August 30, 2022

10 Things to Know Before Purchasing an Existing Franchise

When it comes to making the right investment decision for you and your family, you can never be too nitpicky or ask too many questions. This is your future – and we know it can take months, if not years, to line up the right finances and find the timing to get yourself into the entrepreneurial driver’s seat of your dreams. 

The same due diligence should be given when deciding on purchasing an existing Home Instead care franchise. While there’s not necessarily right or wrong answers when it comes to growing and maintaining a business that is transferred, there are some things you should know and do before you make such an important business move.

  1. Homework is important  – While it may sound like a no-brainer, those who reach out to franchisees who have gone through the same investment process take home a lot of valuable information and feel much more comfortable investing in an existing home care franchise. At Home Instead, there is no shortage of success stories – and successful owners, who would be more than happy to break down the business dos and don’ts. 
  2. The franchise’s viability – Like with any industry, you don’t want to be blindsided by a money pit. Know the market you’re buying into and the product you’re selling and make sure it lines up with your expectations for success.  
  3. You will be networking (a lot)  – If you hate networking or building referrals, purchasing a Home Instead Franchise – new or existing – may not be the right decision for you. Remember, in order to grow your home care business, you will need to put a lot of leg work in to create business relationships with providers in your community. 
  4. Ownership also means management – Owning a business means not only maintaining an office building, but also the workflow and morale of your employees. As a manager, you’ll need to be the motivator and the voice of YOUR franchise. You’re the boss!
  5. The capital you’ll need to succeed – Buying a franchise is one thing, but you’ll also need to have enough capital to propel your business. Make sure you’re set for the long haul before you go all-in.
  6. Most people are approved for a business loan  – Speaking of capital, Home Instead is a preferred Small Business Administration (SBA) franchise network – which can greatly expedite your approval process for a business loan.  
  7. The Home Instead business model – We’ve been in the franchised care business for more than 25 years and have developed a system that is proven to work. Let the home office do what they are supposed to do: help you market and better the service you are providing. 
  8. You will work a lot upfront – In order to build a successful franchise, you’ll need to be ready for a lot of long hours in order to create a care infrastructure that will grow and be profitable. 
  9. You can likely hit the ground running – Acquiring a business that already exists allows you to focus less on location, building leases and codes, and more on finding clients and creating new relationships in your community.
  10. We’re here to help you with your business goals – The Home Instead team provides training, 24-7 support, and can help you understand if an existing or a new franchise will be the best fit for you.

 

 

Give Home Instead a call today at 888.702.5987 or email us at franinfo@homeinsteadinc.com to see how we can make your ownership aspirations a reality.

 

Each Home Instead franchise office is independently owned and operated.

 

©2022 Home Instead, Inc. All rights reserved.

13323 California St., Omaha, NE, 68154, USA

In North America, call our corporate office at

888.484.5759. Outside North America, call 402.498.4466