Are you considering a senior care franchise? Great! We love welcoming potential franchise owners into the fold. But before you sign your franchise contract, you may still have a few reservations because of common misconceptions.
Myth 1: You have to have a lot of advanced degrees to own a franchise
“I may have to go back to school to get a master’s degree in business or at least some kind of medical field to be a thriving franchise owner.”
The Truth: Many franchisees have college degrees in various disciplines. There’s no need for you to have a specific degree or multiple degrees to be a qualified potential senior care franchisee. Experts in the field stress the importance of work experience over acquiring various degrees. In fact, according to Entrepreneur, some of the most successful franchise brands were started by individuals who were still in high school. And according to a CNBC report, only about 44% of business owners have bachelor’s degrees.
Simply put, you don’t have to have to be a career academic to be a successful franchisee in the home care industry. We prefer you to have a passion for helping others and have an entrepreneurial spirit. Everything else we can help cultivate via development programs and robust resources.
Myth 2: I’ll have to work all hours of the day and night to be successful
“I’ll have to work really crazy hours just like a doctor to keep up with the demand of my business. I’m not sure I can see myself working all hours of the day and night to ensure my business grows.”
The Truth: While hard work is key in almost anything you do, it’s not the only trait that will make a potential franchisee a success. A truly profitable owner works smarter—not necessarily harder. By that we mean, they work on cultivating their staff and turning team members into effective leaders. As a result, they don’t have to work harder. They have qualified staff to share in the growth of the franchise business. This fact is exactly why franchise training and development is essential to long-term and lasting success.
Myth 3: The franchise brand is the entity that controls the business
“I won’t have any control over my business trajectory. The franchisor will be in complete control over my success and how long my business operates.”
The Truth: The franchisee is the one that has control over the business, not the brand. One great thing about franchising is that there is already an established path to success. We just impart knowledge and allow you to choose your own path to success. Most, if not all, home care franchisors will provide comprehensive marketing tools, training procedures, and, in even some cases, a client acquisition process to help new owners find potential customers. The franchise brand will offer a scaled-down version of the business model that allows new operators access to many resources to help grow the business.
Myth 4: Success is guaranteed
“If I join a well-known franchise network, people will be flocking to my business, and I’ll make a lot of money without having to do much.”
The Truth: Like most things, success isn’t an absolute guarantee. However, the majority of franchisors make the path to success easier. It’s always important to define what success truly means to you as an individual franchise operator. Is success making a lot of money? Is success supporting your community with your particular services? Is success fulfilling a lifelong passion for becoming a business owner? We prefer to look at success in terms of our franchisees’ growth against the industry’s growth. According to IBISWorld, senior home care is one of the fastest-growing franchise sectors in recent years. Over the past five years (from 2014-2019), we’ve seen a growth rate of 8%. This tells us that demand is growing, and opportunities to be a part of this culture of compassion are available, so success is extremely accessible. You just have to be willing to put in the work and trust the process.
5. Top franchisees operate locations in large cities
“I’ll have to move to a much larger city to make sure I have enough clientele to grow my business and keep it operating long-term.”
The Truth: The old saying, “the bigger, the better,” doesn’t necessarily apply when opening a senior care franchise. Operating a location in a large city isn’t a guarantee that you’ll have clients waiting in the wings to utilize in-home care services. In fact, 16% of residents in small towns are 65 or over, which tells us that there may be more opportunities in rural locations. What’s great about Homewatch CareGivers is that we have available territories across the country, so choosing an open territory that’s right for you is simple and doesn’t require you to move anywhere.
For more information about joining our franchise network, contact us online to get started.