Financing your SureCare franchise investment
Posted on 30 March 2022
So you’ve decided to operate your own business in the home care sector. Before you start providing life-changing support to some of the most vulnerable people in your local community, you need to get your business off the ground. And that typically means making sure you have the right amount of capital behind you.
Getting together the money for your initial investment is a difficult task in any new venture. But with the right forward planning along with some financial support, you can ensure you go into your new home care business well prepared.
Starting a new business from scratch is always going to be a tall order and certainly not for the faint hearted. However, by choosing to franchise with SureCare, you can rely on a whole raft of franchising support for all aspects of business development, including financial advice.
How much do you need for a SureCare franchise?
First things first: the base cost for a SureCare franchise is presently £37,500 + VAT. This covers your franchise licence, our initial intensive training programme, ongoing training and marketing materials, and various support services from SureCare’s head office team.
We will also help you to find a suitable office for your base of operations and to negotiate the regulations and requirements expected of you in the world of home care. This means we can support you in your business’ registration with the Care Quality Commission and recruiting a Registered Care Manager to oversee quality of care is kept to a consistently high standard.
There are plenty of other considerations to take into account, however, and these costs eventually all add up too. For this reason, we advise all new franchisees to make an initial investment of between £75,000 – £100,000. This will cover your franchise fee, alongside including Working Capital to help you cover additional costs, particularly in the early stages of operation.
When you begin a new business in home care, you’ll probably to be itching to hit the ground running as fast as possible. As home care is a regulated service, you may need to wait a short while to complete your registration with the national regulator before you can start delivering personal care services.
In your first few months, therefore, you’ll likely need to rely on your reserves to get things running along smoothly before you can start making significant income.
To help things along, SureCare franchises can offer non-regulated services like shopping and domestic services. This will help you build up a client base, get the word out about your business and give your income a gentle kick-start!
Is there any financial support available?
Getting together the funds for your initial investment amount is no mean feat. It can often be the result of years worth of savings, selling a stake in a previous venture or coming into an unexpected windfall. However, it’s also possible to apply for a business loan from one of many banks and lenders on the high street today.
In fact, when you decide to franchise with SureCare, we can even support you in your loan application. We have fostered close relationships with various high street banks, who will be willing to discuss a franchise loan with you to provide the capital you need.
To start off, we will work with you to establish a viable business plan utilising our tried and tested franchise model. Our decades of experience in supporting new franchisees allows us to prepare the best possible plan that will appeal strongly to lenders. With SureCare Franchising behind you, banks will also feel confident that your business is in safe hands going forward.
You can generally apply for a loan of up to 70% of your total required investment, so you’ll need to rely on some of your own funds to get started with a new business. Our partners include HSBC, Lloyds, NatWest and RBS, but we can also support you in seeking financial assistance from other major lenders if you prefer.