What to Look for in an Affordable Home Care Franchise
Every entrepreneur knows that you need to spend money to make money. But as an entrepreneur, you’re constantly looking for ways to stretch your spending power. So, if you’re trying to start a home care business, you might focus on affordable home care franchise opportunities, trying to find one that offers a strong rate of return.
It’s a smart strategy, as long as you carefully review the franchise offering, do your research on what the franchisor offers, and are confident you won’t end up paying more further down the line. That doesn’t mean you shouldn’t look for an affordable home care franchise. But if you do, you’ll need to be careful to avoid low-cost franchises that provide little chance of success.
When to Be Wary of an Affordable Home Care Franchise
An affordable home care franchise can reduce the upfront costs of franchise ownership. But as with anything else, you often get what you pay for. If a franchise costs shockingly little to buy, you should be wary of why that’s the case. More often than not, low upfront fees are there to mask an inferior franchise offering.
If you’re looking into suspiciously low-cost franchise offerings, keep an eye out for the following red flags and pitfalls.
- Some franchise offerings use low upfront costs to attract franchise buyers. But once the franchisee has signed up, they get charged exorbitant ongoing fees and royalties.
- Some franchisors classify big-ticket items, like physical office space, as “optional” expenses. Yet their franchise models only work when franchisees make these investments.
- Typically, franchisors will lower upfront costs by limiting their own investment in new franchisees. This can come in the form of less education, training, resources, or ongoing support for new franchisees.
- In certain cases, franchisors will keep their franchise fee low by offering smaller territories. In other cases, they leave territories unprotected.
- One way to check if an affordable franchise offering delivers actual value is to review their reputation with current and former franchisees. This is an important part of your due diligence. Speaking with franchisees to understand their start up experience can help you determine if the franchisor is a good fit for your needs.
Despite the pitfalls of some affordable home care franchise opportunities, there are others that deliver great value for less. For an example, look no further than Visiting Angels...
Affordable Home Care Franchises with Visiting Angels
At Visiting Angels, we take great pride in the value we provide to our franchisees. We’re not the cheapest franchise opportunity on the market, but we offer a surprisingly affordable home care franchise offering. More importantly, our offering is built to give each franchisee the support they need to succeed and achieve financial independence.
Starting a Visiting Angels franchise can cost as little as $84,085, with a franchise fee of $45,950. Your initial franchise fee covers a protected territory of 100,000+ people, a rigorous in-person training course, and unlimited one-on-one support from our regional directors. Our royalty fees are substantially less than many of our competitors, and we provide exceptional ROI to our network of franchisees through our co-op advertising program.
Most importantly, our franchisees boast substantial revenues and profits. The average Visiting Angels franchise generates $1,100,000 in gross revenue each year, with an average net profit of 15% to 18%. This means that the cost of starting a Visiting Angels franchise is lower than the yearly profits earned by our average franchisee. This makes us not only an affordable home care franchise, but an excellent value investment for entrepreneurs.
Looking for an affordable home care franchise? Call Visiting Angels today at 800-365-4189 or submit an online request to get detailed information about our franchise offering.