Are you confused as to what a franchise business is and what it can offer?
To help you better understand, we’ve compiled the most frequently asked questions about franchising so you can best understand why this business model may be the fit that you are looking for.
Per the International Franchise Association (IFA), a franchise involves a franchisor, the brand and a franchisee that pays to build a business under the franchisor’s brand.
Simply put, a franchisee will pay a franchisor for the right to use the business’s operations and systems, thus becoming a business owner with the support of a larger brand.
Owning a franchise requires the same motivation, dedication and grit as operating an independent business. If you are a decisive, team-oriented and flexible person, you already have three qualities that may make you a good franchise owner.
Our team at HomeWell values passionate and community-oriented professionals. We can train you on the ins-and-outs of home care. Take our quick and free online personality assessment to learn whether HomeWell is right for you!
Your initial investment in a franchise covers operational costs for the beginning stages of your business. After that, your investment helps maintain the franchise’s day-to-day needs, payroll, marketing and beyond. Franchise owners are responsible for the cost of:
Everyone is in a different financial position before they invest in a franchise. If you need funding assistance, there are options to help you get started. Depending on your eligibility, you may be able to get a loan to start a franchise or apply for funding from various public or private sources. Our favorite financing methods include and more:
If you’re wondering how to get investors for your franchise, it may help to visit your nearest SBA office for guidance.
Once you’ve invested in a HomeWell franchise, we work with you to help it succeed. Before you invest, we’ll discuss every aspect of your business ownership journey. That includes your exit plan and what you plan to do in order to help your professional and personal goals.
Because of the nature of a franchisor and franchisee relationship, there are some basic guidelines and rules that you’ll have to follow. These guidelines are geared to help you succeed in your business and keep you and your employees safe.
Yes! Multi-unit franchising is a common practice among the most devoted business executives. Understand, though, that owning two or more franchises often translates to completing double the work, so be sure you’re prepared to do so.
Sometimes. To own franchises in multiple states, you must register your business in any state where the franchise has a physical location. You cannot, however, incorporate your businesses in more than one state.
Potential earnings depend on various factors, including the local market, the types of services you offer and marketing.
To learn more about your potential earnings, speak with a HomeWell franchise development contact us via our online form or call (817) 916-8904.
At HomeWell, our franchise owners go from prospective business professionals to expert leaders in the home care industry. Learn more about our brand by downloading our free Franchise Kit or contacting us today.