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- 2022 Franchise 500 Rank
N/R Not ranked last year
- Initial investment
$77K - $148K
- Units as of 2020
2 0.0% over 3 years
Here’s what you need to know if you’re interested in opening a Careshyft franchise.
Careshyft is a home care company for seniors that operates under the ideology that the best care is home care. The company focuses on helping seniors retain their independence and provide families with peace of mind through excellent care. Its partnership with the Home Care Association of America may give customers confidence in the quality and standard of care provided by Careshyft.
Services provided by Careshyft may include companion care, personal care, homemaking duties, Alzheimer’s and dementia care, and stroke and Parkinson’s care. The company also boasts 24/7 on-call support, fully insured and screened caregivers, and a dedication to customer satisfaction. Potential clients can also request free consultations for care from the website’s homepage.
Careshyft was founded in 2016 and began franchising two years later. Since then, it has opened a few franchises in the United States.
Why You May Want to Start a Careshyft Franchise
An agreement between a company and employees who want to make a positive difference could be a strong foundation for good care. These are the values that may underpin all aspects of Careshyft, from staff acquisition to vendors to training.
Careshyft recognizes challenges in the market, such as the availability of caregivers for an ever-growing senior population. Because of this, they have tried to take steps to mitigate the effect on their franchisees through creative team growing strategies.
What Might Make a Careshyft Franchise a Good Choice?
Careshyft’s unique approach to hiring and maintaining staff can provide peace of mind for customers and owners alike. The TRUST process continuously monitors staff dependability, reliability, honesty, and attitude. This process could benefit customers, who may be able to rest easy with the knowledge that they are getting trustworthy staff. It also can provide franchisees with confidence in the staff they are employing.
To be part of the Careshyft team, you should make sure you’re financially ready for an initial investment made up of a franchise fee and other startup costs. In addition, you should prepare yourself for ongoing fees that will include advertising, royalty, and potential renewal fees. Franchisees will also need to meet the company’s set net worth requirements.
How To Open a Careshyft Franchise
Before making any financial commitment or signing an agreement with Careshyft, it is crucial that you perform your due diligence and establish if this is the right opportunity for you. As part of your due diligence, you may want to speak to existing franchisees and ask the Careshyft franchising team questions. Franchisees may be given the opportunity to have one-on-one conversations with the executive team during their training. Other support could include extensive role-playing of care situations and customer calls.
If awarded a franchise, franchisees may receive support from the Careshyft brand throughout the franchising process. In addition to pre-opening training, franchisees could receive support through brand awareness, marketing, research, and construction. Franchisees may also receive hands-on training and continued support after opening their franchise location.
It may be a good idea to speak with an attorney or financial advisor to ensure that you have the necessary financial resources to own and operate a Careshyft franchise.
- Franchising Since
- 2018 (4 years)
- # of employees at HQ
- Where seeking
This company is seeking new franchisees throughout the US.
- # of Units
- 2 (as of 2020)
Information for Franchisees
Here’s what you need to know if you’re interested in opening a Careshyft franchise.
Financial Requirements & Ongoing Fees
Here’s what you can expect to spend to start the business and what ongoing fees the franchisor charges throughout the life of the business.
- Initial Franchise Fee
- $34,750 - $46,500
Definition: The initial fee paid to a franchisor to join their system
What you need to know: Found in Item 5 of the FDD, this may be a flat fee, or may vary based on territory size, experience, or other factors.The franchise fee is an up-front (one-time) cost that a new franchisee pays to the franchisor. This fee is usually due at the signing of the franchise agreement and covers the right to use the franchisor's trademarks, name, and related business systems.
- Initial Investment
- $76,790 - $148,409
Definition: The total amount necessary to begin operation of the franchise
What you need to know: The initial investment includes the franchise fee, along with other startup expenses such as real estate, equipment, supplies, business licenses, and working capital. This is outlined in a chart in Item 7 of the FDD, showing a range of possible costs from low to high.
- Net Worth Requirement
- $40,000 - $50,000
Definition: The minimum net worth you must have in order to qualify to become a franchisee of this company
What you need to know: Net worth is the value of a person's assets minus liabilities. Assets include cash, stocks, retirement accounts, and real estate. Liabilities include items like mortgages, car payments, and credit card debt.
- Veteran Incentives
- 10% off franchise fee
Definition: A discount or other incentive offered to military veterans who buy a franchise with this company.
- Royalty Fee
Definition: A ongoing fee paid to the franchisor on a regular basis.
What you need to know: Most franchisors require franchisees to pay an ongoing royalty fee, which is detailed in Item 6 of the FDD. This fee is typically a percentage of weekly or monthly gross sales, but may also be a flat weekly, monthly, or annual fee.
- Ad Royalty Fee
Definition: An going fee paid to the franchisor on a regular basis to support advertising or marketing efforts.
What you need to know: This may also be called advertising fee, marketing fee, brand fund fee, and more, but the basic purpose is the same-- to support promotion of the brand systemwide. As with the royalty fee, it is detailed in Item 6 of the FDD, and can be a percentage of weekly or monthly gross sales or a weekly, monthly, or annual fee.
- Term of Agreement
- 10 years
Definition: The length of time your franchise agreement will last.
What you need to know: Franchise terms are typically anywhere from 5 to 20 years in length, but are sometimes instead dependent on factors such as the term of your lease. Once your term is up, you may have the option to renew your agreement, typically for a smaller fee than the original franchise fee.
- Is franchise term renewable?
Some franchisors offer in-house financing, while others have relationships with third-party financing sources to which they refer qualified franchisees.
- Third Party Financing
- Careshyft has relationships with third-party sources which offer financing to cover the following: franchise fee, startup costs, equipment, inventory, accounts receivable, payroll
Training & Support Offered
Franchisors offer initial training programs and a variety of ongoing support options to help franchisees run their businesses.
- Classroom Training
- 61.5 hours
- Ongoing Support
Purchasing Co-opsNewsletterMeetings & ConventionsToll-Free LineGrand OpeningOnline SupportSecurity & Safety ProceduresLease NegotiationField OperationsSite SelectionProprietary SoftwareFranchisee Intranet Platform
- Marketing Support
Co-op AdvertisingAd TemplatesRegional AdvertisingSocial MediaSEOWebsite DevelopmentEmail MarketingLoyalty Program/App
Additional details about running this franchise.
- Is absentee ownership allowed?
Definition: Absentee ownership means that the franchisee does not actively work in the franchise business or manage day-to-day operations.
- Can this franchise be run from home/mobile unit?
Definition: The business can be run from your home and/or a vehicle, and it is not necessary to have a retail facility, office space, or warehouse.
- Can this franchise be run part time?
Definition: This business can be run by the owner on a part-time basis (less than 40 hours per week) and/or as a side business; it is not necessary for the business to be open/run full-time.
- Are exclusive territories available?
Definition: An exclusive territory is a fixed area in which you are given the right to operate and in which no other units of the same franchise may be opened.
What you need to know: Territory size may be based on factors such as radius, population size, zip codes, and more. Details can be found in Item 12 of the FDD.
Are you eager to see what else is out there? Browse more franchises that are similar to Careshyft.
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