Do I need experience in the healthcare industry to operate a franchise?
You do not need any experience as a business owner or franchise business operator. We understand that the majority of new franchise owners do not have prior experience in owning their own business. You do not need any particular licenses or a healthcare background, either. The only thing you need is passion for elder advocacy.
What other skills are critical for my success as a franchisee?
Besides the obvious love of helping others, supervisory and leadership skills will allow you to expand the business. As your local reputation grows, you will need to hire other advocates in your area to expand your client base. The ability to network in your community is critical to your success.
How long will I be at training and what can I expect to learn?
Initially, you are required to attend five days of training at our facility in NYC. Training includes learning our proprietary MyElder™ Method, and understanding both local and long distance care management. Part of your training will be dedicated to classroom learning, where you will study our systems and processes. A significant part of your training will be putting practice to work and will be conducted in the field.
Can I work from home?
Yes. You should maintain a separate office within your home for administrative and operational functions.
Does MyElder™ offer financing?
No. All financial responsibilities are outlined in our Franchise Disclosure Document. The range of investment — which includes your franchise fee, training, initial marketing and home office setup — will be between $87,650 and $125,000.
Does MyElder™ offer a multi-unit or master franchise opportunity?
Yes. We can discuss this as you move through the process. The skills required to operate a master franchise are different than managing a single territory. In addition, we would need to evaluate your financial strength and your available liquid capital, as you would be required to have a physical office.
What are the initial franchise fees and ongoing royalty fees?
The initial franchise fee is $39,500. You will pay ongoing royalties of 8%, and once national regional advertising funds are established, you will contribute up to 2% of your gross monthly revenue.
How long will it take to open my business once I have signed a franchise agreement?
There are a number of factors that determine how quickly you will be able to open your business, such as local business laws, your adherence to the detailed plan and your participation in the networking and planning requirements. In general, we hope to have you operating within 90 to 120 days of the sign date.
Will you help with my initial marketing strategy and grand opening?
Yes. We will assist you with all aspects of your opening.
Social media is really big right now. Do you have a policy as to what I can and cannot do?
We have an extensive social media policy, coupled with best practices. Some franchisees are better equipped than others to monitor and manage their social media presence.