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The 10 Best Franchises to Open in 2023.pdf
1. Vol :06 |
ISSUE: 09 |
2023
The
B E S T
Franchises
to OPEN
in 2023
Franchise Financing
Op ons and Strategies
for Funding Your
Franchise
Emma Dickson
CEO & President
Home HelpersĀ®
Home Care
World-Class Care Provided by
Exceptional Caregivers
Care
HOME
HelpersĀ®
Home
Interna onal
Franchising
Opportuni es and
Challenges in
Global Expansion
5. Abhishek Joshi
AbhishekJoshi
For individuals considering franchise ownership as a
pathway to entrepreneurship, choosing the right
franchise can be a pivotal decision. The year 2023
presents a range of exciting opportunities with several
franchise options that show promising growth potential and
align with evolving consumer trends.
Opening a franchise oļ¬ers numerous advantages, including
a proven business model, established brand recognition, and
ongoing support from the franchisor. However, selecting the
right franchise opportunity requires careful consideration of
various factors, such as market demand, industry trends,
ļ¬nancial viability, and personal interests and strengths.
The digital revolution continues to shape the business
landscape, and e-commerce and online services franchises
are at the forefront of this transformation. From e-
commerce platforms and online marketplaces to digital
marketing agencies, these franchises capitalize on the
growing online consumer base and the increasing reliance
on digital solutions.
The ļ¬exibility, scalability, and global reach of online
businesses make this sector an attractive option for
entrepreneurs with strong digital acumen. Franchising
oļ¬ers a unique and advantageous business model that has
attracted aspiring entrepreneurs for decades. It provides a
pathway to business ownership with several beneļ¬ts that set
it apart from starting an independent business.
Understanding the advantages of franchising can help
individuals make informed decisions and seize the
opportunities presented by this popular business strategy.
Franchises often come with well-known and trusted brand
names that have built a reputation over time.
This established brand recognition gives franchisees an
instant advantage in the market, as consumers are already
familiar with the brand, its products, and its services.
The power of an established brand can lead to a faster
ramp-up period and increased customer trust and loyalty.
Franchisors provide comprehensive support and training to
franchisees throughout their business journey. This support
includes initial training on the business model, operations,
marketing, and management.
Embracing the journey of these establishments, Insights
Success sheds light on The Best Franchises to Open in
2023. Flip through the pages and explore the proven
business models through which individuals can embark on a
path to business ownership with a higher probability of
success and a lower level of risk compared to starting an
independent venture.
Have a Delightful Read!
Exploring the
Edge of Coherency
7. Covī
Story
World-Class Care Provided by
Exceptional Caregivers
Home HelpersĀ®
Home Care
16
20
Franchise Financing
Options and Strategies for Funding
Your Franchise
International Franchising
Opportunities and Challenges in
Global Expansion
A r t i c l e s
9. Brief
Company Name Featured Person
Epik is the leading global licensing agency putting brands into
video games to produce premium digital items and experiences
for over one billion gamers worldwide.
Gary Ma
COO
Epik
epik.gg
Home HelpersĀ® Home Care is an in-home care service that
provides top-quality in-home care.
Emma Dickson
CEO & President
Home HelpersĀ®
Home Care
homehelpershomecare.com
Hospitality Management Holding is a fully integrated pioneer
hotel management company that provides hotel owners and
developers a broad spectrum of world-class management
solutions.
Aimmune Therapeutics
aimmune.com
Hospitality
Management Holding
hmhhotelgroup.com
PickUp USA Fitness is the ļ¬rst and only basketball-focused
ļ¬tness club concept operating in the United States and was
founded to create a better way for people to play basketball.
Jordan Meinster
CEO
PickUp USA
pickupusaļ¬tness.com
The Saunders Company is a full-service public relations ļ¬rm,
specializing in strategic communications planning, diversity,
inclusion and equity communications, and many more.
E. Gayle Saunders
Founder and CEO
The Saunders PR
thesaunderscompany.com
The
B E S T
Franchises
to OPEN
in 2023
10. Emma Dickson / CEO & President / Home HelpersĀ® Home Care
11. ,
,
Home HelpersĀ® Home
Care has a long-term
vision to expand its
market share and
establish a strong
foothold in consumer
preference.
Cover
Story
World-Class Care Provided by
Exceptional Caregivers
Care
HOME
HelpersĀ®
Home
12. hen it comes to ļ¬nding care services for seniors,
Windividuals with disabilities, or those recovering
from illness, injury, or surgery, there are
numerous factors to take into account. As a concerned
family member, it's only natural to have reservations and
worries during this process.
