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ComForCare Home Care Franchise ProfileHealthcare & Senior Care > Home Healthcare |
What is the Initial Investment for a ComForCare Home Care Franchise?
To start a ComForCare Home Care franchise, the initial investment ranges from $72,975 to $280,525. This includes a franchise fee of $59,000. It's important to have cash available between $72,975 and $163,925 to cover startup costs. Additionally, potential franchisees need to meet a net worth requirement of $250,000 to $750,000, which ensures they have the financial stability to support their business.
What Are the Ongoing Fees Associated with ComForCare Home Care?
Franchisees are required to pay a royalty fee of 6% on their gross revenue, along with a marketing fee of 1%. These ongoing fees contribute to the overall brand support and marketing efforts provided by ComForCare, helping franchisees attract and retain clients in their local markets.
How Profitable is a ComForCare Home Care Franchise?
The average annual revenue per unit for a ComForCare franchise is approximately $1,191,388, with a median revenue of $754,231. This indicates a robust potential for profitability, although individual results can vary. The breakeven time is around 18 months, and investment payback can be expected within 30 months, making it an attractive option for those looking to enter the home care industry.
What is the Growth Trend of ComForCare Home Care Franchises?
ComForCare has shown consistent growth in its franchise units, increasing from 204 in 2021 to 218 in 2023. This upward trend indicates a strong demand for home care services and the brand's ability to attract new franchisees. With one corporate unit established in 2023, the brand is also starting to expand its corporate presence, potentially enhancing support for franchisees and overall brand recognition.
ComForCare 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.
The minimum total assets (minus liabilities) you must possess.
Net Worth Required:
The estimated period to recoup your total investment.
Investment Payback:
The initial fee paid to join the franchise system.
Franchise Fee:
Ongoing percentage of revenue paid to the franchisor.
Royalty Fee:
Regular contribution toward the franchise’s advertising fund.
Marketing Fee:
The estimated timeframe to recover your initial costs.
Breakeven Time:
The total amount required to launch the franchise.
Initial Investment:
The minimum liquid capital you must have on hand.
Cash Required:
The typical yearly revenue generated per franchise location.
Average Revenue:
The middle value of yearly revenue among franchise locations.
Median Revenue:
The largest reported annual revenue among franchisees.
Highest Revenue:
The smallest reported annual revenue among franchisees.
Lowest Revenue:
A broad sector defining similar types of franchise businesses.
Industry:
A more specific division within the broader industry.
Category:
The key individuals guiding the franchise’s strategy and growth.
Leadership:
The official business address of the franchisor’s headquarters.
Corporate Address:
Available financing options to help start the franchise.
Funding Year:
The main organization that owns the franchise brand.
Parent Company:
ComForCare Home Care Franchise Unit Growth Summary
A breakdown of corporate, franchised, and total units, with yearly net changes.
Total Units
Franchised Units
Corporate Units
| Units | 2021 | 2022 | 2023 |
|---|---|---|---|
| Total Units | 204 | 212 | 219 |
| Net Change YoY | N/A | 8 | 7 |
| Franchised Units | 204 | 212 | 218 |
| Net Change YoY | N/A | 8 | 6 |
| Corporate Units | 0 | 0 | 1 |
| Net Change YoY | N/A | N/A | 1 |
Initial Investment
The ComForCare Home Care franchise requires an initial investment ranging from $72,975 to $280,525. This includes a franchise fee of $59,000, which is essential for new franchisees to access the brand's support and resources. The total cash required for opening a franchise unit falls between $72,975 and $163,925, making it a feasible option for many aspiring entrepreneurs.
Royalty and Marketing Fees
Franchisees are required to pay a royalty fee of 6% on gross sales, along with a marketing fee of 1%. These fees contribute to the ongoing support provided by ComForCare, including marketing initiatives and operational assistance that help franchisees thrive in their local markets.
Financial Performance
On average, ComForCare franchise units generate annual revenues of approximately $1,191,388, with a median revenue of $754,231. The revenue range is quite broad, with some units reporting as low as $8,433 and others reaching up to $18,354,782 annually. This indicates the potential for significant earnings based on market conditions and operational execution.
Breakeven and Payback Period
Franchisees can expect to reach their breakeven point within about 18 months of operation. The investment payback period is estimated at 30 months, providing a clear timeline for potential franchisees to understand when they might start seeing returns on their investment.
Growth and Expansion
ComForCare has shown steady growth in its franchise network, increasing from 204 franchised units in 2021 to 218 in 2023. This trajectory reflects the brand's strong demand and the increasing recognition of the need for quality home care services, positioning franchisees for future success.
Corporate Structure
As of 2023, ComForCare has one corporate-owned unit, while the majority of its locations are franchised. This structure supports a robust franchise model, allowing franchisees to benefit from shared resources and best practices while maintaining operational independence in their local markets.
Frequently Asked Questions
The initial investment for a ComForCare Home Care franchise ranges from $72,975 to $280,525. This includes the initial franchise fee of $59,000 and other startup costs.