BURKBURNETT, Texas--(BUSINESS WIRE)--With 2022 now in the books, HomeWell Franchising Inc., the franchisor of leading non-medical home care provider HomeWell Care Services, reflects on another year marked by tremendous growth and expansion, positioning the company for a highly lucrative 2023. Today, HomeWell released its 2022 franchise development and financial results.
2022 Franchise Development Highlights
- 24 new owners
- 42 new territories nationwide, including 12 acquired by expansion
- 8 new open locations
2022 Annual Growth Financial Results
- Corporate revenue growth increased by 24%
- System revenue growth increased by 28%
- Royalty revenue growth increased by 32%
“The numbers we’re seeing year after year affirms our growth strategy,” said Crystal Franz, CEO of HomeWell Franchising. “By investing in support for our franchise system, our due diligence is paid forward through increased performance across our network, quality of care and overall client satisfaction.
“As a company, we’ve been highly intentional and strategic in the ways we’ve advanced both as a brand and in our position in non-medical home care over the last few years. From our rebrand in 2019 to the further development of our Signature Programs and, most recently, our Zero-Initial-Franchise Fee buying option in 2022, we’ve continually demonstrated that we are unafraid to innovate to adapt and excel in an industry that is becoming increasingly dynamic.”
HomeWell’s Chief Financial Officer, Casey McCleskey, believes the investments toward the franchise’s infrastructure and initiatives to support system growth last year are quickly coming to fruition. “2022 was a catalyst, setting in motion an exciting chain of events that resulted in new records and company milestones—with more to be realized in the years to come,” said McCleskey. “It showcased our critical thinking in navigating the challenges entrepreneurs and our new owners face, and our ability to deliver unique and practical financial solutions to help them succeed.”
“We will continue seeing the fruits of our labor from 2022 throughout this year, especially in the number of agencies that are up and running,” he said. “We anticipate opening at least three times as many locations in 2023, mostly due to the number of new owners who signed in the third and fourth quarter of last year capitalizing on our Zero-Initial-Franchise Fee offering, which launched last July.”
HomeWell’s Zero-Initial-Franchise Fee Breaks Industry Mold
While 2022 marked a series of firsts for HomeWell, including the launch of its low-vision specialized care and several new awards, it was the Zero-Initial-Franchise Fee—HomeWell’s new buying option—that prompted a significant spike in interest from entrepreneurs across the country. This alternative path to business ownership flipped the franchise model on its head by enabling new owners to pay zero dollars in initial franchise fees and opt for a higher royalty rate until reaching a pre-determined amount. By choosing this option, they could save the upfront costs they would have otherwise paid at signing and instead invest those funds into the launch of their business.
Of the 24 new owners who signed to join HomeWell in 2022, half chose the Zero-Initial-Franchise Fee option.
“It was a bold move, but anything we could do to empower those we believed had what it took to succeed—that was worth it for us,” said Mike Condon, HomeWell’s Vice President of Franchise Development. “Entrepreneurs who are ready to start a business but are weary of the financial commitment at signing should take a closer look at this buying option; it may be the solution they’ve been searching for.”
After the tremendous success of the Zero-Initial-Franchise Fee, Condon explains that HomeWell is excited to continue what was initially a limited-time offering for the remainder of 2023 and the foreseeable future. “The Zero-Initial-Franchise Fee is here to stay. At the time we launched this offering, we believed it was a step in the right direction, and the quality of new ownership we’ve since gained because of it shows that we are empowering the right individuals through this path. By continuing to offer this option, we are excited to bring in more like-minded individuals who see the value of our home care services and are driven to impact their communities.”
Geographical Growth & Local Recognition
With a focus on strategic expansion across the U.S. through franchise-owned development, HomeWell also made strides toward increasing its national footprint in 2022, signing its first agencies in Illinois, Maine, Minnesota and Missouri. With these four new states, HomeWell has expanded into nearly 30 states just since 2019.
While growth was widespread throughout the year for HomeWell, it was also evident at the local level for many of its agencies. Several locations successfully scaled their businesses and set revenue records. Four franchise owners purchased additional territories, leading to an additional 12 territories in 2022. Also, Home Care Pulse recognized 12 HomeWell franchises in their annual Best of Home Care awards for 2023, giving the awards “Employer of Choice,” “Provider of Choice,” and its most prestigious “Leader in Experience,” based on client and caregiver feedback acquired over a 12-month period in 2022.
Continued System Development & Improvement
As HomeWell leaves its mark in non-medical home care, the franchise’s leadership believes the past few years have set a solid foundation upon which the company intends to build in the years to come. With the demand for home care increasing at an unprecedented rate, Michelle Cone, HomeWell’s Senior Vice President of Training and Brand Programs, explains that the HomeWell brand and all who wear it are well-positioned to meet this growing need.
“We’re just in the initial chapters of our remarkable journey in the home care space and our mission to increase access to home care for all individuals who may benefit from personal care support or companionship, whether short-term or long-term,” she stated. “As we scale our offerings and expand our footprint, we’re also helping advance our industry by increasing our visibility to consumers and demonstrating the value we provide in the continuum of care.”
Thanks to ongoing investments in its system development and growth, HomeWell's agencies are thriving and increasing nationwide; the company expects to have over 100 HomeWell Care Services franchises by the end of the year. The next few quarters of 2023 also have plenty in store both for its franchise system and consumers. HomeWell plans to launch a completely redesigned website to enhance the user experience for online visitors seeking information about its care management approach and local care. Meanwhile, HomeWell is ramping up its training processes with a more robust learning management system focused on role-based learning at the agency level and a more seamless, progressive education experience for each member of the franchise.
“I can confidently say that the best is yet to come,” says HomeWell’s CEO Crystal Franz. “We’re a franchise making a positive difference in communities across America, and we’re improving as a whole every year. As we look at the rest of 2023, we expect continued growth across our system and look forward to the countless lives and families we’ll reach as a result.”
About HomeWell Franchising:
HomeWell Care Services®, franchised by HomeWell Franchising Inc., provides personal care, companionship, and homemaker services for seniors and other homebound individuals, so they can remain safely in the comfort of wherever they call home. HomeWell is committed to helping people live life more fully and offers special programs for fall prevention, post-medical care, and life enrichment.
HomeWell Franchising Inc. is a premier franchisor with over 50 locations representing more than 100 territories across the United States. The company has a strong pipeline of new agencies set to open. HomeWell has been recognized as a Franchise Business Review Top 100 low-investment franchise and an Inc. 5000 company. For more information on HomeWell or to explore franchise opportunities, visit HomeWell Care Services or HomeWell Care Services Franchising.
