Assisting Hands Home Care Franchise Costs: Estimated Initial Investment (Item 7, 2023 FDD)
1. Initial Franchise Fee: $55,000
- The Initial Franchise Fee for one Assisting Hands Business is $55,000. The Initial Franchise Fee is payable upon execution of the Franchise Agreement and is non-refundable.
2. Security Deposits: $500 to $4,000
- This estimate includes security deposits required by the landlord and utility companies, but not your telecommunications service.
3. Insurance: $3,500 to $6,000
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- You must obtain and maintain, at your own expense, the insurance coverage Assisting Hands requires, and satisfy other insurance-related obligations. If you have had prior issues or claims from previous operations unrelated to the operation of an Assisting Hands Business, your rates may be significantly higher than those estimated above.
4. 3-Months’ Lease Payments: $1,500 to $6,000
- This estimate provides for lease expenses for an Office.
- Offices are typically located in a professional office environment, including office buildings, business parks, and other commercial real estate locations. Offices may not be located in home residences. In certain limited situations, Assisting Hands may allow an Office to be located in an executive suite.
- This estimate includes three months’ rent for your Office at a rate of approximately $0.90 per square foot to $2.50 per square foot. Your actual rent payments may vary, depending upon your location and your market’s retail lease rates.
- Assisting Hands estimates, but does not require, that the Office will be 800 to 1,500 square feet in size. If you purchase instead of lease the premises for your Office, then the purchase price, down payment, interest rates, and other financing terms will determine your monthly mortgage payments.
5. Leasehold Improvements: $0 to $7,000
- This estimate does not include any construction allowances that may be offered by your landlord. Building and construction costs will vary depending upon the condition of the premises for your Office, the size of the premises, and local construction costs.
6. Signage: $700 to $3,000
- The type and size of the signage you actually install will be based upon Assisting Hands’ requirements and the zoning and property use requirements and restrictions. There could be an occasion where signage is not permitted because of zoning or use restrictions.
7. Furnishings: $1,500 to $6,000
- This estimate includes workstations, chairs, shelving, and other items. You may be able to lease these items through an office furniture rental company at a reduced rate. It is your choice as to whether you purchase or lease these items and from whom to purchase or lease them from.
8. Computer System and Scheduling Hardware and Software: $2,000 to $4,500
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- This estimate includes the cost of obtaining Assisting Hands’ required computer and scheduling system hardware and software as well as other software, website hosting, and services used in the operation of your Assisting Hands Business.
9. Business Licenses and Permits: $150 to $500
- You must obtain the required licenses and permits that are required by your county, city, and state to operate your Assisting Hands Business.
10. Licensing and Credentialing: $700 to $15,000
- The licensure requirements and fees vary from state to state. Please check with your local and state authorities regarding these expenses.
11. Initial Training Expenses: $2,000 to $4,000
- Assisting Hands provides training at its training center either in Nampa, Idaho or Miami, Florida, or at another location designated by it. You must pay for airfare, meals, transportation costs, lodging, and incidental expenses for all initial training program attendees.
- Initial training is provided at no charge for up to three people, one of whom must be a Principal Owner. If additional initial training is required, or more people must be trained, an additional fee will be assessed.
12. Open House Expenditure: $1,000 to $6,000
- This estimate includes your open house advertising program obligations, which covers your Assisting Hands Franchise’s opening (beginning 30 days before your opening) and first two months of operations.
13. Telecommunications Services and Advertising: $1,500 to $3,000
- This estimate includes the security deposits and service fees for your telecommunications system and telephone directory advertising fees.
14. Professional Fees: $2,000 to $5,000
- This estimate includes legal fees, accounting fees, and other professional fees you may incur to incorporate your business, perform all necessary tax filings, and perform other tasks such as establishing a general ledger, tax reports, and payroll deposits. Rates for professionals can vary significantly based on area and experience.
15. Convention Fee: $200
- This estimate assumes you will pay one monthly convention fee prior to opening.
16. Additional Funds for 3 Months: $15,700 to $34,950
- This estimate includes your initial start-up expenses (other than the items identified separately above) during the first three months of operation. These expenses include payroll costs during the first three months of operation, but not any draw or salary for you.
- Also included are the first three months of the $200 per month convention fee paid after opening and three months of bookkeeping services estimated to be approximately $250 to $500.
17. Total Estimated Initial Investment: $87,950 to $160,150
- This is an estimate of your initial startup expenses for one Assisting Hands Franchise.
- The only additional costs for a second and third adjoining Assisting Hands Business will be the Initial Franchise Fee and Open House Expenditure for the Assisting Hands Businesses.