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Assisting Hands Home Care Franchise ProfileHealthcare & Senior Care > Home Healthcare |
What is the Initial Investment for an Assisting Hands Home Care Franchise?
To start an Assisting Hands Home Care franchise, you need to prepare for an initial investment ranging from $94,500 to $176,400. This includes a franchise fee of $55,000. It's essential to have a cash requirement within the same range and a net worth of $300,000 to $500,000 to qualify for ownership. Understanding these financial commitments is crucial for aspiring franchisees.
What are the Ongoing Fees for Assisting Hands Home Care Franchisees?
As an Assisting Hands Home Care franchisee, you will be responsible for ongoing fees that include a royalty fee of 4% of your revenue and a marketing fee of 1%. These fees contribute to the overall support and branding efforts provided by the franchisor, ensuring that you can effectively compete in the home care market. It's important to factor these costs into your financial planning to maintain profitability.
What is the Revenue Potential for Assisting Hands Home Care Franchise Units?
The average annual revenue for an Assisting Hands Home Care franchise unit is approximately $1,017,844, with a median revenue of $1,032,314. Revenue can vary significantly, with the lowest reported annual revenue at $182,965 and the highest reaching $10,021,397. This potential for high revenue underscores the business's viability and attractiveness to new franchisees.
What is the Breakeven Timeline for an Assisting Hands Home Care Franchise?
Franchisees can expect to reach breakeven within approximately 12 months of operation. Additionally, the investment payback period is around 30 months. This timeline indicates a relatively quick return on investment, making it an appealing opportunity for those looking to enter the home care sector. Understanding these metrics can help franchisees plan their financial strategies effectively.
Assisting Hands Home Care Franchise Financial Requirements
Below, you’ll find an overview of the initial investment needed to launch the business, along with the ongoing fees required by the franchisor to maintain operations over time.
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Assisting Hands Home Care Franchise Unit Growth Summary
A breakdown of corporate, franchised, and total units, with yearly net changes shown in the chart and table.
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| Units | 2021 | 2022 | 2023 |
|---|---|---|---|
| Total Units | 146 | 156 | 175 |
| Net Change YoY | 10 | 19 | |
| Franchised Units | 142 | 151 | 170 |
| Net Change YoY | 9 | 19 | |
| Corporate Units | 4 | 5 | 5 |
| Net Change YoY | 1 | 0 |
Investment Overview
Assisting Hands Home Care offers a range of initial investment options, with costs ranging from $94,500 to $176,400. The franchise fee is set at $55,000, and franchisees are required to maintain a cash reserve between $94,500 and $176,400. This financial structure allows aspiring entrepreneurs to assess their investment capacity before diving into the home care industry.
Revenue Potential
Franchisees can expect significant revenue potential, with average annual revenue per unit reported at $1,017,844 and a median of $1,032,314. This indicates a strong market demand for home care services, making it an attractive option for those looking to enter a profitable sector. Notably, revenue can vary widely, with the lowest annual revenue recorded at $182,965 and the highest reaching $10,021,397.
Breakeven and Payback Period
The breakeven time for Assisting Hands Home Care is approximately 12 months, which is relatively quick compared to other franchise models. Additionally, franchisees can expect their investment payback period to be around 30 months, allowing for a clear timeline to profitability and financial sustainability.
Franchise Growth
Assisting Hands Home Care has shown consistent growth in its franchised units, increasing from 142 in 2021 to 170 in 2023. This growth reflects the brand's expanding footprint and the increasing demand for home care services, providing franchisees with a solid foundation for long-term success.
Ongoing Fees
Franchisees are subject to a royalty fee of 4% on gross sales, along with a marketing fee of 1%. These fees contribute to the ongoing support and marketing efforts provided by the franchisor, ensuring that franchisees can effectively reach their target market and maintain competitiveness in the home care industry.
Operational Insights
The average annual running expenses for an Assisting Hands Home Care franchise total approximately $134,900. Key expenses include rent and utilities ($18,000), marketing and advertising ($9,000), and management salaries ($60,000). Understanding these costs is essential for franchisees to manage their budgets effectively and optimize profitability.
Frequently Asked Questions
The initial investment for an Assisting Hands Home Care franchise ranges from $94,500 to $176,400, which includes a franchise fee of $55,000.