Thinking about buying into a franchise that is for sale? Make sure you ask these questions before you invest.
Why Should I Buy a Franchise?
If you are passionate about owning your own business, one of the first questions you will likely consider is whether you should open an independent business or buy into a franchise system. There are benefits to each, but the upsides of franchising are immediate, consistent, and long-lasting. Franchises have built-in reputations, experience, and marketing know-how that independent business owners must develop on the fly. Because of this, franchises generally have higher success rates.
Since you are partnering with a brand, it is important that you do your research and identify the franchise that best aligns with your values and goals, providing you with a model that you are proud to represent. Just as with an independent venture, you will own your own business and act as such, but you will benefit from a proven system, successful track record, and level of support that is not guaranteed when you go it alone.
How Much Is My Initial Investment and What Does It Cover?
A common misconception about buying into a franchise is that you are simply paying to use a brand’s name. But the best franchises offer so much more than the backing of an established name. Initial costs will include the franchise fee, marketing fees, training, real estate consultations, and more. Investment costs are laid out plainly for prospective franchisees to consider, with itemized descriptions of how and where your money will be spent to help build your business.
How Much Money Can I Expect to Make?
It’s reasonable to assume that a franchise investment should provide a return for both the money and the work invested in the business, so calculations are much more complicated than they would be with a passive investment. And the expected return is likely to be much higher. When buying into a franchise, you want to see your hard work pay off.
One of the best ways to determine a franchise’s potential profitability is by analyzing Item 19 of the FDD, which outlines the business’s financial performance. Also known as “The Earnings Claim,” Item 19 is an optional disclosure under the Federal Trade Commission. Keep in mind that it can be extremely difficult for a franchisor to predict net profit, since each franchisee is an independent operator and both reporting methods and the types of expenses taken will vary. Speaking with other franchisees is a good way to gain a fuller sense of the kind of return on investment you can anticipate.
Do I Need to Have Previous Industry Experience?
Many of the best franchisors care less about your industry background and more about whether you possess an entrepreneurial spirit, a passion for quality products and customer service, and a willingness to learn.
CareBuilders at Home is a full support brand, which means that your engagement, ambition, and dedication for building a business with a positive impact is all you are required to bring to the table—our team of experts will fill in the gaps by providing you with the necessary training and preparation to make your home care business a success.
What Type of Training and Ongoing Support Do You Provide?
When buying into a franchise, proper training in that system is essential to your success as a franchisee. This includes not only operational training on the core business, but also extensive education on how to hire and train employees, financial management, and attract and retain customers.
CareBuilders at Home provides approximately 40 hours of online or in person training. We also distinguish ourselves from every other franchise system in the home care industry by being the only home care franchise that provides complete back-office assistance to franchise owners. This includes handling payroll and taxes as well as billing and collections from clients. This allows franchise owners to concentrate on the core business.
Why CareBuilders at Home?
The company’s roots run deep in the home care industry. Founders David and Stephen Savitsky started their first home care business 35 years ago and grew to one of the largest privately owned businesses in the country at that time. After selling the business, the Savitsky’s missed the personal touch of the home care industry, so the brothers established CareBuilders at Home – which remains the only privately-owned, family-owned franchise organizations in the home care space.
The CareBuilders at Home franchise opportunity allows entrepreneurs to be a part of the lucrative home care industry, while being able to give back and help clients.
To learn even more about the advantages about becoming a franchise owner CareBuilders at Home, contact us to request additional information.
