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Touching Hearts at Home Franchise ProfileHealthcare & Senior Care > Home Healthcare |
What is the Initial Investment for a Touching Hearts at Home Franchise?
To start a Touching Hearts at Home franchise, you need to prepare for an initial investment ranging from $63,885 to $93,085. This includes a franchise fee of $49,500. It's important to have cash on hand within this range, and a net worth of $100,000 to $200,000 is also required to qualify for ownership. Understanding these financial commitments is crucial for aspiring franchisees to ensure they are financially prepared for this venture.
What are the Ongoing Fees Associated with the Franchise?
Franchisees of Touching Hearts at Home should be aware of ongoing fees that contribute to the brand's support and marketing efforts. There is a royalty fee of 6% on gross sales and a marketing fee of 2%. These fees are essential for maintaining brand presence and operational support, ensuring that franchisees benefit from collective marketing efforts and brand recognition.
What Can Franchisees Expect in Terms of Revenue?
Franchisees can anticipate strong revenue potential with an average annual revenue of $1,012,846 per unit. The median annual revenue is $801,254, while the lowest recorded revenue stands at $60,024, and the highest reaches an impressive $5,975,645. This range highlights the potential for significant earnings, but it also emphasizes the importance of effective management and market conditions in achieving these figures.
How Long Does it Take to Break Even with a Touching Hearts at Home Franchise?
The breakeven period for a Touching Hearts at Home franchise is approximately 18 months. After reaching breakeven, franchisees can expect an investment payback period of about 29 months. This timeline is crucial for potential franchisees to consider, as it provides insight into the financial viability and return on investment for their business. Understanding these metrics can help franchisees plan their financial future effectively.
Touching Hearts at Home 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:
Touching Hearts at Home 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 | 72 | 69 | 64 |
| Net Change YoY | -3 | -5 | |
| Franchised Units | 72 | 69 | 64 |
| Net Change YoY | -3 | -5 | |
| Corporate Units | 0 | 0 | 0 |
| Net Change YoY | 0 | 0 |
Franchise Overview
Touching Hearts at Home is a leading provider of in-home senior care services, dedicated to enhancing the quality of life for seniors and their families. With a focus on personalized care, the franchise offers a range of services from companionship to specialized care, ensuring that each client receives the attention and support they need in the comfort of their own home. Established as a trusted name in the industry, Touching Hearts at Home is committed to delivering exceptional care through a network of compassionate franchisees.
Investment Details
The initial investment to start a Touching Hearts at Home franchise ranges from $63,885 to $93,085, with a franchise fee of $49,500. Franchisees are required to have a net worth between $100,000 and $200,000, along with liquid cash available for startup costs. The franchise also charges a royalty fee of 6% on gross sales and a marketing fee of 2%, ensuring that franchisees benefit from ongoing support and brand promotion.
Financial Performance
Touching Hearts at Home franchises have shown strong financial performance, with average annual revenues of $1,012,846 per unit. The median revenue stands at $801,254, while the highest reported annual revenue reaches an impressive $5,975,645. Franchisees can expect a breakeven timeframe of approximately 18 months, with an investment payback period of around 29 months, highlighting the potential for profitability in this sector.
Franchise Growth
The franchise has demonstrated steady growth, with 72 franchised units in 2021, 69 in 2022, and 64 in 2023. This consistent presence in the market indicates a stable demand for in-home care services, while the absence of corporate-owned units emphasizes the franchise's focus on empowering individual franchisees to operate independently and successfully within their communities.
Operational Insights
Operating expenses for Touching Hearts at Home franchises average around $2,031,172 annually, with personnel salaries and benefits accounting for a significant portion of this cost at $889,743. Franchisees are also supported through training and marketing efforts, with expenses for franchisee training and advertising totaling $259,169 and $368,408, respectively. Understanding these operational costs is crucial for franchisees to manage their budgets effectively and maximize profitability.
Mission and Values
Touching Hearts at Home is driven by a mission to provide compassionate, high-quality care that allows seniors to maintain their independence while receiving the support they need. The franchise values integrity, respect, and empathy, ensuring that every interaction with clients and their families is rooted in genuine care. This commitment to service excellence not only enhances the lives of seniors but also builds lasting relationships within the communities they serve.
Frequently Asked Questions
The initial investment for a Touching Hearts at Home franchise ranges from $63,885 to $93,085, which includes the franchise fee of $49,500.