press and media coverage the franchise has received. By doing this, you get the perspective of the person on the front lines, as well as those who watch franchising from afar.
What Type of Franchise Is the Best?
This is like asking what kind of food is the best; it really depends upon one’s personal attributes, characteristics, preferences and history.
Obviously, we operate in the senior care industry, so we’re a bit biased, but a quick look at growth in various franchising sectors reveal that in home senior care is an area that will likely expand considerably in the coming years, making it a terrific choice for those who have an interest in the field.
As always, the best advice is to do your homework and trust your instincts.
The most successful franchise operations tend to be the ones that offer the most sophisticated and comprehensive assistance to franchisees. If an opportunity seems like it would involve too much responsibility on your part, you may want to look elsewhere. Ultimately, a franchise is a partnership in which the right balance needs to be found between the efforts of the franchisee and the work of the franchisor.
Learn More About Senior Care Franchising!
If you’d like to know more about what it’s like to own and operate a franchise, we invite you to download a copy of our FREE franchising ebook. Get your copy today and learn whether franchising is the right business opportunity for you!
Please refer to our most recent Franchise Disclosure Document for important details.