May 5, 2015

Posted by in Senior Living | Comments Off on Questions to Ask When Purchasing a Home Care Franchise

Questions to Ask When Purchasing a Home Care Franchise

Providing care for seniors and the disabled is your passion. You’ve worked in home care, hospitals, health care, or other related fields and understand the need for at home care services. Your goal is to open a home care franchise that will make it possible for seniors and the disabled to live safely at home.

With your entrepreneurial spirt and ambition you are confident in your ability to open a home care franchise and succeed as a business owner. So where do you go from here? What questions should you ask as you consider the various home care franchise opportunities available?

This list of questions can help you determine which home care franchisor is the best fit for your dreams and goals. With so many home care franchise options out there, choosing the best fit for your personality, ambitions and goals can be challenging. As with any business, success isn’t guaranteed and the franchisor you choose to work with can influence the level of success you achieve. Asking these questions as part of your due diligence can help to ensure you choose the best home care franchise system for your future.

Why should I choose your home care franchise? What sets you apart from other home care franchises?

It’s your money and your investment. The home care franchisor should want you as badly as you want them. What sets this home care franchise system apart from the competition? Why should you invest your money with this franchisor?

What do you look for in a franchise owner?

This is closely related to “why should I choose your franchise.” The best matches between franchisor and franchisee are made when both parties have the same goals for the future. If the franchisor is looking for franchise owners with characteristics you don’t have then find another organization that is more closely matched to your philosophy and goals.

What role does a franchise owner play?

Most franchisors will expect you to be an active owner participating in the daily operations of your location. Are you prepared to do this or are you looking to finance the opening of a franchise, but leave the operations to someone else? Understand what is expected of you before you join a home care franchise.

What are the initial and ongoing costs associated with your home care franchise?

It’s essential you understand all the fees associated with opening a franchise. What is the initial franchising fee? What are the ongoing fees for royalties and marketing? Are there caps on what you will be asked to contribute?

What’s included with my franchise fee?

Each franchisor provides different types of support and assistance for franchisees joining their organization. At a minimum, you should receive new owner training, ongoing support from the franchise office, access to marketing materials, and access to any proprietary software. Other types of support and assistance you may receive can include membership in home care industry associations, support and advice from a franchise owner mentor, kit with needed start up materials, and attendance at the franchisor’s national convention.

How do you determine franchisee territories? Is my territory protected?

Some franchisors determine territories based on the population of adults age 65+. Others determine territories based on geographic area. Understand how each franchisor establishes their territories and why. Having a protected territory is essential. You’ll be competing with other home care agencies in your area; you don’t want to have to also compete with franchisees within your organization.

Has another franchisee in your system tried to open in this market? How long ago?

Businesses succeed and fail for a wide variety of reasons. Just because a franchisee tried to open in your area and failed doesn’t mean you can’t be successful. Perhaps they didn’t devote enough time and energy to marketing or maybe they weren’t financially stable enough to succeed. Try to gain an understanding of what factors could lead to your success or failure with this franchisor in this territory.

What happens if I grow out of my territory? Are there areas near me to expand into?

Having a 3, 5 or 10 year plan is important? The days are long, but the years are short. Will the franchisor help you find areas to expand into if your business is a booming success?

What happens if I get a lead in a territory owned by another franchisee?

Understanding how the franchisor assigns leads among territories and franchise owners is important. If a call comes into your office directly will you be required to pass it to another office if they client isn’t in your territory? If the franchisor acquires leads at the national level, you will want to understand how they distribute leads.

When you get answers to these questions and others it will be easier to see which home care franchise is the best choice for your future. Click here to learn more about purchasing a Business Name.

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