Synergy Homecare provides non-medical in-home personal assistance, such as companionship, meal preparation, and housekeeping. The franchise helps individuals with daily living activities and personal care.
Key Insights
- Synergy Homecare was founded with a vision to provide compassionate in-home care, growing from a single location to a nationwide network dedicated to supporting individuals and families. The business is built on a foundation of empowering clients to live independently and with dignity in their own homes, fostering a sense of community and well-being.
- The franchise operates through a decentralized model, enabling local franchisees to deliver personalized care services tailored to the unique needs of their communities. This approach ensures responsiveness and allows for the cultivation of strong relationships between caregivers, clients, and their families, emphasizing a high standard of service delivery.
- The home care industry is experiencing sustained growth driven by an aging population and a preference for receiving care in familiar surroundings. Synergy Homecare is positioned within this expanding market, addressing the increasing demand for reliable and professional non-medical assistance, rehabilitation support, and companionship services.
Franchise Fee and Costs to Open
Exploring the financial picture of Synergy Homecare gives insight into both the upfront commitment and the potential revenue opportunity. According to FDD Item 7, opening this franchise typically involves an investment in the range of $78,106 - $159,053, along with a franchise fee of $52,500 - $52,500.
Financial Performance and Revenue
Yearly gross sales of $985,921 and estimated earnings of $177,466 - $246,481 show the potential financial performance of this franchise. These figures are crucial for prospective franchisees as they help to project revenue and profitability. They offer insight into the business's ability to generate income and can be used to compare its performance against other investment opportunities. The Franchise Payback Period of 1.6-3.6 provides an estimation of the time it might take for an owner to recover their initial investment. This metric is a key consideration for anyone evaluating the financial viability of a franchise, as it relates directly to the speed at which the business can become profitable. A shorter payback period can indicate a faster return on capital, which is a significant factor in making an informed decision about a franchise investment.
Training and Resources
Synergy Homecare provides comprehensive initial training, typically lasting two weeks. This training is delivered at their corporate headquarters. Synergy Homecare also offers ongoing support resources and operational guidance. They recommend a structured approach to building a successful home care business.
Legal Considerations
Legal considerations for a Synergy Homecare franchisee are defined by the Franchise Disclosure Document (FDD) and the Franchise Agreement. This franchise does not disclose lawsuits or bankruptcy information in its FDD, but prospective franchisees should still review all terms thoroughly. Consultation with a qualified attorney is essential before making commitments.
Challenges and Risks
Franchisees may encounter challenges in navigating diverse local market competition, adapting to the inherent operational complexity of in-home care services, and managing reliable access to specific caregiver training programs and essential supplies, all of which require ongoing attention and strategic planning.
Franchise Datasheet
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