As you begin to explore investing in a franchise business, you might feel a swirl of competing emotions: excitement, anticipation, overwhelm, trepidation. You might wonder which strategic questions you should ask to give you confidence that you’re choosing the best home care franchise for you.
The list of questions you should ask potential franchisor partners is long, so we wanted to give you a leg up by providing this list of the top 10 questions you should ask before investing in a home care franchise – to help make sure you cover the most crucial points.
- What is the company’s history? How about the history of its leadership?
The company’s overall track record and the experience and longevity of its leadership group can speak volumes about the stability of the franchisor.
- What is the corporate mission?
Asking what drives the leadership team can help you determine if your personal and business goals align with those of the franchise concept.
- Do you evaluate prospective franchise owners, or can anyone buy in?
The best franchisors screen prospective owners for certain skill sets and leadership traits to maximize the potential “fit factor” that can drive success in the business.
- What is the total initial investment required?
Find out not only how much total cash you’ll need to launch the franchise business but also get a breakdown of the various types of expenditures involved, from the franchise fee to the capital reserve required to float the business through the first several months.
- What ongoing fees are required? What do they cover?
Home care franchise owners may pay an annual fee to the franchisor for royalties, marketing or other items.
- What will the specific boundaries of my territory be? Is this territory protected?
Make sure the franchisor will not allow multiple franchise owners to operate within the same territory.
- What does your initial training look like? What if I need ongoing help?
Get details about the level of training you’ll receive before you start up your franchise and what type of ongoing aid the franchisor will provide throughout your tenure as a franchise owner.
- What aspects of the business do other franchise owners find the most challenging?
Learn what challenges to anticipate and get answers about how to overcome these obstacles smoothly.
- Can I speak to other franchise owners at will, or do you restrict the number of other owners I can talk to?
Great franchisors will provide a list of franchise owners for you to speak with in advance of investing in the franchise business, but you also should be free to contact any other owners you wish to get the broadest possible picture of what owning a particular home care business is like.
- What is your process for resolving disputes with franchise owners?
Find out about any litigation history between the franchisor and franchise owners. This detail can shed light on the overall tenor of relations between the franchisor and the owners.
We can answer all your questions about home care franchise ownership with Home Instead. Give us a call today at 888.702.5987 or email us at email@example.com.
Each Home Instead® franchise office is independently owned and operated.
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13323 California St., Omaha, NE, 68154, USA
In North America, call our corporate office at888.484.5759. Outside North America, call 402.498.4466