Comparing Elder Care Franchise Opportunities: Part 1
According to the Family Caregiver Alliance, more than 43 millions of Americans act as informal caregivers for a loved one. That number is bound to grow as the U.S. population ages. This demographic shift has spurred a huge demand for senior care — and with it, new elder care franchise opportunities.
Choosing the right elder care franchise will play a key role in your professional success and personal satisfaction. At Visiting Angels®, we’ve outlined some of the most important factors to help you evaluate your options.
Over the next few weeks, we’ll cover these critical factors so you can make the best decision for your future. In this first installment, we’ll focus on the numbers, from network size and profit margins to franchisee satisfaction ratings.
Evaluating an Elder Care Franchise Opportunity by Numbers
As you research different franchise opportunities, you’ll be presented with all kinds of fact sheets and figures. To help you parse through this information, we’ve singled out some of the most important statistics to take into account.
When choosing between elder care franchises, consider the following factors:
- Number of franchises
Consider the size of their current franchise network and whether it has grown or contracted in recent years. How many franchises locations do they have? How many have they sold in the last year?
- Franchise success rate among franchises
Find out how other franchisees have fared. What is the statistical success rate for new franchisees? How many franchises have failed?
- Average profit for franchisees
What kind of profit can you expect to make and on what timeline? Inquire about projected profits nationally and, if available, in your preferred region.
- Initial investment costs
Every new business requires some investment. Compare how much capital you’ll need to join each franchise network and get your business up and running. Each franchise should provide Franchise Disclosure Documents that include a breakdown of investment expenses, among other details. Keep in mind that some franchisors may offer lower upfront costs with higher long-term fees.
- Royalty fees and payment model
To enjoy the benefits of a well-established elder care franchise, you’ll need to pay royalty fees. Find out what fees you’ll need to pay as a franchisee. What royalty model does each franchisor have in place.
- Franchise ratings
The Franchise Business Review provides numerical rankings for franchises based on extensive franchisee feedback. These ratings can give you a quick sense of how satisfied franchisees are with the company.
Learn More About Franchise Opportunities with Visiting Angels
Elder care is one of the few franchise opportunities offering recession-resilient growth and deeply meaningful work.
In this post, we’ve highlighted various figures that can help you compare elder care franchise opportunities in your area. In our next installment, we’ll review more qualitative factors that should play into your choice.
Visiting Angels is a leading elder care franchise with locations throughout the United States. We’re committed to providing the best care for our clients by supporting our franchisees in myriad ways. This includes initial training, conferences and webinars, advertising campaigns, lead generation, and other forms of support.
To learn more about elder care franchise opportunities with Visiting Angels, call 800-365-4189 or request details online.