Home HelpersĀ® Home Care specializes in delivering
personalized in-home care services to seniors and other
individuals requiring ongoing or recuperative care. The
organization provides care services ranging from a few
hours per week to 24/7 care, supporting clients wherever
and whenever they need us to make life more comfortable
and help them retain their independence.
At Home HelpersĀ® Home Care, the organization is
committed to addressing clientsā care needs. They
understand that each family's situation is unique and
requires individualized attention. As a result, they oļ¬er a
range of home care and support services to meet speciļ¬c
needs. Whether it's short-term or long-term care, Home
Helpers Home Care works one-on-one with clients and their
families to design a personalized care plan that meets their
needs.
Home HelpersĀ® Home Care understands that selecting a
care service provider can be a daunting task. Thatās why
they're there every step of the way to help clients make an
informed decision. Home Helpers Home Care agencies are
locally owned and operated by trained professionals and
their teams of exceptional caregivers who are passionate
about what they do. They strive to provide high-quality care
services that are both compassionate and reliable. Their
goal is to ensure that the clients receive the best possible
care, providing conļ¬dence for families that their loved ones
are receiving the very best in world-class care.
Providing Exceptional Care as an Extended Family
Home HelpersĀ® Home Care provides services that support
the needs of individuals in their homes, or wherever they
call home. The company aims to be the extended family
when the family canāt be there, delivering outstanding care
to make life easier for their clients and their families.
The organization possesses a strong organizational structure
and core processes to operate successfully. This includes
assessing clients' current and future needs, hiring, and
training exceptional caregivers, and utilizing technology to
improve care and eļ¬ciency. By providing exceptional care
with proven operating systems, franchisees of
Home HelpersĀ® Home Care are able to maintain their
market leadership and position as preferred home care
providers in the communities they serve.
Leading a Company of Exceptional Care and
Continuous Growth
Emma Dickson's path to becoming CEO & President of
Home HelpersĀ® Home Care was far from straightforward.
Initially planning to pursue a career in education,
compelling business opportunities led her to business
operations leadership roles at both Blockbuster and later at
Sylvan Learning Centers.
The Best Franchises to Open in 2023
13. Through these experiences, Emma honed her ability to
build teams and develop programs for revenue growth and
exceptional service, further developing her ability to scale
organizations that she now applies in leading Home
HelpersĀ® Home Care.
During her 15-year tenure as CEO & President, Home
HelpersĀ® Home Care continues to experience phenomenal
results with over 26 years of continuous system-wide
revenue growth, expanding its reach to serve more than
1,500 communities. Emma and her team successfully
managed the challenges of the COVID-19 pandemic and
the resulting surge in demand for home care services.
,
,
Home HelpersĀ® Home
Care is commi ed to
expanding its services to
meet the evolving
demands of the next
genera on of seniors, as
consumer preferences
change.
14. They also focused on developing leadership skills and
fostering a cohesive team dedicated to advancing Home
HelpersĀ® Home Careās position in the highly competitive
home care industry.
Despite ongoing external challenges, such as the current
employment challenges, Emma and her team remain
committed to creating an exceptional employee experience
and prioritizing the needs of clients, franchisees, and
employees.
At the heart of Home HelpersĀ® Home Care is a dedicated
team of leaders, staļ¬, and franchisees united in their shared
mission to deliver the best possible outcomes for those they
serve.
,
,
Home HelpersĀ® Home
Care is dedicated to
pilo ng new technologies
and services in order to
con nue innova ng and
providing the best
possible care for its
clients.
15. Advocating for the Role of Home Care in the Healthcare
Continuum
Emma is a strong advocate for increasing awareness of the
critical role that home care plays in the healthcare
continuum. She is dedicated to promoting this message and
ensuring that her organization remains at the forefront of
the home care industry.
Emma's leadership and advocacy are further demonstrated
by her position as Past President of the Board of Directors
for the Home Care Association of America, where she
represents the interests of franchised, corporate, and
independent home care agencies.
Home care has the potential to address many of the
healthcare industry's challenges, particularly with respect to
cost. According to the National Center for Biotechnology
Information (NCBI), as much as 30% of healthcare costs
are wasted due to individuals failing to comply with their
medication regimens.
At Home HelpersĀ® Home Care, the caregivers work to
ensure that clients receive proper nutrition and take their
medications as prescribed, helping to minimize unnecessary
healthcare expenditures. Additionally, caregivers provide
companionship and support, which can have a positive
impact on clients' mental health and overall well-being.
Emma and her team recognize that home care is an essential
component of the healthcare continuum, and they are
committed to advancing its role and impact.
