Q: Will the market for the home care industry continue to grow?
According to an AARP study, 89% of seniors prefer to age in their own homes. As the senior population has become the fastest growing segment in the United States, the need for home care will continue to increase. The U.S. Census Bureau predicts that people over the age of 65 will comprise about 20% of the U.S. population by 2030. We consider home care to be a recession resistant business!
Q: What is my income potential with owning a Homewatch CareGivers franchise?
Unlike many other franchisors, we publish our financial performance representations within our Franchise Disclosure Document (FDD) which you will receive during the discovery process. We are proud to illustrate the success of our many Franchisees, and ultimately how our proven business model - based on over 30 years of hands-on experience - succeeds. Moreover, once you contact us and begin to work through the process of learning about Homewatch CareGivers, you will be given the opportunity to contact any of our Franchisees and have a personal discussion about their business experience. We want you to come into our business with eyes wide open, but ultimately we feel your profit potential is unlimited.
Q: What are the financial requirements for purchasing a Homewatch CareGivers franchise?
We look for individuals with at least $50,000 cash and a minimum net worth of $250,000.
Q: What is the cost of a Homewatch CareGivers Territory?
The initial franchise fee (for a territory with a population of up to 39,000 seniors) is $39,000; Second territories (of up to 39,000 seniors) are discounted to $34,000. Homewatch CareGivers proudly participates in the International Franchise Association’s (IFA) VetFran program by offering veterans a 10% discount on the initial territory fee.
Q: What will it cost me total to invest in a Homewatch CareGivers franchise?
Homewatch CareGivers estimates your first year initial investment will range between $110,000 and $185,000, which includes your franchise fee, working capital and other startup costs. The investment cost is based on varying factors, including the size of the territory you purchase, whether your state requires licensing, and the cost of operating in your local market area.
Q: What are the steps to owning a Homewatch CareGivers franchise?
Homewatch Caregivers strives to make the franchising process as easy and smooth as possible. We want you to come into this business with a good comprehension about the industry and all that we have to offer. Homewatch CareGivers has developed a streamlined but comprehensive education process which can be accessed in our Next Steps to Ownership page. (LINK)
Q: Where can I look for small business loans?
Homewatch CareGivers is an SBA-approved franchise. The Small Business Administration (SBA) can help you get small business loans as well as offer valuable advice. We will also help you work through the loan process, as we have relationships with national financing partners. Other sources for small business loans include home equity, veteran's loans, banks, self-directed financing (e.g., 401(k) rollover), credit unions, unsecured lines of credit, and friends and relatives.
Q: How does Homewatch CareGivers determine the territory where I will operate?
Homewatch Caregivers awards exclusive territories that are not pre-set, but are developed collaboratively with you. Our development team will work with you using state-of-the-art demographics tools to build the market area of your choice. Your territory will be comprised of contiguous zip codes with healthy household incomes and senior citizen populations of up to 50,000.
Q: Is a medical or healthcare background required to run a Homewatch CareGivers business?
No, medical and healthcare experience is not necessary. We find that people with marketing, sales or operations experience are well suited for this industry. We also look for individuals with high, long-term income goals who are equally interested in improving the lives of others. Other traits we look for are strong people skills, the required amount of capital, financial stability, business/management background, the motivation and desire to succeed, and the willingness to follow a proven franchise system.
Q: Why go with a Homewatch CareGivers franchise rather than trying it on my own?
Many reasons – for over three decades, we have developed an intimate knowledge of the business. Our strong foundation of expert home care based on tried and true practices will help launch your business successfully and quickly. We have established national partnerships and strategic alliances with companies that drive business to our Franchisees on a local level. Finally, our commitment to providing in-depth training and excellent ongoing support ensures that our Franchisees are well equipped for success.