Perhaps one of the first questions you’ll have when you consider investing in a senior care franchise is what the process of purchasing a franchise actually looks like.
The answer to this question will vary greatly from one franchise to the next, and even from one franchisee to the next.
You’ll want to understand the entire process of starting your own franchise. From what you need to do to learn more, to when you’ll be able to open your franchise, to when the bills will be due, these details will help give you a full picture of what to expect.
The last thing you want is to go into the process of starting a franchise without that clear picture. Maybe you were hoping to have your new business up and running in just a couple of months. But you might find that the franchise takes a year or more to get started, following paperwork, filing, and other requirements.
One of the biggest senior care franchise benefits is having a helping hand there while you’re trying to get your new business up off the ground.
But if a company doesn’t offer training to their franchise owners, you’ll be left largely on your own as you navigate launching your new business.
This doesn’t mean that a company needs to be there to hold your hand every step of the way. But some training and guidance can go a long way towards streamlining the process and setting you up for success right from the start.
For instance, when you’re starting an in-home care company, you’ll need to make sure that you’re meeting all requirements and regulations laid out by your state and local government agencies, as well as by the Centers for Medicare and Medicaid Services.
Navigating these steps on your own can prolong the start-up process. So knowing where you’ll have help during the process can help you to be better prepared.
Over 60 million adults over the age of 64 may sound like a lot. But studies show that around 30 percent of older people will need long-term care at some point. Another percentage of non-seniors will also need in-home or nursing home care for illnesses or disabilities.
But despite these numbers, there is such a thing as too much competition.
With many companies likely to start targeting the growing senior population with care options, your new company will already have some competition. Too many of the same franchise within a short distance of one another will only add to this.
Ask your contact about how many franchise locations the company allows in one city, county, state, or another area. If they restrict the number of franchise locations, you can rest assured that your new company won’t be immediately competing with a cousin company in your region.
There is no perfect formula for how many senior care franchises is too many in one location. However, a senior care franchise company with plenty of experience will better understand how many is too many, and will take measures to ensure that they aren’t setting their franchises up for unnecessary added competition.
Senior care franchises gain insight with every year of operation.
They see the changes to the industry and have a chance to react to them. They understand current regulations, and how those have changed over the years. They’ve also experienced a variety of unique challenges, and have adopted strategies for dealing with them.
In terms of their franchises, the more they’ve launched, the better prepared they are to help new franchises avoid common problems and find success more quickly.
Ask the company how long they’ve been operating. If they are new to the game, think twice about whether you trust them to be prepared to help you navigate the franchise process and the challenges you could face.
With experience comes better care for seniors as well. While earning profits and running a successful company is important, the most important thing is the experience you provide to your customers.
And the better that experience, the more success your company will have.
In-home senior care is a relatively new concept. Companies with decades of experience were likely early to the in-home care game. This means that they have been at the forefront of the movement. If they’ve stood the test of time, they’ve proven that they truly care about the seniors they are providing care for.
You want to align yourself with a company with a strong reputation for caring for its senior clients. This is a great way to start your new company with glowing reviews you can lean on before you’ve ever cared for your own first client.
The relationship between the franchisee and the parent company is an important one. In some cases, it’s little more than a financial connection. The parent company is there to gather their paycheck, but offers little help or provides little oversight into the operation of the franchise.
On the other end of the spectrum, a parent company may be constantly involved in its franchises. They may want to have a hand in every aspect of their operation, which can restrict the franchise’s ability to make their own smart business decisions.
The best relationships are those that fall somewhere in the middle. As a franchisee, you want to have the help and guidance of the parent company, as well as access to their resources. But you do want to be able to operate your company on your own, with some freedom to make the right decisions for your business.
A great franchise is one that provides leadership and leads with a great example. You want to feel as though you can go to the parent company with questions or when you’re in need of help.
If you aren’t qualified to own your own franchise, asking the other questions on this list could be a waste of time.
At the same time, knowing the criteria for becoming a franchisee right from the start will allow you to take the necessary steps as soon as possible to avoid delaying the process.
Ask for a detailed list of the criteria for becoming a franchisee. This includes not only the financial side of those requirements but also requirements about regions of operation, the size of your operation, time commitments, etc.
There is no shortage of questions you should ask when you’re considering purchasing a senior care franchise. However, the first question that many people want to ask is what owning a franchise is going to cost.
Understanding the finances is important. It will help you understand how much you need to save now to start your new company. It will also help you to better understand what the ongoing costs of your franchise will be.
While you’ll hopefully turn big profits with your new in-home care company, you will need to give a portion to the parent company, in exchange for the access to resources, name, and other benefits you’ll enjoy as a franchisee.
However, don’t let the finances alone let you decide whether or not a franchise is the right choice for you.
The franchise option with the lowest start-up costs or monthly cost requirements may be tempting. But it also may come with fewer benefits compared to one that requires a bigger investment.
And having those additional benefits could be the difference between turning big profits or falling flat with your new business.
Are you still on the fence about whether or not investing in a franchise senior care facility is right for you? Ask your contact about hearing from other franchise owners who have already taken the leap and purchased a franchise.
Whether they offer client testimonials or a chance to speak to a franchise owner, this is a great opportunity to learn more about the realities of the investment you’re about to make.
Don’t just look for general comments about being happy that they invested. Instead, look for those who have seen a big transformation as a result of their investment.
Maybe they researched many different franchise options before landing on this one. Or perhaps they were on the fence, but a certain revelation helped to sway them.
These details can help you to make a more informed decision about whether the franchise is the right choice for you.
Asking the right questions can help you to better understand what you’re getting into by purchasing your own senior care franchise. But the conversation you have with your contact from the parent company is about more than just getting those answers.
When you’re asking these and other questions and listening to their responses, take a moment to think about your first impression of that contact. Do they seem to care about the company they work for? Are they passionate about providing a great experience for their seniors?
Just because the finances or criteria line up doesn’t mean the franchise is right for you. Trust your instincts; if you get bad vibes from the person you’re speaking with, it could indicate the company doesn’t have values that align with your own.
Investing in a franchise senior care is a great way to break into a rapidly growing industry.
As the Baby Boomer generation heads towards their Golden Years, millions more will need extra care and medical attention. While nursing homes are an option, they require individuals to leave behind the comfort of their home, their pets, and their families. And with instances of nursing home abuse coming to light every day, they are far from a fail-safe option.
In-home care is a great way for seniors to retain freedom and enjoy the comforts of home without sacrificing the care that they need. Whether they need around-the-clock attention or just a small amount of help a few times a week, in-home care is a customizable, flexible option.
Now that you know the questions to ask, it’s time to take the next steps towards owning your own senior care franchise. Start your journey today by requesting an invitation for a one-on-one call with one of our co-founders.