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Hear from Gary Farrer, Managing Director of the SureCare Franchise as he talks about why investing in a business can offer excellent financial rewards.
Before becoming the owner of SureCare, my wife and I built a £5.5million turnover business, Safehands, which we sold in November 2011.
We know how to build a successful business in the care sector. We know what works and what does not work and by sharing this knowledge with new franchisees we hope to assist them in reducing the mistakes they make when starting out on their own business journey.
People sometimes say to me: “Why should I invest in a franchise when I can start up on my own?”
It is a good question.
Statistics from the British Franchise Association/ NatWest Franchise Survey demonstrate that franchising continues to go from strength to strength. The industry has an annual turnover of more than £15billion compared to £5billion just 20 years ago.
There are over 900 franchisor brands operating in the UK and 44,000 franchisee outlets. At the last count, over 620,000 people are employed by a franchise.
One of the principal reasons people go down the franchise route is that they typically do not need to have experience in the sector.
Care is a great example of this. While some of franchisees do have a background in the industry, many others come to it from a different angle – perhaps having had first-hand experience of caring for a relative and feeling let down or frustrated by the service they received.
They have the passion to make a difference and a desire to build a successful, profitable business but require the infrastructure and proven track record of a franchise business.
Joining an established franchisor can also allow you to scale a business much more quickly. Whereas a completely new start-up may be able to offer one or two service lines or products on day one, becoming a franchise business often allows a franchisee to take advantage of multiple revenue streams from the start.
Care is again a good example of this with many different opportunities to meet the growing needs of both an ageing population who want to maintain their independence in their own home and a young population where parents are increasingly expected to go out to work.
SureCare franchisees can now offer clients personal care and support, holiday and respite care, Alzheimer’s care, childcare, mobile crèche and babysitting.
To ensure that people can maintain their independence for as long as possible, the company also now provides clients with a complete range of home services including gardening, DIY, decorating, cleaning and cooking.
It was not that long ago that care companies like SureCare focussed entirely on domiciliary care, but the changing demands of the population have meant we have had to develop our offering to ensure we continue to meet the often complex challenges and requirements faced by clients.
Some of the services are unregulated which means a new franchisee can start generating revenues from day one while they wait for their Care Quality Commission (CQC) accreditation to come through enabling them to offer the full breadth of regulated services.
A new franchise should also be able to tap into an experienced management team with knowledge of all the different aspects of running a good business, including strategy, finance, recruitment, sales, marketing and tendering for contracts.
An established franchise should also have the wherewithal to continue to innovate and add new product or service lines. It means if a franchisee has a good idea, the franchisor should be able to make it happen, further increasing the potential financial returns for the franchisee and, potentially, other franchisees.
The potential for a franchisee joining a proven franchise business really is as great as a franchisee wants it to be. The care sector is currently one of the hottest sectors in the UK and the one given is that the size of the market opportunity is only set to grow over the next 10 to 20 years
To own a SureCare franchise you will require an investment of £36,000 plus working capital. Many franchises in both the care sector and other sectors will cost significantly more.
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