Our franchise home care owners have lots of success stories. That doesn’t mean it isn’t a lot of hard work, especially in the beginning. Can you be a successful home care business owner? Yes!
Pre-planning and asking the right questions is super important when it comes to choosing a home care franchise.
Here are some great tips on what to do/ look for at the very start of your journey:
How Do I Know THIS Franchise Opportunity is Right for Me and my Family?
One way to prevent the mistake of choosing the wrong franchise is to make sure you are a good match for the franchise. Ensure your professional skills, personality traits and budget are aligned with the franchise you’re interested in purchasing.
People that do their homework at the beginning of the franchise purchasing process and during the research phase, end up increasing their chances of success as franchise owners.
Are their income peaks and valleys with home care franchise ownership?
The reality is your new home care franchise business will experience some slow periods: It’s perfectly normal. It’s pretty rare to see a new franchise business open up and stay busy all the time. If you happen to own a franchise that’s been non-stop busy since day one, that’s awesome (but doesn’t happen often).
Famed British author Lee Child said you have to “hope for the best, plan for the worst.” That should be your mantra as a business owner. You need to plan on having slow periods. Have some emergency funds set aside so you can meet your expenses. That way it won’t be as scary when there’s a business slowdown.
Choose a Franchise that has a Long-Standing, Proven Track Record, Like Golden Heart Senior Care.
Brand new franchises face more risks of failing (just like any business concept) than older, more established franchises. Choose one that’s been around a while.
For example, if you are interested in becoming a franchisee of a young franchise concept (anything less than two years old), have a conversation about franchisor bankruptcy with a franchise attorney before you sign your agreement.
It’s not that young franchisors are more likely to go under. It’s just that because they’re young, they don’t have much of a track record yet. So, you may not be able to talk with a good number of franchisees as part of your research (when possible, talk with 10 to 15 existing franchisees) because it’s a young system.
Do Your Research
Whether you identify a potential franchise opportunity from a franchise broker or franchise exposition, you alone are solely responsible for the due diligence before you invest. Start by reading the Franchise Disclosure Document (FDD) to find out important details about the franchise company, litigation and bankruptcy history, as well as your initial fees, investment, and obligations
Once You Invest, Focus on Service
Buying a franchise gives you a proven model and a clear-cut marketing plan to bring in new customers. However, it’s up to you to define the customer experience. Employee-customer interactions can make or break any business.
Hire customer-centric staff who will go the extra mile to leave an extraordinary impression on your customers. In addition, you need to be realistic about your management experience. If you have never managed a team before, you’ll need training on how to manage people effectively.