If you’re looking for a new business opportunity, joining a franchise might be the right option for you. Not only does it provide a platform for financial growth from an existing, established brand, but it gives you the chance to be your own boss.
But, aside from the above, just what other advantages of a franchise model are there – specifically, from the perspective of a franchisee?
Fortunately, our founder and managing director, Phil Eckersley, is here to tell all about what you can gain from becoming a franchisee. He might be a home care franchise owner now, but prior to this, he spent three years as a franchisee, so he himself knows what there is to benefit from.
Read on to find out what the advantages of becoming a franchisee are, the potential shortcomings, and why you might be interested in joining a franchise in the home care sector…
Financing support
Starting your own business is no easy task. It can take a lot of faith in yourself to be able to manage the ups and downs. What’s more, there are some business startup costs you’ll need to consider.
However, when you choose to become a franchisee, you could have several financing options available to you. For example, as franchises have a high success rate, banks are more likely to provide funds.
A business model that works
Becoming a part of a franchise model means becoming a part of an established brand that has already overcome the challenges of starting a business.
So, whilst you get to be your own boss and take charge of a new business venture, you’ll also be able to benefit from following its clear blueprint for success and replicating its tested proven business plan.
Reduced risk
When opening a business, especially for the first time, you’re likely to experience mistakes. But when joining a franchise, there is less risk of this happening, simply because the franchisor has already created the business concept and understands how to make a successful return on investment.
With their expertise, you’ll be able to navigate the business opportunity much more smoothly, allowing you to be the owner of a successful company without having to do it alone.
Existing demand
In some franchises, there can be a worry that one day the business won’t be as successful as it is now. This could be due to market fluctuations or a change in trends. However, certain industries will always experience ongoing demand, so you won’t have to worry about problems with the business further down the line.
In some sectors, business demand is actually growing. For example, in the care industry, the need for a private carer is becoming more demanding each year, and every day there are approximately 6,000 people taking on a caring responsibility, which equates to about 2 million annually.
Operational independence
Another advantage of joining a franchise is that it provides you with a level of operational independence. It might sound contradictory, but owning your own part of a franchise allows you to be in charge of your own working life.
For example, in Bridgewater Home Care’s franchise, our franchisees have their own exclusive territory, so they run their side of the business without heavy involvement from the franchisor team. But, they still get to benefit from the support of our existing business. This support includes:
- An initial 1-year long mentorship programme
- Access to bespoke software to make your team’s lives easier
- Marketing resources to increase your territory’s visibility
- Online systems so you can work anywhere
What are the drawbacks franchisees can experience?
From reading the above, it’s clear that there are many benefits to being a franchisee. But what about the drawbacks? Well, like any investment opportunity, there can be challenges you might face, but there are ways to overcome them.
Read on to find out about these challenges and how Bridgewater Home Care helps our franchisees solve them.
Initial investment and ongoing fees
One drawback you can experience as a franchisee is that the initial upfront costs can be expensive. This might be daunting, but if you join a successful franchise – you should see a return on investment pretty quickly.
How does Bridgewater help franchisees?
When you become a franchisee of Bridgewater Home Care, you can expect significant year-on-year growth.
What’s more, we expect these new franchise offices to reach a break-even point within their first year of working with us.
Lack of flexibility
You might also face the challenge of having a lack of flexibility when you join certain franchises. This is because they might have rigid structures and processes that they require you to follow – making it difficult for you to grow the business in the way you think is best.
How does Bridgewater help franchisees?
At Bridgewater Home Care, we understand how local markets can have significantly different needs and challenges. The Bridgewater model enables franchisees to pivot, so they can adapt to their own local demographics and market conditions.
Franchisees at Bridgewater Home Care have the flexibility to set their own pricing structure and focus their services on areas of care that they feel provide the most opportunity in their local territory. Bridgewater Home Care provides everything needed to grow a successful business without controlling the important decisions you will make at a local level.
Inconsistent support
Another potential drawback of being a franchisee is the level of support you receive from your franchisor. Some franchisees might feel like they don’t receive enough support to actually make their franchise succeed. For example, they might be left without the proper guidance, or struggle to get help when a problem occurs.
How does Bridgewater help franchisees?
Bridgewater Home Care solves this problem by always being on hand to offer our franchisees support. As mentioned, we offer a 1-year mentorship programme to equip our franchisees with the knowledge they need to make their business a success.
In addition to this, Bridgewater Home Care has a highly experienced team dedicated to regularly supporting franchisees both face-to-face and online.
To find out more about what we can offer you when you join our franchise, get in touch with us via our contact page.
Why become a franchisee in the home care industry?
There are several reasons why many entrepreneurs have chosen to become a part of a franchise model in the home care industry. Let’s take a look at some advantages you can gain:
- Growing demand for private care services: The demand for private care services is increasing, so there’s less risk of the business not attracting clientele.
- Make a difference in your local community: Being a part of the care industry allows you to make a difference in your local community, as you provide necessary services that can improve the quality of life of many people.
- No experience needed, just a strong work ethic: You don’t need to have a background in care to work in a care franchise, you just need a commitment to running and replicating our business model, and strong levels of care and attention.
The advantages of a franchise: FAQs
What is a franchisor?
A franchisor owns the rights to an established company, which it then sells to individuals. These individuals are typically looking to use an existing brand as a platform to propel their own business. These individuals are known as franchisees.
Does the franchisor pay the franchisee?
The franchisee pays the franchisor the initial investment fee to own a part of their franchise and run it like their own business. They might also pay a monthly service fee to entitle them to the franchisor’s resources, such as marketing help or IT operational systems.
Get in touch with Bridgewater Home Care and start your franchising journey today
If you’re interested in becoming a part of a franchise in the home care industry, a franchise agreement with Bridgewater Home Care might be the best option for you.
Our franchise team is here to help you establish your own existing territory, and reap the rewards of being a part of a successful business model. We provide:
- Mentorship training from our founder, Phil – a former franchisee who knows the industry back-to-front
- Bespoke software to make your life much easier
- Marketing resources to get the word out about your territory
- Online systems so you can work anywhere
- And much more!
Want to find out more? Get in touch with us today by making an enquiry on our contact form, or call 01942 215 888.
