Owning a franchise is a great opportunity.  You get to be a business owner with the stability of an established brand name behind you.  However, this does not mean you should jump blindly into franchise ownership. Here are three things you should do before you buy a franchise.

1. Research before you buy a franchise.

Before you invest all the time, effort, and money it takes to be a successful business owner, you want to make sure this franchise is worth it.  Do your own background research; don’t just settle for whatever it says on the company’s website. Find out what their success rate is, how long they’ve been in business, and any other information you think is important before committing.

Don’t think that the only franchises available are restaurants, either.  More and more fields are becoming franchise organizations. From healthcare to education to lawn care, there is sure to be a franchise that interests almost anyone.  Whether you want to own a business in a field you are familiar with or try something new, be sure to know all your options before committing to a company.

2. Figure out costs.

There are a few different fees you should know about before deciding on a franchise.  These include the initial franchise fee, royalties, and advertising payments. The initial investment fee is what you pay for the brand name and licensing of the franchise. 

Royalties are the payments you give the parent company over time.  This is usually a set percentage of sales. Find out what the royalty for your franchise is before you start.  While all franchises have to make money for the brand as a whole somehow, there are some that have unusually high royalty rates.

Some franchises also have advertising payments.  These vary greatly from brand to brand and are another thing you should check on before you buy a franchise.

3. Think about your time and interests before you buy a franchise.

You need to establish how much time you are willing to commit to your business before you even start.  Even with an established franchise brand, opening a company is not easy. It takes a lot of time and effort.  It is likely that you will be able to make passive income off of this business eventually, but are the long hours you will put in at the beginning worth it?  Consider other things in your life that you spend your time on. What are you willing to sacrifice? What are you unwilling to give up no matter what?

Beyond time concerns, your personal interests should also be taken into account to some degree.  Since your franchise will take up so much of your time, it should be something you find worthy of that sacrifice.  Maybe this means you buy a franchise in a field that you really enjoy or one that helps people. Whatever you decide, thinking about what is important to you and why you are becoming a business owner can help you later when you are facing challenges.

Interested in healthcare?  We have a better solution

A Better Solution in Home Care is a senior healthcare agency franchise.  As the demand for senior care grows, the opportunities for more businesses in this area increases as well.  A Better Solution offers one of the lowest initial franchise fees in the healthcare market. Whether you have previous healthcare experience or not, they will provide all the training you need to run a successful franchise business.  Even after your initial training, A Better Solution will provide webinars, phone calls, and mentors so that you can have the best business ownership experience possible. 

Maybe you’ve always dreamed of owning your own business.  Franchise ownership opportunities may be a good way to go. A franchise business is already established, so the success rate is higher than that of a company started from the ground up.  But what does a franchise owner actually do? Here is some information you’ll need to get started.

Where do I start for franchise ownership?

The first step in opening a franchise is deciding what type of business you want to own.  Many different companies offer franchise opportunities, from restaurants to education to healthcare.  There are a few factors you will want to take into consideration when choosing a franchise to purchase. 

Price is obviously a huge one.  In order to start a franchise, you will need to put down an initial franchise fee.  This can range anywhere from $10,000 to $50,000 or more depending on the franchise. You have to use your own money for this fee – nothing borrowed.

Another factor is the type of business itself.  If you have experience in a specific field, it makes sense to start working with a franchise in the same area.  However, you don’t have to have experience in order to purchase most franchises. Business skills are more important than field-specific skills when it comes to franchise ownership.

What do franchise business owners do?

Once you have paid your initial franchise fee, it is time to get your company up and running.  This will probably require a lot more money than the first payment, so plan ahead. You will go through training from your parent company in order to learn how to run the franchise in the way all the other locations are run. 

Once your training is complete, you are ready to start on the real work of running the business – hiring employees and opening up.  Be sure to take as much advice as possible from your franchise and other owners, especially if this is your first time running a business.  It will be hard work, but the best way to learn is through experience.

After a while – maybe a year or so – you will be able to step back and become a passive owner.  This means that you are still making money from the franchise business, but you are not involved in the day to day affairs.  In order to reach this step, you have to set up a good management team that you can depend on.

How do franchise owners make money?

Many people thinking about franchise opportunities wonder about the money.  How much do you as the owner make, and how much goes back to the parent company?  This depends on the specific franchise. Most franchises have a royalty fee that all of their locations pay them.  This is often a percentage of sales. Research the franchise’s policy about payment and royalties before investing in them.

Franchises are a great way to make passive income.  This is money that comes in with little or no work done on your part.  The way this happens in a franchise business is when the company is running smoothly on its own and the owner no longer has to be around daily.  This even gives you the opportunity to open another branch of the franchise and start the whole process over. The more locations you own, the more passive income you will eventually be making.

Interested in a healthcare franchise?

A Better Solution in Home Care has one of the lowest initial investment fees in the market.  Whether you have experience in the senior healthcare field or not, they can equip you to run a successful and meaningful business.

