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Why Choose A Franchise vs. Owning Your Own Business
December 20, 2021
Congratulations on making the decision to embark on a new business venture in at-home senior care! You may be on the fence when deciding if you should own your business or operate a franchise. Running a franchise is actually a lot like owning your own small business. However, there are many advantages of franchising that do not typically accompany small-business ownership. Franchise owners actually get to experience the independence of owning a business without taking on all of the risks and expenses that come with startup companies. Learn about the differences between owning a franchise versus owning a business and see how franchising can help you reach your business goals.
What Exactly Is A Franchise?
When you own a franchise, you have the opportunity to own and operate your own business by means of buying into an already successful and well-established business model. Some of the key benefits of owning a franchise are that the business model already has a proven training program, a reliable supply chain, and even technical support. As the owner of a franchise, you ultimately get to own your business while having access to all of the resources the company has to offer for you to be a successful owner and operator.
There are a variety of franchise opportunities to pick from. Whether you notice a need for something in your area or you have a sincere interest in what a certain company has to offer, becoming a franchise owner can be a great business adventure, especially if you are wanting to get involved in the field of at-home senior care.
Advantages of Franchising
Franchising provides a lot of benefits that starting a small, privately owned business does not. While owning a franchise is an investment just like owning a small business, there is a lot less uncertainty that goes with it. Find out more about the benefits of a franchise model and discover why owning a franchise is a smart choice for business investment.
Easier To Get Financing
Lenders are a lot more apt to provide you with financing for a franchise than to finance a brand-new business. A franchise is part of a company that has already shown tremendous amounts of success. That means lenders feel more comfortable and confident in financing a business venture with a company that already has a strong business history.
Smaller, newer businesses tend to be riskier because they have no track record to show that they can be successful, and so lenders are often more hesitant to provide financial assistance. A parent company that has a tremendous amount of success means that you, the borrower, will have less of a chance of payment default once your franchise is fully operational.
Real Estate and Construction Assistance
The majority of franchising companies will provide you with resources and staff to help you find a site that will prove to be the most beneficial to your business based on cost and location. Additionally, the parent company can assist with helping you find the right contracts to do any building you may need, as well as help you with selecting the right amount of furniture and equipment to maximize the efficiency of your business from the start.
Low Failure Rates
Approximately nine out of ten startup businesses fail. Owning a franchise means that you are buying into a company that has already established itself and proven to be successful. There is an obvious market for the product that your business provides. Not only that, but the company name has already become reputable and recognized by many, making it easy for consumers to place their trust and their money in what your business has to offer.
Franchising takes out all of the guesswork, trial and error that startup businesses are forced to endure. That is not to say that a lack of effort will produce good results. As an owner, you will have to have the same amount of dedication to your franchise as you would an independent business. Following a proven business model simply allows you the chance to hit the ground running towards success.
When you start a business from scratch, you need to build up a client base. One of the greatest things about owning a franchise is that part is already done for you. Investing in a franchise means investing in a brand name that is easily recognizable for customers all around. There will be no guessing what your business will provide because customers will have already heard and seen the name of your business all over the place prior to your doors opening. This kind of recognition is one of the most valuable assets to owning a franchise because there is no wait for drawing in a substantial amount of business.
Be Your Own Boss
Just like owning an independent business, owning a franchise gives you the opportunity to be your own boss. You will have the flexibility to create your own schedule and have more control over your career as a whole. Not only that, but you can also make decisions such as working from home if you should so desire. Ultimately, a franchise will allow you to create the life you want with a business that you own. While it sounds a lot like owning an independent business, there is this difference: you will have support to help make such things a reality.
Valuable Business Assistance
Investing in a franchise allows you to have access to everything you will need for your business to thrive. Because many franchises are turnkey operations, they provide everything you will need to immediately begin running your business. That means that once you become an owner, you will be supplied with all of the equipment, supplies, and instructions you will need to get started.
It is also common for franchise owners to receive ongoing training as well as support from management and marketing. Whether you have a background in business or you have no prior business training, a franchise offers superior opportunities for you to learn all of the ins and outs of successfully running your business.
Where you would be taking on every aspect of running your business alone as an independent business owner, taking part in a franchise means you will not have to be alone. There will be experienced teams available to you should you ever need guidance with any questions or concerns. In short, the parent company’s success depends on the success of your franchise, and they will do whatever they can to assist you.
Starting a small business can be difficult without having extra help, especially when it comes to gaining inventory, supplies, equipment, and more. A benefit of owning a franchise is that the expenses are not nearly as high. The parent company will also be able to provide you with information on exactly how much supply, inventory, etc. you will need, whereas trying to determine those things alone in an independent business can be tricky in the beginning. You will actually save costs because you will not be spending money when it is not needed as a franchise owner.