Embracing Accountability, Inspiration, and Success
At Home HelpersĀ® Home Care, both the National Support
Center staļ¬ and franchisees are united by a shared set of
core values, encapsulated by the company's "Be Bold"
philosophy. BOLD stands for "Bring Your Passion Every
Day," "Own Your Results," "Love What You Do," and
"Driven by Excellence." By embracing these values, every
member of the Home Helpers Home Care team is held
accountable for their impact on the business and inspired to
create exceptional experiences for our clients, franchises,
and each other.
Through the BOLD philosophy, Home Helpers Home Care
encourages staļ¬ and franchisees to bring their best selves to
work every day, with a focus on passion, ownership, and
excellence. Individual contributors are empowered to
make a positive impact and drive success for themselves
and the company as a whole. Additionally, the love of
what they do and commitment to excellence creates a
culture of enthusiasm and dedication that beneļ¬ts
franchisees, caregivers, employees, and clients alike.
Overall, the BOLD philosophy is a powerful force for
accountability, inspiration, and success within the Home
Helpers Home Care organization.
Introducing the Cared-4 Program
As Emma looks towards the future of home care, she
recognizes the vital role that technology will play in this
space. Home HelpersĀ® Home Care is dedicated to
piloting new technologies and services, and continues to
innovate to deliver the best possible care for its clients.
Along with personal in-home care, Home HelpersĀ®
Home Care now oļ¬ers clients best-in-class monitoring
systems that can detect falls and conduct wellness
checks when caregivers are not present.
Home HelpersĀ® Home Care is committed to expanding
its services to meet the evolving demands of the next
generation of seniors, as consumer preferences change.
This is why the company recently launched Cared-4ā ,
a comprehensive care program that is the most extensive
support program in the industry.
Cared-4 provides a premium experience of support
services, including personal care, companionship
wellness calls, meal and nutrition planning, and
technology solutions. This comprehensive program is
designed to help keep people living independently
wherever they want to live.
One of the key beneļ¬ts of the Cared-4 program is that it
allows clients to start receiving support earlier, through
monitoring and wellness calls. These services not only
improve peace of mind and mental health, but also
provide greater insight for families as their loved ones'
needs change.
Emma is particularly proud of the Cared-4 program,
which is a testament to Home HelpersĀ® Home Care's
commitment to using technology and innovation to
improve the lives of seniors and their families.
16. Building Partnerships in the Growing Healthcare and
Home Care Industry
Demand for healthcare and home care will continue to rise
as the demand for healthcare and home care services
continues to increase, especially with the aging baby
boomer population.
Healthcare giants are building massive ecosystems covering
healthcare insurance, medical care, and retail, leading to
increased competition for staļ¬ between clinical settings and
home care. At Home HelpersĀ® Home Care, Emma and her
team are building partnerships with vertically integrated
healthcare companies and technology providers to gain a
competitive edge.
Strategic Vision and Action Plan
Home HelpersĀ® Home Care has a long-term vision to
continue to expand into markets that do not have Home
Helpers Home Care as a care option. To achieve this
objective, the team aims to augment the companyās services
with a strategic approach, foster exceptional teams through
intensive training, and optimize eļ¬ciency by leveraging
advanced technologies.
With these concerted eļ¬orts, Home HelpersĀ® Home Care is
poised to continue to thrive and meet its growth objectives.
Entrepreneurship in the Home Care Industry
The home care industry presents a remarkable opportunity
for entrepreneurs, not only in terms of its potential for
growth but also in the fulļ¬llment it brings by making a
signiļ¬cant impact in your local community.
For those seeking to embark on a new journey with an
organization that has a meaningful mission, Emma
encourages aspiring entrepreneurs to explore the rewarding
prospects of franchise ownership with Home HelpersĀ®
Home Care, enabling seniors and others to maintain their
independence.
,
,
The vision of Home
HelpersĀ® Home
Care is to provide
services that cater
to the needs of
individuals in their
homes.
18. nvesting in a franchise can be an exciting and
Ipotentially lucrative business venture. However, one of
the critical aspects of franchise ownership is securing
adequate funding to start and sustain the business.
Franchise funding options and strategies vary depending on
factors such as the franchise brand, the investment required,
and the ļ¬nancial capabilities of the prospective franchisee.
This article aims to explore various funding options and
strategies available to individuals seeking to ļ¬nance their
franchise dreams.
Self-Funding:
Self-funding, also known as bootstrapping, involves using
personal savings, assets, or investments to ļ¬nance the
franchise. This option provides the advantage of complete
control over the business without having to rely on external
sources of funding. It may require disciplined ļ¬nancial
planning, saving, or liquidating assets to accumulate the
necessary capital.
