What is a Resale Senior Care Franchise Opportunity?
There are countless benefits to investing in a senior care franchise opportunity rather than starting a new business from the ground up. As part of a franchise, you’ll have the concept, the structure, and the operations all mapped out — as well as that all-important brand recognition.
If you’re interested in a senior care franchise opportunity, there are two avenues for you to consider: opening a new location or purchasing an existing franchise. In this post, we’ll cover the difference between these options and how to assess a franchise resale.
New Locations Versus Resale Senior Care Franchise Opportunity
Already done some research on franchising? If so, you may have heard that resale opportunities are a safer bet than opening a new location.
With a new location, you’ll receive ample support and training for your franchisor, but it will be up to you to establish your day-to-day processes, hire staff, and build your client base.
By contrast, when you purchase an existing franchise, you’ll already have a management system in place as well as a team of employees and an active client list. As a result, you will most likely have to pay more — but may also see a faster return on your investment.
Which option is right for you?
There are benefits and drawbacks for each approach. If you decide to buy a new franchise, you may be limited to the undeveloped and potentially less lucrative territories. However, you’ll have the freedom to set up your business exactly as you like it.
If you opt for a resale senior care franchise opportunity, you’ll be able to hit the ground running and serve clients from day one. However, a successful business requires clear processes and a strong team. You may find the current systems and procedures in place are inefficient, ineffective, or simply don’t work for you.
If this happens, you’ll need to look at improving or changing current policies. Changing the way your franchise operates can be a frustrating process for everyone involved, but the result will ultimately be worth it.
What to Look for in a Franchise Resale Opportunity
As you consider any senior care franchise opportunity, you’ll need to learn whatever you can about the territory and your potential market. Choosing the right senior care franchise is also vital, whichever route you take. Look into the reputation of each franchise — among clients and franchise owners — as well as what support systems they have in place.
When evaluating a resale franchise, you’ll have a few more variables to consider. Ideally, you should look for locations where the population of adults age 55+ is projected to increase. While most people in their 50s and early 60s don’t require care, projecting ahead 10 to 15 years will allow you to ensure the local community has a strong need into the future. The national population may be aging, but this trend doesn’t hold in every area. So be sure the territory you are considering will be able to sustain a location for the foreseeable future.
You should also consider the existing team. Is the administrative staff effective? Are the caregivers reliable and well-liked by their clients? If the franchise has been poorly managed, it may prove difficult to rehabilitate its reputation within the community.
The most promising resale opportunities may be those that are moderately successful, but which still offer room to grow with a few improvements. If you’ve found a successful franchise that’s up for sale, make sure to find out why the owners are selling before you proceed.
Learn More About Franchise Opportunities with Visiting Angels
Visiting Angels® is a trusted senior care provider with hundreds of successful franchises across North America. We’re committed to providing the highest standard of care, so we provide ample support and training for all our franchise owners.
Whether you’re interested in a new franchise or a resale senior care franchise opportunity, you’ll need more information to make your choice. Call Visiting Angels today at 800-365-4189 to learn about our franchising options, or request additional details online.