Get Help Narrowing Down Senior Care Franchise Opportunities
Are you considering franchising in general or senior care franchise opportunities specifically? If you are like many entrepreneurs, you may have begun your search by casually researching franchise brands on the internet.
You’ve probably also discovered this process is significantly more time-consuming than anticipated. There are thousands of franchising options to consider, and the details of franchising can be confusing for first-timers. You’re not alone in feeling a little overwhelmed.
If you’re interested in senior care franchise opportunities but are struggling to wade through all the information out there, we can help you narrow down your list to make this process more manageable. With a short-list of potential candidates, you’ll find yourself one step closer to business ownership.
Tips for Creating a Short-List of Senior Care Franchise Opportunities
Here are our tips for approaching your research into the world of senior care franchise opportunities with an open mind without getting overwhelmed in the process.
Get out of your comfort zone
It may seem counterintuitive to investigate concepts you may not have been interested in or brands that didn’t really strike you as a good fit upon first glance. However, looking into an array of options during the initial research phase offers essential experience that can help with narrowing down final picks later on.
You’ll get a chance to see how different franchisors can be when it comes to fee structures and expectations of franchisees. This can in turn help you understand what you want out of a relationship with the franchisor you do choose.
Consider asking for help from a consultant or broker
Once you’ve gotten your feet wet and investigated a wide range of options, you may want to seek out assistance from a qualified professional. Franchise consultants or brokers have in-depth knowledge and experience with helping franchisees get started.
Their assistance can save you time and help you find the best match for your business vision. Furthermore, they can ensure you connect with all the legal and accounting resources you need for later steps in the process.
Ask franchisors telltale questions
Many of your questions for potential franchisors will revolve around numbers, and in most instances those questions will be related to finances. However, there are two other statistics-driven questions you should ask that don’t have anything to do with money. These questions can provide crucial insight early on in the decision-making process making it easier to rule out certain franchisors early on.
First, ask franchisors what percentage of candidates whose applications are approved end up talking to current franchisees. The answer is a good indicator of whether entrepreneurs tend to find something off-putting in the Franchise Agreement and disclosure document.
Second, find out what percentage of candidates who have spoken with existing franchisees are then invited to Discovery Day. This information will reveal whether a significant portion of candidates who have made it through the FDD disclosure stage drop out because of what they hear about franchisees’ personal experiences.
Go to validation sessions
Many franchisors offer validation sessions, which consist of face-to-face conversations with brand representatives and current franchisees. Coming into this discussion with a list of questions and leaving with all of your questions answered will be a significant step in your decision-making process.
The answers you receive should provide a clear picture of what franchise ownership is all about. These sessions can also provide insight into the franchise’s culture making it easier to be able to identify whether you can imagine yourself working under their leadership long-term.
Be patient as you narrow down senior care franchise opportunities
As excited as you may be about becoming a business owner, rushing this initial research process can be detrimental to your success. The procedures involved in purchasing a franchise have built-in official guardrails for a reason. This process is regulated by the FTC, which requires a certain period of time to pass before potential franchisees can sign agreements with franchisors.
This requirement is an indicator of just how important it is for you to take your time in doing due diligence and ensuring you’re making a financially sound decision. If you’re having trouble narrowing down senior care franchise opportunities and wish you could skip past this process, take a step back and reconsider why you’re making this decision in the first place. When it comes to your future, it’s always worth the wait to make the right choice.
Looking to learn more about senior care franchise opportunities? We encourage you to call the Visiting Angels® franchising team today at 800-365-4189, or ask for more information online!