Great profit potential
Purchasing a senior care franchise is not just investing your money. Investing in a Touching Hearts at Home franchise is a life-changing event. This is a truly unique opportunity to be both financially successful and serve others. Given the growth of the senior care industry, the growing trend to “age in place” and the low start-up costs for a Touching Hearts franchise, the timing could not be better. Continue reading for the cost to own a Touching Hearts at Home franchise.
Startup expenses for the first six months of your business (including the initial franchise fee of $49,500) total $63,885 to $93,085. The start-up expenses include: office space, office equipment, advertising and marketing, insurance and miscellaneous business expenses. Our support team will work with you to design a business plan that best fits your goals and location.
Territories based on population
In terms of location and territory, we also work closely with franchisees to ensure our owners have a competitive edge. Choosing a territory is a collaborative process between your preference, local knowledge, and our expertise and demographic software. At Touching Hearts at Home, our franchise owners have larger territories, as territory size is based upon the number of seniors, not the total population. This provides more opportunity for growth potential for you as a franchisee.
The top referral source in our industry is word-of-mouth from satisfied seniors and their families. We teach our franchisees that building referral sources within their communities is the best way to grow their businesses. Touching Hearts franchisees generate revenue through referrals from hospitals, skilled nursing facilities, assisted living communities, doctors, nurses, and social workers. During our initial training, we walk through all scenarios with new owners, so they may begin to establish their network as quickly as possible.
“One of the exciting things to teach a new franchise owner is how they are part of the care community in their territory. You’re connecting the dots. We look at the territory they have gotten involved with as a franchise owner, and we talk about how they connect with the hospitals in their area, how they connect with the rehab facilities in their area, how they connect with the doctors, etc.,” says Ramona Hunt, director of leadership and development.
Average cost to own a Touching Hearts at Home Franchise
Other franchises may charge for a variety of services included in our up-front franchise fee and ongoing service fee. It’s important to compare these costs to the Franchise Disclosure Documents of the franchises you’re considering.
| TYPE OF EXPENDITURE | AMOUNT | METHOD OF PAYMENT | WHEN DUE | TO WHOM PAYMENT IS TO BE MADE |
|---|---|---|---|---|
| Initial Franchisee Fee | $49,500 | Lump Sum | When you sign the Franchise Agreement | Touching Hearts, Inc. |
| Training Expenses | $500 - $8,000 | As Incurred | During Training | Third Parties |
| Office Equipment and Computer-Related Expenses | $2,600 - $4,600 | As Incurred | Prior to Opening | Third Parties |
| Professional/ Business Licenses | $2,000 - $3,500 | As Incurred | As Incurred | Third Parties |
| Additional Funds (3 months) | $4,785 - $17,485 | As Incurred | As Incurred | Advertising, Employees, Supplies, Utilities, Signage |
| Real Estate and Improvements | $2,000 - $5,500 | As Incurred | As Incurred | Third Parties |
| Insurance | $2,500 - $4,500 | As Incurred | Prior to Opening | Insurance Companies |
| TOTAL | $63,885 - $93,085 |
Touching Hearts at Home franchise is an affordable opportunity in a rapidly growing industry
As the senior care industry sees rapid growth during the next decade and beyond, the home care segment of the industry will only continue in popularity.
We are interested in partnering with passionate entrepreneurs interested in investing in an affordable franchise business opportunity, both financially and personally rewarding. To learn more about the cost to own a Touching Hearts at Home Franchise, complete the form and we’ll contact you soon!
