How much does it cost to start a homecare franchise?
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At GoodOaks Homecare, we are selective about the people we work with as we believe it’s important that our ethics and ethos are compatible. We work with you, every step of the way and believe in being open and transparent. Our franchise package is one of the most comprehensive and cost effective in the industry – you can read more here
So, what should you consider before starting a home care agency franchise? What should you look for and what makes a franchise good? Our guide can help. Before you start a franchise you should consider:
Ethos and ethics
When looking at franchises it is important to make sure that your personal values match with the company you are looking into. You want to find a good match in terms of personalities, as you will be signing a fixed term agreement and so could be working with the team for years to come. You will want to make sure that you like their brand and ethos, their values align with yours and you feel confident in their abilities. You should also feel passionate about the franchise – there is no point taking on a franchise if you don’t feel compelled by it.
Support structure
Make sure the franchise has a strong organisational structure with clear systems in place and good workflows. Make sure that they have support in place to help you both set up and grow the franchise. Communication is key – make sure there are good points of call that you can always reach out to for help if you need it.
Profitability
Are the franchise team honest and realistic with you? Do they give you financial examples? Will they help or support you obtain a start-up loan if you need it? A good franchise will tell you upfront how much your costs will be and how much you will have to spend going forward. They should be to put you in touch with other franchisees who have been through the system, both recently and historically, to talk to you about what the process was like. They should be realistic about your profitability expectations and have evidence to support what they are saying.
Confidence and evidence
Essentially, you will be entering into a partnership with the company if you decide to take on a franchise. So, you need to ask yourself whether you like and trust the company, do you have confidence in their systems and package? Does the company have evidence to back up its franchise? Do they have successful franchises already? Are they profitable?
Don’t be afraid to ask questions and interrogate the package offering, it is important that you know all the information before you sign – a good franchise will be happy to help you and show you their track-record.
Your future options
Ask your potential franchise what options you have for the future. For example, if you are entering a ten-year contract, what will happen when you get to the end of it? Will you be able to extend or renegotiate? What happens if you decide to go your own way? A good franchise will be able to answer all these questions and provide options for the future.
