Going into business is extremely rewarding. But as they say: you have to spend money to make money. When you open or take over a franchise, you’re making an investment into resources, operations support, and the future of your business (find out how much a Nurse Next Door franchise costs).
You may want to buy a home care franchise on your own or with a partner, but not everyone has liquid capital on hand to invest in a healthcare business. That doesn’t mean it’s impossible. Here are some of the ways you can finance your new home care franchise:
Leverage your home equity
If you own your home and it has appreciated in value, you may be able to get a home equity loan or line of credit. This is a good option if you’re in a strong housing market and your interest rates are stable. If you already have some savings and just need to raise a portion of the capital, consider a home equity loan for franchise business financing.
Borrow from friends and family
While it may seem like most businesses start up by bootstrapping, taking out loans or relying on angel investors, almost half are actually funded by family and friends.
Asking for financial help may be the easiest conversation in the world, or you might be worried it’ll be awkward at best. To save time, money, and stress down the road, we recommend only approaching trusted individuals with whom you have a solid relationship. Formally set the boundaries early on, outlining terms in a written agreement. Is it a loan, whereby a certain date you must repay the amount in full? Is it an investment, where your supporter expects to receive a return? Or is it a gift, where the donor doesn’t expect to be repaid?
It’s not difficult to find franchise financing if you know where to look. Make sure you’re also able to cover your cost of living while you’re ramping up your healthcare business. Whether you need to have a conversation with your partner, bank or financial advisor, the sooner you get your plan in motion, the sooner you can launch your franchise, live life the way you want to, and help others in the process.
With a core purpose of Making Lives Better®, Nurse Next Door, under the leadership of Melbourne based Master Franchisors Matt Fitton and Amber Biesse, provides in-home aged care and disability support services built on our philosophy of Happier Ageing® focusing on possibility rather than disability.