The decision to become a business owner is not an easy one, but it is one that could last a long time and change your life for the better.
If you’re thinking about becoming your own boss, you’ll have to first decide if you want to build a company from the ground up or join a franchise network. As part of your due diligence, it’s important to note the pros and cons of each and decide which option is best for you.
The Pros and Cons of Joining a Franchise
Pro: Higher Success Rate
As a franchise owner, you’ll have access to a proven business model developed over 23 years that has been proven successful in over 1,000 communities nationwide. Our training and support is so extensive that we never require interested franchise candidates to have business or marketing experience. At Home Helpers Home Care, our training and support is so extensive that we never require interested entrepreneurs to have business or marketing experience.
Because franchise owners join a franchise that’s already been proven to work, the success rate is far higher than new companies. This is also one of the many reasons why parents (who are less likely to take financial risks) are more drawn to franchising.
Pro: Brand Recognition
As a national franchise, Home Helpers Home Care has an established name, brand, and customer base. For more than two decades, we’ve been a leader in the home care industry and maintain a highly respected reputation.
We also set our franchisees up for success by taking care of marketing efforts, including:
- Lead generation.
- Posting to social media.
- Supplying business owners with a media library to take advantage of.
- Implementing the Home Helpers® Secrets to My Success Marketing Plan on Day 1.
Pro: An Extensive Support System
At Home Helpers Home Care, we often say that franchise owners are in business for themselves, not by themselves. Especially if you’re a first-time business owner, one of the most invaluable assets a franchise provides is a support system. By learning from others in the same business, you can set yourself up for success and potentially avoid costly mistakes.
Con: Franchise Fees
Because franchises provide their name, branding, support, and marketing materials to new owners, there’s often an initial financial commitment that’s required.
According to Franchise Business Review™, an independent franchise satisfaction research firm, Home Helpers Home Care is one of the top low-cost franchises of 2020.
The Pros and Cons of Building a Startup
Pro: You’re in Complete Control
Because you’re not part of a larger system, you’re in complete control of the products and services you deliver. And while that’s certainly appealing to many people, it can also pose a challenge to inexperienced entrepreneurs.
Con: Potential Lack of Resources
As a startup company, you’re responsible for financing everything from research and development to a business model and marketing. Because costs can quickly add up, it’s possible to find yourself with a lack of resources or support.
Con: Higher Failure Rate
Because a startup’s business model is unproven, there’s a higher chance of failure. Statistics show that 25 percent of startup businesses fail within their first year, 50 percent of the remaining fail within five years and approximately 30 percent of the remaining last 10 years.
No business degree? No problem. You can depend on us to support you when it comes to finding the ideal location, training your staff, advertising, and marketing for success.
With more people living longer than ever, it’s no surprise that some market research providers believe the global home health care sector will grow from $180 billion in 2014 to $300 billion in 2020. Become a part of our successful franchise! Reach out to our team today at (844) 899-8801.