Additionally, a franchise allows you the opportunity to take advantage of the buying power that the parent company has established. That means that you will be able to purchase everything you need for your business for lower costs than you would as an independent business owner. Not only that, but the connections made with supply chains through the parent company are those that can be trusted for quality products and services. Solid relationships with supply chains will enable you to purchase furniture, equipment, inventory, uniforms, and more on a continuous basis without worry.
Sometimes, one of the best ways to make sure that a job is done well is by doing it yourself. A lot of small business owners struggle with finding the perfect management team. Managers tend to come and go and may not always be genuinely committed or motivated to keep the business moving in the right direction.
One of the ideal aspects of owning a franchise is that as the owner, you can also take the place of the manager. You are committed to your business because it is your investment and your opportunity to be successful. That means that the likelihood of you leaving will be a lot lower than a hired manager who does not have the same investment in the business. As you are so dedicated to your franchise, you will also do what you can to enable your employees and business to progress well into the future.
If you do not feel an interest in being the immediate manager, an advantage to being the owner of a franchise is being able to hire people who you trust. You will have the chance to create a team that you choose based on the confidence that they will do a job well.
When it comes to bringing in new employees, successful and efficient training can be complicated. However, it is vital to running a successful business, no matter if it is an independent business or a franchise. It is important for all employees to not only have a solid understanding of their responsibilities but for them to be able to properly execute them.
As a franchise owner, you will be able to utilize a successful training program for new employees as created by the parent company. This will help take any frustration out of training for both you and your employees. Following on-site training programs provided by the parent company will help with the understanding of key factors such as opening procedures, daily operations, using point-of-sale systems, and more.
Consistency Is Key
Famous franchises remain in business because their loyal customers can depend on the quality and satisfaction from what they have to offer. In this sense, consistency is extremely important in giving customers what they expect, every single time.
Since parent companies provide owners with the resources and training programs needed to properly train staff, things should always remain consistent. As employees are trained, they will learn the methods and procedures that the company has developed and proven to be a positive contributing factor to the business. Whether it pertains to how products are made, the appearance employees should maintain, or the manner in which employees interact with customers, customers will expect the same every time they visit.
A franchise will give you the guidance you need to maintain consistency and thus allow you to maintain customer loyalty time and time again. HomeWell provides franchise owners with a learning management system, an online platform that offers over 100 educational modules for you and your employees. This training can be accessed at any time and is valuable to providing quality services.
Lower Up-Front Costs
Franchise opportunities are generally less expensive to get started than investing in an independent business. The average fee for becoming a franchise owner is between $25,000 and $50,000. When you buy in with a parent company to open a franchise, they are able to provide you with everything you will need for better prices as a result of purchase volume and solid arrangements with suppliers. This allows the cost to be significantly lower than starting a business from scratch.
Not only that, but you will also see benefits regarding important factors such as marketing. Advertising can be one of the most costly investments when trying to start a new business. Fortunately, the parent company will already have spent valuable time and money to establish a well-known logo, trademark, website, and overall brand development.
Parent companies will also have also invested in promoting their brand on broadcast television, radio, and the internet. This saves you, the owner, a lot of expenses and time that you would have spent trying to begin a small business from the ground up.
Senior at-home care is an industry that offers low-entry costs with predictable, low overhead, making franchise ownership with HomeWell a realistic opportunity.
Potential For Growth
After your franchise has been operating for some time, you may consider the idea of investing in a second operation. One of the nice things about owning a franchise is that you can own one or several. As long as your first franchise performs with exceptional marks, there is always the opportunity to expand. This is quite different from owning an independent business because growth is actually a reality from the beginning, whereas the opportunity for an independent business to expand is unknown.
Beginning a franchise with HomeWell allows you to create equity for you and the ones you love in the growing home care industry.
Learn More About Opening A HomeWell Franchise
At HomeWell, we are dedicated to providing training, industry education, innovative technology, and personalized support to foster successful home-care franchising opportunities. From the very first day and all throughout the success of your business, HomeWell will be there to support you every step of the way to ensure you reach your goals.
For more information, download our free Franchise Kit today and see how HomeWell can be the right opportunity for you.
Take the First Step
Our easy-to-read Franchise Kit is a starter packet for all potential franchise owners which will help you gain a clear understanding of our step-by-step discovery process. You will lean more about the overall investment opportunity, HomeWell’s ongoing training and support and how we address the needs of your specific market. Ultimately, this guide will help you determine if HomeWell is the right fit for you.