Tweet

My Friends are Always Asking Me - What's the Best Franchise?

Guest post by: William Bradley

Article Overview: As the owner of a franchise portal, my friends, website visitors, people I meet in all walks of life are always asking me...what franchise is the best to buy.

My Friends are Always Asking Me - What's the Best Franchise?

People are always asking me - What is the best franchise? It's a difficult question to answer, given the intangibles that might be great for one person and not another.The economic environment also may play a role as well as demographics. My answer is always, "I don't know." Think about it. There are so many factors tangible and intangible that may have an influence in determining what is the best franchise for you. Trust me, I know there have been numbers of articles written about "Finding the Best Franchise for You" or "Finding the Right Franchise." For your benefit, I'm not going to bore you with any more of the same old rhetoric.

Let's talk about where our economy and the demographics within the economy are trending. Trends, especially hard trends are fully predictable. Hard trends do not change or cannot be changed by making a different choice. Soft trends might happen depending on a particular event or choice. So, for the purposes of this article, let's discuss age as a hard trend. We're going to get older and we are going to require more health care than we require today. The post war population boom is now a pure fact. Everyone of those "baby boomers" is going to get older and, without question, their health will become a factor in their life.

I know you've heard this a million times as well. We've all heard about the baby boomer generation and what we might all expect. The problem is, no one is doing anything about it. The government has known about it for years, yet Medicare, Medicaid and Social Security are severely underfunded. Nearly 80 million baby boomers will require an increased level of health care in the U.S. alone. Where is that health care going to come from? Are there enough hospitals, enough doctors and nurses, and, for our purposes are there enough service providers to care for the elderly at home. Right now, the answer to that question is a resounding NO. The impact of this is growing and growing and remember the hard trend is that the first baby boomer turned 62 on January 1, 2008. During 2008, about 3.2 million baby boomers turned 62. Today, that number is about 50 million and in 2030, the number of baby boomers will be around 84 million. Who is going to take care of these people?

So, if we ask ourselves, "What is the Best Franchise" it may very well be a franchise offering health care and home health care services to the baby boomers that make up this hard trend. The demand for these services are not going to go down. Today, there's not enough hospitals to take care of them. There's not enough assisted living centers to house those that will need care and companionship and there's not enough home health care businesses to provide both medical and non-medical home health care.

The good news is that there are a variety of home health care franchises to choose from. Some are quite established with strong brand recognition and there are some that offer both medical and non-medical health care. Franchises that offer non-medical health care are typically home based businesses and can be launched with less that a $50,000 total investment.

As a home health care franchise owner, you would manage a team of caregivers offering health care services. If you see yourself as a good manager of people and you want to provide a valuable service to the elderly, this may be the best franchise for you.

Related Articles
  End Your Canadian Franchise Lending Worries – Financing & Funding Lenders & Solutions For You !
  Making the Most of Your Franchise
  What is the best Franchise?
  Canadian Franchise Finance Isn’t What You Think! Financing a Franchise Business Properly
  Which to choose? Franchise Business or Self Employment
  Canadian Franchisee Funding & Business Loans – In Over Your Head In Lenders & Finance ?
  Selecting a Business Franchise for Sale
  Questions to Ask Before Buying a Franchise
  How To Finance A Franchise – Your Options and Risk
  Franchising with all its Success
  Financing a franchise business? What you need to know to obtain finance for a franchise
  Visiting a Franchise Show is a great way to investigate franchise opportunities.
  About 60% of all franchise opportunities have less than 50 units.
  Why Use a Franchise Consultant?
  Did you know: NIIT Franchise was present in Malaysia in 1997?
  Are You Ready to Start a Franchise?
  How To Qualify For Franchise Financing In Canada – A Franchising Finance Business Loan That Makes Sense!
  Master Franchises Explained
  Ways to Find Local Franchises
  "Untouchables" and "Discussables"

Article Tags: health care business, home health care franchise, senior care franchise



Related Forum Posts
Re: Hello from a San Diego-based marketer - Welcome Aaron! Whats the next stage for your business? Ben
Re: Enticing Franchises - Top 9 List - All Franchise listed above are in millions of dollars. Do you have the list of Franchise in thousands
Re: Info for would be franchisers... - [quote="Sebastien":1d29sdv1]Like Franchise Times, Franchise Update is a very practical magazine. There is no blah blah, just straight facts that anyone in the franchise community can relate to. I just want to mention that all these magazines are NOT franchisee oriented. I mean these magazines are for franchise professionals. If you're looking to buy a franchise, you won't find much information in there. To answer your question, getting published in Franchise Times was fairly easy. I don't want to brag too much but I think I am known in the franchise industry. I was the marketing guy at Franchise.com for a few years before joining my new company, the World Franchising Network. So people know me and I have a very good relationship with Nancy Weingartner, the Managing Editor at Franchise Times. I was talking with her at the last Franchise Expo South in Miami and she mentioned she'd like me to be profiled. I was like "ok, sure!". I like this franchise executive profile thing in Franchise Times as it is rarely BS. People are usually really natural in there.[/quote:1d29sdv1] Thanks for the follow up Sebastien! And I can't say that I'm surprised that networking with the right people and managing your relationships with them properly are the keys to being published. I guess the old adage holds true of "it's not who you know, but who knows you" that's important.
Re: New, young entrepreneur - Congrats H20ismyLife! Do you have a website so we can see any of your work? Whats the next step for you?
how much for a franchise fee? - Dear Colleague There is no easy answer to this question. Things to consider: [list=] The sizeof the Franchise Clent base Expected Turnover Intellectual Property costs (recoup) Number of Franchises Number of employees Original Set up costs Franchise admin costs An example: A franchise that I was involved in setting was to a simple "lawn mowing/home repair" franchise. The Franchise included national/local advertising - preparation of client lists - general admin - central accounting etc The Franchise involved 300-500 clients - and an annual turnover of about $300,000 . The annual franchise fee was $30,000. Hope that this gives you some idea Take care Ian[/list]


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Word of Mouth Marketing Tips Fuel Success

10 Golden rules to survive the Global Crisis

ROSI Return on SUNK Investment

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.