New and seasoned entrepreneurs who want to open a business should consider a franchise. Franchising offers a unique path to entrepreneurship with several advantages—some may even surprise you.
To start, let’s break down what franchising is. The International Franchise Association (IFA) describes the relationship between a franchisor, who creates a brand name, business system and trademark, and a franchisee, who pays a royalty to use the franchisor’s brand and business system, as franchising. This just means a franchisee gets to use the business model and brand while operating their own location for a royalty or percentage. Before a fee strikes fear, you pay for much more than just the name on the top of the building or on the business card. Here are four facts about franchises that just may surprise you and get you on your franchising journey.
1. Proven Business Model and Branding
One of the most enticing advantages of franchising is the built-in business and established branding that comes with it. When you try to start a business from scratch, there is a big uphill battle to get consumers and clients to trust your company. When you’re a franchisee, you don’t start from scratch. Franchisees join a well-established business that has already gained consumer trust and has held the test of time. This is a huge advantage over first-time businesses that have to build their reputation from the ground up. Franchisees also join a business with a proven model that has been duplicated across several markets and geographical areas. If it’s worked elsewhere, it can likely work where you are. Instead of the trial-and-error new business face to nail down operating procedures, you’re given a business blueprint as a franchisee.
2. Comprehensive Training and Ongoing Support
The fee franchisees pay covers much more than the name usage for a business. With a franchise, you also get comprehensive training and ongoing support to ensure your business can be as successful as you make it. Some new business owners worry about their lack of experience in a specific industry, but the willingness to learn might be the most important skill on your resume. Franchises provide comprehensive training and ongoing support to teach their franchisees the ins and outs of their successful business model. These trainings often cover operations, marketing, and customer service. Plus, franchises provide ongoing support, including regular communication, guidance, assistance from the franchisor and a network of fellow franchisees.
3. Flexibility and Scalability
Folks new to franchising may think franchises have strict guidelines and limited growth opportunities. The facts about franchises are quite the opposite. Franchises allow franchisees to have some autonomy over their business while following a proven model, and many franchises not only allow owners to open up new locations, they encourage it. Both parties win when the franchise scales larger. You’re able to see long-term growth in areas you know well or are excited to enter business in. At the same time, the franchisor will typically help you with site selection and which markets may be more successful to operate in.
Get all the Advantages with a CareBuilders at Home Franchise
Take the leap into the world of franchising now that you know these facts about franchises. Franchises are an appealing choice for aspiring business owners—no matter your experience level or background. CareBuilders at Home franchises are no exception. There is no need for a medical background to open an in-home care franchise with us. You just need to be a compassionate and caring entrepreneur. We have the proven brand recognition, the ability for you to scale your business in an in-demand industry and comprehensive training and support for each of our franchise partners.
Some of our franchise partners see an average annual gross revenue of more than $1.2 million with the highest tipping $3.5 million. See our most recent Franchise Disclosure Document for a better idea of costs and profits and additional information.
At CareBuilders at Home, your territory will be yours, and yours alone. We look for markets with at least 35,000 senior citizens. Ready to get started? Request information to open your own business and care for others.