You probably know a little about buying a care franchise – That’s why you’ve landed on this site.
In case you’ve stumbled here by accident, let’s explore the definition of a franchise.
With a franchise, you can start your own business using someone else’s branding and systems completely legally. This is how there are now 71,000 7-Eleven stores in 17 countries. Are these all being led from one central head office? Not really. Each of these units is independently run by self-employed people or separate limited companies.
A difficult year for workers
2020 was a truly difficult year for employees across the country, with many being furloughed, laid off or unable to get new work.
That’s meant current economic climate has led to a lot of soul-searching, with employees abandoning long-held beliefs in job security. Therefore the possibility of business ownership now seems more secure, giving workers control over their livelihoods.
Business ownership or buying a care franchise?
20% of new businesses fail in the first year and 50% after five, so opening up a business is not a complete fail-safe. However, the good news is that franchise ownership can give you the benefits of self-employment with a safety net that’s not available to your average start-up.
Home care is widely recognised as a growing industry to get into, with an ageing population and more and more people relying on help who don’t want to go into residential homes. Not only that, but the impact of the covid-19 pandemic has highlighted the role that carers play when family members are prevented from seeing their loved ones.
Here are some of the best reasons to consider buying a care franchise versus starting your own care company.
Bankers are more willing to help you out if you’re heading up a franchise
A franchise system is a proven success model with an established reputation. This is evidence enough for lenders to see that you will be able to repay your debts, and so this means less risk for them.
Since gaining capital and finding investors is a big challenge for new business owners, your franchise business plan will smooth this path to accessing the finance you need.
You have more chance of making a profit with a franchise than a start-up
While lots of start-ups fold within a couple of years and 50% within five, over 90% of franchisees report profits, and 60% have a turnover of at least £250,000. Only 1% of franchises close their doors annually.
In fact, nationwide, over a third of franchise owners look after more than one franchise unit, which goes to show that these franchisees are seeing great advantages to the system.
You get more support as a franchisee than a start-up
If this is your first time running your own business, you have a lot to learn. This is a contributory factor to the high failure rate of new businesses. In order to overcome this, most entrepreneurs pay thousands of pounds for mentorship. With a franchise, it’s not necessary. Since the franchisor is heavily invested in your success, they train you and give you all the tools you need.
At Apollo Care, we have a robust training programme when you first come on board, with a dedicated team of franchise support managers. Their only job is to help you succeed. This support never expires, so even if you’ve been running your franchise for five years, we’ll be there to give you training and assistance when you need it.
Are you curious to find out more about the Apollo Care franchise opportunity? Download our prospectus today.