The idea of being a business owner means different things to different people.  Maybe you have worked for a company where the owner is in the building every day.  Maybe your only experience with business owners is as more of an idea than anything else.  These people are probably passive business owners. This is common, especially in franchise businesses.  While passive business ownership is a great way to build an income, it takes a lot of work to get everything set up.

What is passive franchise ownership?

A passive business owner is one who is not in the building on a day to day basis.  They are not involved in the operations of the company most of the time. The owner might visit the franchise from time to time to make sure everything is running smoothly, but most of the time managers and other staff are in charge.

Passive income is obviously the largest benefit of passive franchise ownership.  The more businesses you own, the more money you will make. The less you have to actually work at these businesses, the more time you have to do other things, whether for work or leisure.

How does passive business ownership work?

A franchise does not start running itself overnight.  It takes a lot of time and effort to get a business up and running – sometimes years of it.  It is only once everything is running smoothly that the owner can step back to work on other projects.

Hiring and keeping great management is a huge factor in having a successful stream of passive income.  If your managers aren’t reliable, you will have to constantly be checking on them. You want people you can trust to do the job right.  Take time at the beginning to hire and train the right employees so that you can confidently step back later.

Why franchise for passive business?

Franchises excel as passive businesses because their success is already proven.  Everything is laid out in a franchise. There is a way to run the business that is more or less guaranteed to work.  Once the franchise is set up, it is simple for the owners to remove themselves from the daily work at the company.

Another reason franchises are great sources of passive income is because you can own more than one of them.  Once you figure out how to be an owner of one location of a franchise, it is easier to open another. Starting branch after branch of a franchise business is a great way to build wealth.

What types of franchises can I own?

There is a large variety of franchises available for purchase in the United States.  These include businesses in the following fields:

•         Restaurants
•         Childcare centers
•         Healthcare services
•         Education companies
•         Hairdressers
•         Lawn care companies

When deciding what kind of franchise you want to invest in, there are many things to consider.  Beyond price and type of business, you should take into consideration the reputation of the franchise.  How long have they been in business? What is their success rate? These things are important to know before becoming a business owner.

A Better Solution in Home Care is a great franchise to start your path to passive business ownership.  No previous healthcare experience is required to start working in the senior home care field.  Their expert staff will help train and guide you in whatever you need to know to make your business a success.  With a lower initial investment than many other healthcare franchises, what do you have to lose? Contact A Better Solution in Home Care today to start your journey as a business owner.

Everyone has to work to make money – or do they?  One of the quickest ways to build wealth is to have passive income.  What is passive income? Basically it is the money you make on the side with little or no effort on your part.  This is obviously beneficial because it can bring you a steady cash flow without taking up time you could be using to do other things.  This doesn’t mean that passive income requires no work at all. It actually takes a lot to get everything up and running. Here are five tips on how to make passive income from a franchise.

1. Get organized to earn passive income

If you are serious about passive income, you are going to need a system that runs smoothly.  Franchises have a lot of paperwork that comes with them. If you can’t keep track of things for one business, how will you be able to stay organized when you are running multiple franchises?  No matter how small you start, everything should be in its place. Disorganization is a recipe for disaster in the business world.

2. Find what you’re good at and keep doing it

Starting a franchise business can be tough.  At first, you may think you’ll never get to the passive income stage.  You may wonder how to make passive income when the franchise is one of the most active jobs you’ve ever had.  Push through and see what happens. Chances are, by the time you are running a successful franchise, you know how to do it quite well.  Experience is one of the best ways to learn things. Opening another franchise will probably be easier the second time around because you know what you’re good at and what you need help in.  As you keep starting new businesses, your old ones keep running, making you passive income.

3. Earning passive income requires a team

The more franchise businesses you own, the more difficult it will become to maintain it all.  Don’t put all the pressure on yourself. Hire good staff that you trust to get the job done.  Consider getting an assistant – even a virtual one – to do simple tasks like filing and emailing.  It is never to early to put someone else in this position. As a business owner, you want to free up as much of your time from menial tasks as possible so that you can focus on what really matters in your company.

4. Hire great management teams

Beyond even having good employees, having great managers is key if you want to make passive income.  You want managers that you can depend on to basically run the business for you. After the initial startup process, the less time you need to spend working on your franchise, the better.  This only works if you hire people who know what to do and how to execute it. 

5. Partner with a franchise you can depend on 

Choosing a tried and true franchise is a key first step in making passive income.  If you eventually want to own multiple locations of this business, it should be something you feel is worthy of your time and investment.  There are many kinds of franchises, from restaurants to health care services to tax preparation. Choose one that not only aligns with your interests but also has been around for a while and has a good track record.

A Better Solution in Home Care is a top tier franchise in the senior health services field.  With a lower initial investment than many other healthcare franchises, it’s the perfect opportunity to start a business that can eventually make you passive income.