Buying a franchise can be an exciting way to become a business owner while benefiting from a proven business model. At Bridgewater Home Care, we understand that taking the first steps can feel overwhelming. From understanding the costs involved to choosing the right franchise, there’s a lot to consider.
That’s why we’ve created this detailed guide on how to buy a franchise, to help you navigate the process and make informed decisions.
What is a franchise?
A franchise is a business model in which a well-established company or brand grants an individual the right to operate a specific location of the business. This allows the franchisee to use the company’s brand, products, and services in their marketing. Simply put, the individual pays for the right to run the business and offer the company’s products or services in a designated area.
What does buying a franchise mean?
Buying a franchise means purchasing the rights to operate a business under the franchisor’s brand. This gives you access to their training, marketing support, and operational systems, which help reduce some of the risks associated with starting a business from scratch.
Franchise ownership also comes with responsibilities, including adhering to operational guidelines and paying both initial fees and ongoing royalties to the franchisor.
Things to consider when buying a franchise
Choosing the right franchise is important for long-term success. Here are some key factors to consider:
What are my interests and skills?
Choose a franchise that matches your passion and expertise. Running a business you enjoy increases your chances of success and makes the day-to-day operations more rewarding.
What type of franchise is it?
Franchises come in various forms, including product-based, service-based, and home-based. Each type has different operational requirements, costs, and growth potential. Understanding the type of franchise you are investing in will help set expectations.
Is there demand in my market?
Research your local market to ensure there is demand for your product or service. Understanding customer needs and the competitive landscape will help your franchise thrive.
For example, in the care industry, the demand for private carers is increasing each year. In the UK home care market, more than 950,000 people currently receive domiciliary care, highlighting the growing need for quality services.
Who is the franchisor?
Research the franchisor’s reputation, stability, and commitment to supporting franchisees. Speak to existing franchisees to get a realistic view of what owning the franchise involves.
At Bridgewater Home Care, we take pride in our achievements. Over the years, we have received numerous prestigious awards, including Best Employer in Care in an independent LaingBuisson survey and Employer of the Year in the North West Business Awards, alongside outstanding reviews from our franchisees.
What support will you get?
A good franchisor provides training, marketing assistance, and operational support. Understanding the extent of this support can help you gauge how smoothly your franchise will run.
At Bridgewater, we ensure our franchisees aren’t alone in their journey. During the first year, they benefit from personalised guidance from our founder, Phil Eckersley, gaining practical support with day-to-day operations, recruitment, compliance, and access to the knowledge and experience needed to build a thriving business.
The costs that go into buying a franchise
When buying a franchise, there are several costs to consider. The franchise fee secures the rights to the brand, while equipment and inventory cover the tools needed to run the business.
Training and onboarding prepare you for operations, and marketing contributions are often required, along with ongoing royalty fees.
At Bridgewater Home Care, our royalty fees provide our franchisees with access to:
- Custom software designed to simplify the daily management of your franchise
- A top-tier CRM system built specifically for Bridgewater Home Care franchisees
- Clear processes, policies, and procedures to help you run your business efficiently
- Marketing tools and resources to promote your franchise in your local area
- Cloud-based systems that allow you to manage your business from anywhere
- Continuous, unlimited support, guidance, and advice across all areas of your franchise
Legal considerations when buying a franchise
Before signing a franchise agreement, it’s important to understand your legal responsibilities. As a franchisee, you’ll need to follow the franchisor’s rules, pay fees and royalties, and comply with local laws. Make sure to carefully review the franchise disclosure document (FDD) or similar paperwork, which explains the terms of the agreement, costs, and any restrictions.
It’s also a good idea to speak with a solicitor who specialises in franchise law. They can help you understand your rights, spot any potential issues, and make sure the agreement is fair.
Taking these steps early can protect your investment and give you peace of mind as you start your franchise journey.
The 4 steps to buying a franchise
Investing in a franchise is a decision that deserves careful thought to ensure it’s the right choice for you. Generally, the process involves the following steps:
-
Set your franchise goals
Clarify precisely what you hope to gain from your franchise. Are you aiming for a hands-off investment opportunity, or is your goal to make a positive impact in your community? Answering these questions will guide you in choosing the franchise that best aligns with your objectives.
-
Explore your franchise options
Before committing to a franchise, take the time to explore a wide range of possibilities. Carefully evaluate the different types, research their track records, and consider how each one aligns with your goals and interests to ensure you make the right choice.
-
Review your financials
Once you’ve picked a franchise, take a good look at your finances. Make sure you can cover the upfront costs and still have a buffer for any extras. Remember, fees can vary, so know what you’re committing to before you dive in.
-
Select your franchise and finalise the agreement
Once you’ve chosen your franchise, it’s time to sign the agreement. This sets out what’s expected from both you and the franchisor and is also the perfect opportunity to ask any remaining questions before officially getting started.
Opening a franchise with Bridgewater Home Care
With Bridgewater Home Care, you have the opportunity to create a positive impact in your local community while managing a thriving franchise in your own dedicated area.
When you join Bridgewater, you’ll have access to:
- Mentorship 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 business
- Online systems so you can work anywhere
- And much more!
If you’re looking for a successful business investment, a home care franchise could be the perfect opportunity. At Bridgewater Home Care, our team helps franchisees set up their own territory and benefit immediately from our established brand and proven business model.
Interested in finding out more? Contact us today by making an enquiry on our contact form, or call 01942 215 888.
