There are 15,600 adult care homes in the UK and, a great many of these are franchises. In this article, we’ll take you through the 10 reasons for buying a care franchise and how you can get started.
Care is a hot topic in the news at the moment, and for a good reason. The UK care sector employs around 1.3 million people, many of which are charged with looking after the 490,326 residents currently living in UK care homes.
When an elderly or unwell loved one can no longer live independently, there’s nothing more important than making sure that they are placed in an environment where they’ll receive outstanding care and attention.
Take care
Before we move on to our 10 reasons to buy a care franchise, we’ll first shine a light on the franchise model.
Unlike starting a new business from nothing, the franchising model involves an individual buying into an existing company in order to start their own branch of that business.
In most cases, the individual (known as the franchisee) will pay an initial fee to the business (known as the franchisor), which will cover the rights to the company’s branding.
The franchisee will then pay a percentage of their profits to the franchisor each month and, this will often entitle the franchisee to training and support from the franchisor, as well as access to low-cost suppliers.
Franchising offers the opportunity for independence for those who would perhaps be unable to fund starting their own business more traditionally. Individuals can throw off the shackles of being an employee for a relatively small financial output and forge a rewarding and lucrative career for themselves.
Who can buy a care franchise?
Care franchises are becoming increasingly popular in the UK and are being snapped up by people of all ages from a wide range of backgrounds. Although care-related experience or qualifications are undoubtedly helpful, these aren’t always necessary for getting started with a care franchise. In this section, we’ll take a look at 10 good reasons for buying a care franchise:
Giving something back
First and foremost, choosing a care franchise allows you to contribute to your community in a very real and very valuable way. Providing care, whether at home or within a care facility, is an extremely rewarding endeavour – and you get to help set the standards for care for generations to come.
A design for life
While no business sector is completely future-proof, the care industry is one that we can assume will endure, no matter what happens with the UK’s economic and political agendas. At the end of the day, our elderly and vulnerable citizens will continue to need, and deserve, compassionate and expert care throughout their lives.
Making connections
When you buy into a care franchise, you will usually gain access to experts within the community who will be able to offer support and additional services to boost your business and allow you to provide the best possible care to your clients.
Banking on great care
As the owner of a care franchise, you can expect to earn a significant – and steady income for many years to come. Although franchisee income can vary from business to business, hardworking care franchisees can make a really good living.
Setting standards
Once you’ve been operating successfully as a care franchisee, you’ll usually have the opportunity to buy additional units. Not only will this allow you to generate more income but, it will put you on a path to setting care standards within your town or city – and beyond.
Diversity and expansion
There are lots of options available when it comes to care franchises. For the franchisee, this presents the opportunity to build their care franchise empire by, for example, combining in-home care with residential care home services.
Expertise on tap
Many care franchise businesses will offer centralised resources such as nursing services and more. This allows the franchisee to tap into a wealth of experience and qualified staff without the huge overheads normally associated with these things.
On top of the care game
As well as access to many healthcare professionals, a care franchise will also offer comprehensive business and care training to the franchisee and their staff to give the business the best chance of success.
Funding trust
Care franchises tend to be extremely affordable, even for first-timers, and, due to the community nature of a care franchise, funding is readily available.
Care services will always be considered essential; therefore, should you decide to go in a different direction, you’ll find it reasonably easy to find a buyer for your franchise business.
How to get started with a care franchise
To begin with, you need to be realistic about a number of things, including:
- How much money you can raise to start your business
- Your skills and experience
- How much time you’re able to commit to the business
Your next step is to start shopping for a franchise. Franchise Local has a great database of care franchises to help you on your way.
The legal stuff
Once you’ve got your shortlist of franchise businesses, you’ll want to ask for a copy of the franchise agreement. It’s always a good idea to ask a solicitor to look this over for you as, once you sign on the dotted line, you’re locked into each and every one of the terms and conditions.
Sealing the deal
Once you’re happy with the contract, it’s time to hand over an initial franchise fee and sign the contract. You’ll then have access to training and support from your chosen franchisor.
Of all the franchise opportunities available, a care franchise is probably the most rewarding on a personal level. Not only that but, this is a solid and lucrative business model which can be passed down from generation to generation.