Traditional Bank Loans:
Traditional bank loans are a common funding option for
franchisees. Franchisees can approach banks or ļ¬nancial
institutions to secure loans based on their personal
creditworthiness, business plan, and the franchise brand's
credibility. It is essential to prepare a comprehensive
business plan and ļ¬nancial projections to demonstrate the
viability of the franchise business to potential lenders.
Small Business Administration (SBA) Loans:
The U.S. Small Business Administration oļ¬ers loan
programs speciļ¬cally designed to assist franchisees. SBA
loans typically provide more favorable terms and interest
rates compared to traditional bank loans. The SBA
guarantees a portion of the loan, reducing the risk for
lenders and increasing the chances of approval for
franchisees. However, the application process can be
lengthy and requires meeting speciļ¬c eligibility criteria.
Franchisor Financing:
Some franchisors oļ¬er ļ¬nancing options directly to
potential franchisees. These ļ¬nancing programs may
include reduced franchise fees, installment plans, or even
loans. Franchisors that provide ļ¬nancing options often have
a vested interest in the success of their franchisees and may
oļ¬er more ļ¬exible terms tailored to the speciļ¬c needs of
their franchise system.
Friends and Family:
Franchisees can explore the possibility of securing funding
from friends and family members who believe in their
entrepreneurial vision. This option may involve personal
loans, partnerships, or investments. While this approach can
provide easier access to funding, it is essential to establish
clear agreements and maintain professionalism to avoid
potential conļ¬icts.
June 2023 | 16 | www.insightssuccess.com
Options andStrategies for
Funding Yoī Franchise
Franchise Financing
20. Crowdfunding:
Crowdfunding platforms provide an alternative method of
raising capital by attracting small investments from a large
number of individuals. Franchisees can create compelling
campaigns highlighting their franchise concept, business
plan, and potential returns to attract interested investors.
However, successful crowdfunding campaigns require
eļ¬ective marketing, storytelling, and a unique value
proposition to capture the attention and support of potential
backers.
Retirement Funds:
In some cases, franchisees may opt to use retirement funds,
such as 401(k) accounts or Individual Retirement Accounts
(IRAs), to ļ¬nance their franchise. This strategy, known as a
Rollover for Business Startups (ROBS), involves setting up
a C-corporation and using retirement funds to purchase
shares in the company. ROBS allows access to retirement
funds without incurring early withdrawal penalties or tax
liabilities, but it involves complex legal and tax
considerations.
Equipment Leasing:
Franchisees can explore equipment leasing options,
especially if the franchise requires speciļ¬c machinery,
technology, or equipment. Leasing allows businesses to
conserve upfront capital and spread the costs over time. It
also provides the ļ¬exibility to upgrade or replace equipment
as needed.
Angel Investors or Venture Capitalists:
Franchisees with high-growth potential or unique
concepts may attract interest from angel investors or
venture capitalists. These investors provide capital
in exchange for equity or a share of the business.
Securing funding from angel investors or venture
capitalists requires a compelling business plan, a
clear growth strategy, and a convincing pitch.
Government Grants and Incentive Programs:
In some regions, there may be government grants or
incentive programs available to support small business
development, including franchise ventures. These programs
vary by location and industry and may oļ¬er ļ¬nancial
assistance, training, or tax incentives. Researching and
applying for relevant grants or programs can provide
additional funding opportunities.
Supplier Financing:
Some franchisors or suppliers oļ¬er ļ¬nancing options
speciļ¬cally tailored for franchisees. This may involve
extended payment terms, discounts on initial inventory
purchases, or deferred royalty payments. Franchisees can
explore these arrangements to alleviate initial ļ¬nancial
burdens and improve cash ļ¬ow during the early stages of
the business.
Strategic Partnerships and Joint Ventures:
Franchisees can seek strategic partnerships or joint ventures
with individuals or companies that have complementary
skills, resources, or industry expertise. Partnering with
established entities can provide access to additional funding
sources, shared expenses, and pooled resources, reducing
the ļ¬nancial burden on the franchisee.
June 2023 | 18 | www.insightssuccess.com
21.
22. International Franchising
In today's interconnected world, businesses of all sizes
are increasingly considering global expansion as a
strategic growth opportunity. Expanding into new
markets presents numerous opportunities for increased
revenue, customer base diversiļ¬cation, and access to talent
pools. However, it also brings along a unique set of
challenges and risks that require careful consideration and
planning.
This article will explore the opportunities and challenges
businesses face when embarking on a global expansion
journey.
