Are you interested starting an adult day care center, but not sure where to start?
Franchising can be a great option because it’s basically a “business in a box!” Essentially this means you’re purchasing a complete operations manual, along with all the tools, support and coaching needed to build a successful business.
However, it’s important to remember that not all franchises are built the same. So, let’s discuss how to compare different franchises in order to choose the one that is best for you! We like to use the 4R Method to help you compare Royalties, Revenue, Renovations & Restrictions.
Royalties are ongoing fees collected by the franchisor in exchange for all the proprietary information, software, branding, IP, support, etc. associated with the franchise. It’s important to understand the royalty fee and structure. Is it a percentage of sales? Is it a fixed monthly rate? Is it billed weekly, bi-weekly or monthly? Also, is there a branding or advertising fees? How are they structured? Do you have a say in how the advertising dollars are spent?
When looking at different franchises, it is important to check their annual revenue. Is it listed in their Item 19? Do they have other franchisees in their network willing to share this information? Not all franchises make these numbers public, so it might take a little research. If you have a desired revenue goal in mind, you want to know that it can be achieved through whichever franchise you decide to go with.
Every franchise brand will have a different theme or atmosphere that makes them a little unique. This could lead to large renovation costs in order to meet their brand guidelines. Since renovations are a major part of the initial startup cost it’s important to understand the construction requirements.
When joining a franchise, it is important to keep in mind that there will be some restrictions. This is to ensure brand guidelines are maintained and that each customer will get the same experience wherever they go. Some franchises will have less restrictions than others. These restrictions can be seen as safe guards to ensure the success of new locations.
Although there are more factors that go into choosing the right franchise for you, this will give you a great start to help you compare the competition.
Interested in starting your own adult day care? Go to www.ADCpro.com today!
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0:03 THE 4 R’S METHOD
0:33 TOWN SQUARE