Have you thought about owning a home care franchise? The rewards are amazing. The clients are priceless. The work is hard. In fact, for any new business in any competitive business sector, the work WILL be hard.
Top Tips for Buying a Home Care Franchise
Successful home care franchise owners to the time to research a lot about the franchise they purchased, and research a lot about themselves prior to buying.
Here are some top tips from industry experts on what to consider, look for, read, research and more.
- From Joel Libava, The Franchise King: “Start the franchise exploration process by looking at what the business skills are that you bring to the table.For example, are you great in sales? Marketing? Or are you better at operations and/or management?Personalize things as much as possible. You are unique. match your unique skills and even your dominant personal traits to franchise opportunities that can best utilize them.”
- Susan Adams, Forbes Magazine: “Count your money. Look beyond the minimum requirement for buying a franchise, usually listed as the franchise fee and the cost of equipment. Getting a franchise up and running can involve hefty marketing costs and the need to survive on break-even books, or a period of net losses before your business catches on. Even if you’re franchising a well-known brand like 7-11, customers have to discover your new location. The Franchise Disclosure Document (FDD), which franchisors must make available to would-be franchisees, is required to list additional working capital under item No. 7. But in the FDD, most franchisors calculate three months’ worth of expenses when it’s wiser to think of your likely expenses for up to six months. The FTC’s guide says it may take a year to become profitable. You should have access to capital that will cover both business expenses for six months and personal living expenses for a year.”
- Huffington Post, Diana Rodriguez-Zaba: “Be Prepared to Meet Standards. Work closely with your business development manager to make sure that your operations meet franchise standards. Understand your responsibilities to deliver your best and maintain the company’s reputation. While there are a few restrictions on how and where you do business, they never compromise the professional commitments you have to your customers or the quality of your work. Most potential franchisees are surprised at the freedom that comes with a buy-in.”
Words from Franchisees Who Invested in Low-Cost Franchise Opportunities and Found Success!
1. Persevere: “Persevere! Running a franchise has unique challenges through the good times and the bad times. As a new owner, you will need to become an expert at everything until you find a qualified person to take on tasks for you. To remain on top of your game, it’s important to understand all parts of the business even if it’s not your job anymore to do them. Thinking quickly on your feet and problem-solving under stress are keys in running a successful franchise. All the while you need to maintain a smile on your face. My best analogy is that a franchise owner is like a duck—calm and cool looking on the top, but paddling her booty off under the water!” — Deborah Freeman has been a Just Between Friends top performing franchisee since 2011.
2. Have Patience: “Don’t think that just by buying a franchise, you will be an overnight success. Two Maids & A Mop offered me an opportunity to use their successful blueprints, systems, and support. However, I am the one supplying the blood, sweat, and tears on a daily basis. In a small business, choosing the right staff can definitely help or hurt your initial momentum. I was lucky! I had two tremendous employees from my last company who agreed to join in the new adventure. Use what the franchise offers. Two Maids provides many supporting options such as accounting, payroll, and insurance.” — Anthony Truong owns a Two Maids & A Mop franchise and received the brand’s 2017 Fastest Growing Award even though his business is just under two-years-old.
3. Have Passion: “I think that the key to franchising is to find something you can truly be passionate about. You need to believe in the purpose of your business. I am convinced that bringing programs that teach Science, Technology, Engineering, and Math to children in a fun way can be inspirational and motivating for them later in life when it comes to careers in these fields.” — Alejandru Cantu owns a Snapology franchise that has been a Snapology Top Performing franchise for five consecutive quarters.
4. Ask Questions: “Begin with the desire to succeed and remind yourself of why you are doing this. The why is what keeps things moving forward when the going gets tough. Passion, commitment, and a willingness to learn are all keys to success. It is also very important to ask questions and ask again. Ensure you have the right answers and you feel 100% comfortable with the business. Don’t hold back. Ask other franchise owners for advice. Successful and confident people are always willing to share. Lastly, have patience. Nothing is built overnight. Greatness takes time and dedication.” — Eddie Diaz is a Dream Vacations franchisee whose business acumen was recognized by his making Orlando Business Journal’s “40 Under 40” list.