SYNERGY HOMECARE Franchise Startup Cost, Profit & Opportunities
Synergy HomeCare is a home care company located in the United States of America. If you understand that we will all need care, then you will get to understand the profitability of the home care business and how home care companies are raking in millions of dollars in profit.
In this article, we are going to look at Synergy HomeCare as a company and examine the franchise opportunity which it presents for entrepreneurs and business people.
SEE: CAREBUILDERS AT HOME FRANCHISE
We are going to start by first examining the history of the company. We are also going to examine the start-up cost required to open a Synergy HomeCare franchise.
We will also consider the companies franchise fee. Also to be examined is the training and support which the company provides for its franchisees.
We are also going to look at the company’s franchise agreement terms and the franchise agreement renewals which franchisees can get from the company.
And lastly, on this article, we shall be providing you with information on how you can open a Synergy HomeCare franchise in your location.
Is Synergy HomeCare a Franchise?
Synergy HomeCare is a home care business located in the United States of America. The company’s core business is the provision of non-medical, in-home personal assistance services to seniors.
Synergy HomeCare was founded 17 years ago in the year 2003. The company was founded by Peter Tourian. Peter Turian is also currently the Chief Executive officer (CEO) of the company.
Synergy HomeCare started franchising 13 years ago in 2005, 4 years after the company was founded.
The company’s headquarters is located in Gilbert, a town in Maricopa County in the state of Arizona, in the United States of America.
The corporate address of Synergy HomeCare is located at 1757 E. Baseline Rd., Bldg. 6, #124 Gilbert, AZ 85233, USA.
Synergy HomeCare is a private company. As a private company, Synergy HomeCare is registered as SYNERGY HomeCare Franchising LLC.
Synergy HomeCare has positioned its business in a very strategic industry, which is the provision of non-medical, in-home care considering that the home care industry has an estimated value of $70,000 billion (U.S. dollar).
Apart from non-medical, in-home care, Synergy HomeCare also provides other such services as medication reminding, the convalescing, and companionship. The company essentially provides personal daily assistance service to its teeming clients.
The services are mainly for the disabled, the elderly, people with illness and essentially people of all ages. Over the years since it was founded, Synergy HomeCare has seen immense growth.
Synergy HomeCare has grown from a single unit to more than 90 franchise units.
Part of the company’s success can be attributed to its multiple revenue stream operation.
The sources of revenue for the business include out-of-pocket payments received from clients for services rendered, payments received from other related non-medical service providers and payments from clients through insurance coverage.
How Much Does Synergy HomeCare Franchise Cost?
To open a Synergy HomeCare franchise, a franchise fee of $35,000 (U.S. dollar) is required from the intending franchisee. The intending franchisee must also present a liquid asset of $50,000 (U.S. dollar). These will be paid alongside other required fees.
Synergy HomeCare Franchise Fee
Intending franchisees for a Synergy HomeCare franchise are required to pay a franchise fee of $35,000 (U.S. dollar). The franchisees will also pay a royalty fee of 5% of gross sales and a marketing contribution fee of 2% of gross sales.
Synergy HomeCare Franchise Start-up Cost
To start a Synergy HomeCare franchise, the required start-up cost is at a low of $49,240 (U.S. dollar) and at a high of $99,540 (U.S. dollar).
Synergy HomeCare Franchise Training and Supports
Synergy HomeCare runs a mandatory initial training program for its franchisees. The training is conducted at the company’s headquarters in Gilbert, Arizona, in the United States of America. The training is done in a classroom format and lasts for 5 days.
Synergy HomeCare also provides support for its franchisees. The support which the company’s franchisees receive includes;
- The company provides marketing support for its franchisees.
- Franchisees receive site selection support from Synergy HomeCare.
- All franchisees at Synergy HomeCare receive field support from the company.
- Synergy HomeCare also provides protected territory support for its franchisees.
- All franchisees receive online support from the company.
- On-the-job training is available for all franchisees.
- Toll-free support is also provided.
Synergy HomeCare Franchise Terms of Agreement/Renewal
The term of the initial franchise agreement for a Synergy HomeCare franchise has a length of 5 years. The franchise agreement can be renewed for an additional 5 terms of 5 years each.
How Much Does a Synergy HomeCare Franchise Make?
How much a Synergy HomeCare franchise makes cannot be stated for a fact. How much a Synergy HomeCare franchise can make is dependent on the location the franchise.
However, the franchisee can make money with the Synergy HomeCare franchise because the home care industry is still a growing industry.
How to Open a Synergy HomeCare Franchise?
For people who desire to open a Synergy HomeCare franchise, they are required to contact the company directly on its website at www.synergyhomecarefranchise.com for inquiries and to fill out the company’s franchise request form.