Signing out of account, Standby...
- 2022 Franchise 500 Rank
N/R Not ranked last year
- Initial investment
$83K - $110K
- Units as of 2021
18 5.9% over 3 years
Here’s what you need to know if you’re interested in opening a Options For Senior America franchise.
Options For Senior America was founded in 1990 and began franchising in 2005. The founders held the belief that senior citizens should have access to quality home care.
More and more elderly individuals are choosing to remain in their homes instead of going to a care facility. This is creating the need for caretakers who will visit clients in their homes. Options For Senior America strives to offer clients caretakers who will meet their needs in a personable and caring way.
Options for Senior America has opened several locations across the United States and is seeking to expand its reach even further.
Why You May Want To Start an Options For Senior America Franchise
Franchisees with Options for Senior America do not need to have experience in the homecare industry. While experience in the industry may be helpful, the company provides comprehensive training to all Options For Senior America franchisees.
The ideal franchisee should be hardworking, personable, and caring. Since franchisees and employees will constantly be interacting with clients, they need to be compassionate. Options For Senior America franchisees typically have good networking skills, business ethics, and customer service skills. Franchisees need to be able to follow the business model.
What Might Make an Options For Senior America Franchise a Good Choice?
Options For Senior America offers franchisees exclusive territories This typically gives franchisees a good area to develop their business. Franchisees may offer services outside their territory if there are no local Options For Senior America franchising in that area.
Options For Senior America offers franchisees incentives during the first two months of operation. These incentives are meant to help with startup costs.
To be part of the Options For Senior America 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 and liquid capital requirements.
How to Open an Options For Senior America Franchise
Before signing any agreements with Options For Senior America, it's always a good idea to thoroughly research the company and the local competition. Additionally, you may want to prepare questions to ask the franchising team as part of your due diligence process. Franchisees usually go to the Options For Senior America corporate office in Gaithersburg, Maryland, meet with the team, see the tools and systems they'll be using, and see how a franchise is operated.
If awarded a franchise, Options For Senior America franchisees will also participate in a multi-day training program. Franchisees will receive marketing support through materials such as artwork, print-ready advertisements, logos, and more. They receive access to software that helps track clients, care recipients, care providers, and referral sources. Additional software helps franchisees track employee hours and pay.
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 Options for Senior America franchise.
About Options For Senior America
- Franchising Since
- 2005 (17 years)
- # of employees at HQ
- Where seeking
This company is seeking new franchisees worldwide.
This company is seeking new franchisees in the following US states: Alaska, Alabama, Arkansas, Arizona, Colorado, Connecticut, District of Columbia, Delaware, Florida, Georgia, Hawaii, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Maine, Michigan, Minnesota, Missouri, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Hampshire, New Jersey, New Mexico, Nevada, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Vermont, Washington, Wisconsin, West Virginia, Wyoming
- # of Units
- 18 (as of 2021)
Information for Franchisees
Here’s what you need to know if you’re interested in opening a Options For Senior America 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
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
- $82,800 - $110,400
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
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.
- Cash Requirement
- $82,000 - $110,000
Definition: The minimum liquid capital you must have available in order to qualify to become a franchisee of this company.
- Veteran Incentives
- $3,000 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
- Options For Senior America 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
- 40 hours
- Ongoing Support
Purchasing Co-opsNewsletterMeetings & ConventionsToll-Free LineGrand OpeningOnline SupportSecurity & Safety ProceduresField OperationsSite SelectionProprietary Software
- Marketing Support
Co-op AdvertisingAd TemplatesNational MediaRegional 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 Options For Senior America.
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