FAQs

What is a franchise?

A franchise is where you buy a license from an established company (the franchisor) allowing you to provide a service or sell their product in a specific area. The franchisor will provide the branding, system, intellectual property, training and support to enable you to grow the business using their model. You will sign a franchise agreement which will detail what is included in the package.

What are the most common terms in franchising?

Franchise Agreement – A legal document between the franchisor and franchisee that outlines what each party can expect from the other, and what will happen in various situations
Franchisee/Franchise Partner – The business owner who has purchased the license from the existing company
Franchisor – The person or company (The parent company) that has the right to sell a license to set up a branch of their established business in a new area
Gross profit – The profit once the costs of sales have been subtracted from the revenue
Net profit – A company’s profit once all expenses have been deducted, but before tax
Territory – A specific geographical area that you are able to provide the service in without competition from other franchisees

What are the benefits of franchising?

• Support from an experienced team that has been there and done it before
• Higher rate of success
• More appealing to investors as they are able to see that other branches have been successful
• Network of other franchise partners that can provide support, advice and guidance
• Customers already know the brand and are more confident in a brand that is shown to be successful in multiple areas
• Reduced cost of entry, as all policies and procedures, websites, graphic design, branding, stationery, legal documents etc are already done for you

Do I need experience?

No, as long as you are willing to work hard, are passionate about providing top quality care and share our values we want to hear from you.

How much money do I need to buy a franchise?

To start a franchise of GoodOaks Homecare the initial joining fee is £19,500 excluding VAT, however you will need at least £30,000 personal investment, with a total investment of over £70,000+ generally needed.

How do I fund my franchise?

You will need to have a personal investment of around £30,000, as franchises are recognised by lenders as being more profitable and reliable they will often lend between 50-70% of the total investment.

Is my investment safe/What are the risks?

There are always risks when starting a new business however the risks are much lower when opening a franchise as opposed to starting a business from scratch. Our business model is tried and tested and the brand is growing year on year. Banks recognise that investing in a franchise has much lower risks and are more likely to offer franchise business loans than if you were to open a completely new company that has no successful history.

How do I make my franchise successful?

With hard work, dedication, a supportive team behind you and by following the proven model you can easily make your franchise successful. It won’t happen overnight but with a plan in place, a positive attitude and the drive to succeed our franchise partners should show a profit in year one.

Can I leave the franchise if things don’t work out?

If for whatever reason things aren’t working out as you’d expect, you can sell the business, and the franchisor will help you to find a buyer. If you can’t find a buyer, you would close the business down, tie up loose ends, and liquidate your company.

Can I talk to existing franchise partners about their experience with GoodOaks?

Absolutely, in fact we would encourage you to do this. Our franchise partners work in partnership with us and will give you an honest and informed view on what running a GoodOaks franchise is all about.

What training is given?

We provide a full and comprehensive training course before you start your business. This covers everything you need to know and is based on years of practical experience. We also provide regular and ongoing training on topics that are relevant to you.

Will GoodOaks provide me ongoing support?

Definitely. We are with you every step of the way during your journey. Even at the very early stages as you consider your purchase, we offer hands-on input with your business planning. Then as soon as you complete your franchise agreement, we offer significant start up support from a qualified business coach. This helps to get you started in the most efficient and productive way possible. We also offer ongoing management training and quarterly business reviews to all of our partners. Advice, guidance and hands-on support is only ever a phone call away.

How do I get clients for my franchise?

This is often a concern, particularly if you haven’t been involved in running a business before. We provide direct help with putting together a marketing plan, and our highly skilled and experienced in-house team are with you every step of the way. We will help you with everything from setting up your own website, to advising on the best methods to get new clients for your business.

For more information please contact us on 01202 786415 or click here.