BrightStar Care Franchise Startup Cost, Revenue and Profit Margin
When you talk about senior care, the consumer will always prefer one that offers “peace of mind” and knowing full well that their loved ones are being cared for by passionate professionals.
With the expertise exhibited by BrightStar Care, and their full dedication to the provision of superior care, they are given so much preference among families that have seniors that need such cares.
It is no wonder why franchise buyers always seek to know how much a BrightStar Care Franchise is?
ABOUT THE COMPANY
It all started in the year 2002. Shelly Sun, who had already had so much experience in the franchise industry as she owned franchises for two different hotel chains. She brought the experience into her own business and established BrightStar Care.
The company provides comprehensive medical and non-medical health care to their clients, either at their residents or through the deployment of supplemental healthcare staff to staff of other institutions, which include clients like hospitals, homes, clinics and nursing homes.
IS BRIGHTSTAR CARE A FRANCHISE?
A prospective franchisee might want to ask the question “Is BrightStar Care a Franchise?” Yes the company sells franchise opportunities and they have been in the industry since the year 2005.
WHY BUY INTO BRIGHTSTAR CARE FRANCHISE?
There are a lot of benefits to get from buying into BrightStar Care franchise opportunity:
- As a franchisee with BrightStar Care, you have the opportunity to earn income from multiple streams through their medical and non-medical care services, private home care visits, as well as medical staffing.
- The company can boast of a scalable franchise model with the potential to make a lot of profits.
- From experience and reports gathered by the company from majority of their franchisees, you have the potential to make an annual average revenue of about $1,635,000
- As a BrightStar Care franchisee you will also benefit from the company’s national account, which will serve as a medium for you to make additional revenue.
BRIGHTSTAR CARE FRANCHISE OFFER
BrightStar Care franchise will grant the franchisee the access to operate a unit that provides comprehensive medical and non-medical services to clients and other services permitted by the company according to the franchise agreement.
HOW MUCH DOES A BRIGHTSTAR CARE FRANCHISE COST
The BrightStar Care Franchise cost will vary depending on the location of the franchise unit as well as cost of labor at the franchisee’s market. The initial investment that is required to set up a BrightStar Care franchise unit is within the range of $95,000 to $180,000.
BrightStar Care Inc also expects the franchisee to have a minimum net-worth of about $500,000 and also a liquid cash of non-borrowed money of about $100,000. It is also recommended that the franchisee should have an extra capital or means of income that will help them to cover some other expenses during the initial 12 month period in which the business is kicking off.
BRIGHTSTAR CARE FRANCHISE FEE
The BrightStar Care franchise fee is payable to the company and it is a non-refundable payment that will give the franchisee access to the license to operate under the company’s brand names. The initial franchise fee is $50,000. The franchisee will also be expected to make an additional on-going royalty fee of 5.25 to 6.25% and also an ad royalty fee of 2%. Franchisees will also make a BrightStar Care technology fee, which is about $250 monthly or 0.83%
HOW MANY EMPLOYEES DO I NEED AT MY BRIGHTSTAR CARE FRANCHISE UNIT?
It is estimated that the total number of employees that a franchisee will need at their franchise unit will be about 50-60 personnel. You will expect this for an agency that earns an average of about $1,500,000 annually.
DOES BRIGHTSTAR CARE FRANCHISE OFFER TRAINING AND SUPPORT
BrightStar Care franchise does offer training and support and that will hold for about 4 weeks for every new franchisee. The company also provides training for the franchisee’s Nursing Director, Branch Manager and sales Director.
Every new franchisee will also get the support of a Field Coach, staff of BrightStar Care and other franchisees of BrightStar Care. National conferences are also held yearly to gather franchisees and other stake holders together to discuss on new technologies and practise in the health care system.
DOES BRIGHTSTAR OFFER FINANCIAL ASSISTANCE?
BrightStar Care company has established a financing program called the National Account Financing program.
This serves as a pool of fund to assist existing franchisees to cover some of their working capital as required on a weekly basis, and then wait for the certain national accounts in the company’s system to pay for the services the franchisees have rendered unto them.
WHAT ARE THE TERMS OF AGREEMENT?
As a franchisee with BrightStar Care, the length of the term of agreement is 10 years. Renewals for another 10 years can be made if the franchisee is able to meet with the company’s terms and conditions.
HOW TO OPEN A BRIGHTSTAR CARE FRANCHISE
Before applying for a BrightStar Care Franchise opportunity, ensure that you have empowered yourself with adequate information about BrightStar Care company and you can meet up with the company’s financial requirement to establish a franchise unit.
Once that’s in place, you can then forward your application to the company. This will be reviewed by the BrightStar Care Franchise Manager who will then give you feedback and inform you if your application has been approved.
The franchise manager and his team will then help you set up your franchise location by assisting with real estate, equipment purchase and other things you might need to have your foot-hold in the business.