Opportunities in Global Expansion:
Access to New Markets: Global expansion opens doors to
untapped markets with diļ¬erent consumer behaviors,
preferences, and purchasing power. By entering these
markets, businesses can tap into new customer segments
and signiļ¬cantly increase their potential customer base.
Revenue Growth: Expanding globally can lead to
substantial revenue growth by capitalizing on new market
opportunities. A successful expansion strategy can result in
increased sales, higher market share, and enhanced
proļ¬tability.
Diversiļ¬cation: Expanding into multiple international
markets allows businesses to diversify their revenue
streams, reducing dependence on a single market or region.
This diversiļ¬cation helps mitigate risks associated with
local economic downturns or ļ¬uctuations in speciļ¬c
industries.
Access to Talent: Global expansion enables businesses to
access a broader talent pool and tap into specialized skills
and expertise available in diļ¬erent regions. This can
enhance innovation, bring fresh perspectives, and drive
competitiveness in the global marketplace.
Challenges in Global Expansion:
Cultural and Language Barriers: Cultural diļ¬erences and
language barriers can pose signiļ¬cant challenges when
entering new markets. Businesses must understand local
customs, traditions, and consumer behavior to eļ¬ectively
adapt their products, marketing strategies, and customer
experiences.
Regulatory and Legal Compliance: Each country has its
own set of laws, regulations, and compliance requirements.
Navigating these legal complexities, obtaining necessary
permits, licenses, and understanding local business
practices can be a daunting task for companies expanding
globally.
Operational and Logistical Complexities: Expanding into
new markets often requires setting up physical operations,
establishing supply chains, and managing logistics.
Oppītunities and īaīenges
in
Global Expansion
June 2023 | 20 | www.insightssuccess.com
24. Companies must assess the infrastructure, transportation
networks, and distribution channels to ensure smooth
operations and eļ¬cient delivery of products or services.
Competition and Market Saturation: Global expansion
means entering markets where competitors may already
have an established presence. Businesses need to conduct
thorough market research and competitive analysis to
identify unique value propositions, diļ¬erentiate themselves,
and gain a competitive edge.
Financial Considerations: Global expansion requires
signiļ¬cant ļ¬nancial resources. Businesses must evaluate the
costs involved in market research, market entry strategies,
local staļ¬ng, infrastructure, marketing, and ongoing
operations. Managing foreign currency exchange rates and
navigating ļ¬nancial risks add further complexity to the
ļ¬nancial aspect of global expansion.
Opportunities:
Technology and Infrastructure: Expanding into certain
regions can provide access to advanced technology
infrastructure, such as high-speed internet, advanced
telecommunications, and digital platforms. This can enable
businesses to leverage digital tools and platforms for
marketing, sales, and operations, leading to increased
eļ¬ciency and scalability.
Strategic Partnerships: Global expansion oļ¬ers
opportunities to establish strategic partnerships with local
businesses, suppliers, distributors, or manufacturers. These
partnerships can provide valuable market insights, access to
distribution networks, and help navigate local regulations
and cultural nuances.
Brand Recognition and Reputation: Expanding globally
can enhance a company's brand recognition and reputation
on a global scale. A successful global expansion can
position the business as a trusted and reputable brand,
attracting customers and partners across various markets.
Challenges:
Intellectual Property Protection: Protecting intellectual
property rights can be challenging in some countries with
diļ¬erent legal frameworks and enforcement mechanisms.
Companies must navigate the complexities of international
intellectual property laws to safeguard their patents,
trademarks, copyrights, and trade secrets.
Human Resources and Talent Management: Managing a
diverse global workforce can be complex. Businesses must
adapt their HR practices to comply with local labor laws
and cultural norms and eļ¬ectively manage cross-cultural
communication, employee beneļ¬ts, and performance
evaluations.
Political and Economic Instability: Global expansion
involves operating in diļ¬erent political and economic
landscapes. Businesses need to assess the stability of the
target markets, including factors such as political unrest,
regulatory changes, economic volatility, and currency
ļ¬uctuations that could impact business operations.
Supply Chain and Logistics: Establishing and managing an
eļ¬cient global supply chain can be challenging. Factors
such as customs regulations, transportation costs,
import/export restrictions, and logistical complexities must
be carefully evaluated to ensure a smooth ļ¬ow of goods or
services.
Local Competition and Adaptability: Each market has its
own unique competitive landscape. Businesses need to
conduct thorough market research to understand local
competitors, consumer preferences, and adapt their
products, pricing, and marketing strategies to meet the
speciļ¬c needs and preferences of the target market.
June 2023 | 22 | www.insightssuccess.com