Here is how Tracy, one of Walfinch Home Care’s first franchisees, did exactly that.
Franchising has a higher survival rate
Franchised businesses have an 80% to 85% 5-year survival rate, compared to independent businesses at a 50% 5-year survival rate. However, joining a franchise does not guarantee your success – you still need to build the business with the commitment and passion of an independent business owner. The only difference is you are reassured that the activity you are doing is moving the needle. In my experience, as a former franchisee and franchisor, there is far less ‘wasted’ energy as you try to find the things that work. When asked, Tracy always recommends that entrepreneurs explore franchising before the independent route.
Start activity from day one
People sometimes feel they need to wait until their business is ‘perfect’ before getting out there and spreading the word. This is absolutely not true. Tracy and her business partner Kathy joined in 2020, and their ‘office’ started as a spare room. They did everything they could within the constraints of COVID: gaining their CQC registration, reaching out to referral providers, calling carers.
Tracy and Kathy’s early days were about making the business work, within the exceptional circumstances of that first year. Most people would’ve walked away, branded the business a ‘failure’ or deferred to the following year. But they didn’t.
Do not be afraid of visibility
The more visible you are in the community (whether literal or online), the greater chance you have at success. Tracy has always been prepared to forge connections, start conversations, and build lasting relationships – so, if it starts to become challenging, she knows she has a community of supporters behind her. Her branch’s visibility, and therefore thriving reputation, was built almost entirely through networking and service. Do not wait around to start conversations.
Be financially savvy
It sounds simple and it is – a lot of people get it wrong though. Whether you are joining a franchise or setting up independently, make sure your numbers make sense. Especially early on, you’ll have upfront costs and initial hires to cover. Tracy and Kathy, as business partners, have always collaborated on the financial front – and, most importantly, were given focused support from our National Support Office. We read through the P&Ls together, every quarter, and ensured that they, as owners, knew what to look for.
Despite the exceptional odds of their first year, their branch is now one of the financial top performers within their network. That is because their consistent, early activity, their approach, and their decision to join a franchise, helped negate the risk.
