7 Questions to Ask Before Investing in a Senior Care Franchise

With any new business venture, you’re going to have some questions you want to be answered thoroughly and honestly. As a potential franchise owner, you are entitled to all the information you can gather via the internet and speaking directly with a representative from the franchise brand. Any reputable franchisor will be an open book of knowledge, presenting empirical and personal data to give you a good idea about a “day in the life” of a home care franchisee.

We hope that these seven questions validate your decision to become a senior care franchise owner with Homewatch CareGivers®.

1. What options are available to me regarding financing?

For most franchise owners, SBA (Small Business Administration) loans are a popular option that can help finance the dream of franchise ownership. Homewatch CareGivers is an SBA-approved franchise, accepting small business loans and walking franchisees through the financing process.

We also accept:

• Home equity loans
• Veteran’s loans, banks
• 401(k) rollover
• Unsecured lines of credit
• Gift funds from friends and relatives

2. What kind of training is involved, and how long will it last?

Developing franchise owners should be a priority for any well-known franchise brand. The importance of training and development shouldn’t be underestimated, as they help new franchisees become more acquainted with the brand, leadership, and departments and acclimate them properly into the franchise network. Having a comprehensive and extensive training program that immerses operators into life as a business owner should be priority number one in the home care industry.

3. Do you have any perks for veteran franchisees?

According to the U.S. Small Business Administration, a quarter of all veterans are interested in starting their own businesses. In fact, the International Franchise Association reports that 14% of veterans are current franchise operators. This tells us that having perks and benefits to support former servicemen and women is essential to ensuring that our industry is an inclusive space for individuals of varying backgrounds. At Homewatch CareGivers, we are ranked among the top senior care franchisors for veterans, offering a 30% discount on the initial franchise fees and additional veteran loan options.

4. Do I have to be financially savvy to own a senior care franchise?

Being a financial wiz isn’t as important as having a solid credit history and fiscal trustworthiness. Any reputable franchisor will look at your financial background and ensure you can handle the responsibility of business ownership. We understand that not everyone is a financial savant; however, having some financial aptitude can help you with initial bookkeeping before you’re able to hire staff to take on that important aspect. One of the great things about our brand is that we provide tools and resources to assist new franchisees with operational finances and other facets of the ownership process.

5. Are there specific personality traits I should possess if I want to be a successful in-home care franchise owner?

With this question, you want to see if the franchisor prefers potential owners to possess specific traits. Most of the time, a brand will not have a formal list of specific franchisee characteristics. However, they may have a general profile to give potential operators an idea of the qualities that may lead them to success and growth. Our team put together a selective candidate profile to help prospective owners understand what it takes to manage a franchise with Homewatch CareGivers successfully.

6. What’s a typical day like for a franchise owner?

If a franchise brand can’t point you in the direction of a current franchisee to help answer this question, the company may not be the right one for you. In the senior care franchise industry, responsibilities can vary, and a day-to-day breakdown can be challenging. Nevertheless, appointing an operator to offer guidance in this area and give an account of the daily operations can help you:

• Gauge the work involved
• Assess the brand’s culture
• Determine operational costs

7. How do I get started?

This is one of the most important questions you can ask any franchisor—and it’s probably one of the most exciting! At this point, you’ve likely made up your mind that a particular company is the right match. Now, you want to know how to get started acclimating yourself into the culture and getting plugged into the franchise network. This process will usually happen during the launch process. We have a 52-week development program for our new franchise operators that helps initiate you into life as a business owner. This year-long training is extensive and has proven very effective for new owners to gain the knowledge and confidence to thrive in the in-home care field.

Now that you have some of your most burning questions answered, it’s time to get in contact with us so we can get the ball rolling! Call us at (888) 718-5318 or fill out this formto request more information.