Senior Care Authority is a consulting service that advises seniors on both in-home care and assisted living facilities. Owning a franchise with senior care authority allows you to build a high-in-demand business that rewards you both personally and financially. Are you thinking of starting a Senior Care Authority, and you want to know how much it will cost you, among other things? Then you’ve come to the right page.
Before you consider buying into a senior care authority franchise, it is vital to have some basic knowledge about how it works. This includes the cost, the opportunities, your eligibility, and the advantages. You should also check senior living communities by Senior Care Authority to have a better understanding of the different types of care and housing for seniors.
In this post, we will provide information about all you need to own a franchise with a senior care authority.
Senior Care Authority Franchise?
Senior Care Authority is a recognized, low-cost, and high franchisee opportunity that provides multiple turnovers in the senior care industry. Different communities have been designed to accommodate lifestyles such as assisted living, independent living, memory care facilities, and retirement communities.
The right senior living community for your seniors depends on their preferences and immediate needs. With the help of different professional franchise, families and their loved ones are given the right long-term living option and eldercare consulting services. Below are the financial requirements for purchasing a franchise with senior care.
Liquid Capital
Liquid capital or cash is referred to as the required cash at hand or the bank. To agree with a franchisor, you must have a particular liquid capital. Liquid capital of $50,000 is required to buy a franchise with senior care authority. It is non-borrowed cash; hence properties, stock, retirement plans, and loans are not applicable.
Liquid capital is used to cater for the franchise fee, construction build-out, utility deposit, down payments for equipment, and other fees needed to start a business. It also covers ongoing expenses like advertising, cost of sales, wages, and royalties. Liquid capital helps you cover basic costs before your new business gains its ground.
Net Worth
Net Worth is known as the total amount you have left after deducting your liabilities from your assets. To find your net worth, list your assets, including properties, stock, cash accounts, investments, and savings. Once you’ve found the total amount of your assets, find the total amount of your liabilities, such as mortgages, car loans, student loans, and the like.
The difference between your assets and liabilities equals your net worth. Different franchisors require different net worth, depending on the brand and industry. However, to own a franchise with senior care authority, you must have a net worth of $150,000.
Franchise Fee
The Franchise Fee, also known as the initial franchise fee, is a one-time fee the franchisee pays to the franchisor to join the franchise system. Contrary to a royalty fee, a franchise fee is a flat payment made by the franchisee before signing the franchise agreement.
A franchise fee is used to compensate the franchisor’s corporate expenses like franchisee start-up costs and marketing for franchisees. This helps the franchisor to pay commissions to franchise salespeople, advertise to prospective franchisees, and provide necessary initial support to franchisees. A franchise fee of $52,500 is required to own a franchise with a senior care authority.
Total Investment
Total investment is given in a franchise’s Franchise Disclosure Document (FDD). It is the sum of the estimated initial investments, expressed as a range. The range includes the following:
- Permits or Licenses
- Signage
- Office equipment
- Training
- Insurance
- Initial inventory
- Payroll
- Real estate
- Legal accounting
- Dues and subscription
- Computer software
- Operating funds
- Franchise fee
- Leasehold improvement
To start a franchise with a senior care authority, you’re expected to pay a total investment fee in the range of $52,500 – $90,400.
Advantages of Owning a Franchise with Senior Care Authority
As a franchise owner, you’re provided with several benefits to help you succeed in the ever-growing industry. Below are some of these advantages.
- You get a competitive edge with a business that gives important services and multiple turnovers in your community. This is of great benefit to seniors and their loved ones.
- You get unparalleled training and marketing strategies from recognized professionals in the industry. This gives you the technology systems to run and grow your business.
- You get to support, guide and deliver helpful resources to different families as they go through the right senior living and care options for their seniors.
- You get lead referral systems that help you reach more customers.
In summary, to be a franchise owner with Senior Care Authority, you need a minimum of $50,000 in liquid capital and a net worth of at least $150,000. You are also expected to pay a franchise fee of $52,500 and can expect to make a total investment of $52,500 – $90,400. Senior Care Authority also offers financing via 3rd party. To be eligible for a franchising opportunity with senior care authority, you must be resilient, motivated by results, and optimistic.
