Overall costs for Caring Transitions run anywhere from $58,312 to $82,112. See how the costs break down and what funding options might be right for your new venture into the franchise foray.
How COVID-19 affects franchising costs
Strict sanitation and employee protection measures during the coronavirus outbreak add to the typical costs you face when opening a new franchise. Paired with the unusually heavy amount of promotions that may be required by the franchise, you may not see as much in the way of profits starting out. For more information on what support is out there, read our guide to
loans for businesses affected by the coronavirus.
Estimated initial costs
Our cost estimates are accurate as of 2019 from
https://www.franchisedirect.com and include opening fees and expenses only. Your location may result in higher or lower fees.
Franchise fees
Caring Transitions franchise fees total around $44,900, which is more than the $37,000 average for the 200 largest franchises.
| Initial franchise fee |
$44,900 to $44,900 |
| Estimated total |
$44,900 to $44,900 |
Equipment fees
Equipment fees total $2,750 for Caring Transitions. This is less than the $180,023 average for the top 200 franchises.
| Furniture and equipment |
$500 to $1,000 |
| Computer system |
$1,000 to $3,000 |
| Estimated total |
$1,500 to $4,000 |
Real estate fees
Real estate will set you back $1,775 for Caring Transitions, thought it's less than the average of $788,376 for the top 200 franchises.
| Initial rent, telephone, bank and other deposits |
$350 to $2,000 |
| Monthly office rental payment |
$200 to $1,000 |
| Estimated total |
$550 to $3,000 |
Training fees
Caring Transitions initial training costs total $1,675, which comes in under the nationwide average of $9,788.
| Travel and living expenses while training |
$750 to $1,500 |
| Certified relocation transition specialist training and test |
$0 to $1,100 |
| Estimated total |
$750 to $2,600 |
Marketing costs
Advertisement and marketing costs total up to $3,500 for Caring Transitions, beating out the nationwide average of $9,938.
| Grand opening promotion |
$3,000 to $4,000 |
| Estimated total |
$3,000 to $4,000 |
Insurance costs
Initial insurance costs for Caring Transitions run $2,000. This means you'll be paying less than the overall nationwide average of $6,311.
| Insurance |
$1,000 to $3,000 |
| Estimated total |
$1,000 to $3,000 |
Administrative fees
Caring Transitions administrative fees total up to $112 — which comes in under the overall nationwide average of $6,761.
| Web hosting service |
$100 |
| Membership and association fees |
$500 |
| Estatesales.net |
$112 to $112 |
| Legal expenses |
Amount of expense advanced plus 18% interest. |
| Estimated total |
$112 to $112 |
Personnel costs
Uniforms, name tags and the like make up personnel costs, and for Caring Transitions it will run you $2,500. The nationwide average cost of personnel fees comes in at $22,818, which means you'll be paying less to outfit your employees.
| Sales employee |
$2,500 to $2,500 |
| Estimated total |
$2,500 to $2,500 |
Other expenses
Miscellaneous expenses for Caring Transitions total $11,000 — less than the nationwide average of $69,970.
| Six months' additional funds |
$4,000 to $18,000 |
| Estimated total |
$4,000 to $18,000 |
All costs were found using the 200 largest franchises nationwide using Franchise Direct's list of more than 300 franchises, and are accurate as of 2019.
How to finance
The best way to finance Caring Transitions comes down to your personal financial situation. What assets you have available will largely determine how much you need to borrow, and which option suits you best. Potential solutions include:
- Bank loan. Your personal credit plays a large role in getting a business term loan from a bank. Typically this type of funding is for larger amounts.
- Online loan. Credit requirements may be more flexible for an online loan than a bank loan, but amounts may max out at a lower amount — typically around $1 million.
- SBA loan. The good part about SBA loans is that they top out at $5 million, but your business has to meet a number of requirements.
- Credit card. Small costs that aren't fixed, such as stray inventory and supply purchases, may be better off on a business credit card. Just make sure you can pay it off quickly to avoid high APRs.
Also check if Caring Transitions franchise financing is available. You may be able to get some of the costs covered for less than you would with other traditional funding options.
Compare small business lenders
How Caring Transitions stacks up
Compare how Caring Transitions holds up against two similarly sized franchises.
| Average Franchise fees |
$19,950 |
$44,900 |
$34,900 |
| Average Equipment fees |
$42,700 |
$2,750 |
$1,125 |
| Average Real estate fees |
$3,000 |
$1,775 |
NA |
| Average Training fees |
NA |
$1,675 |
$738 |
| Average Inventory fees |
NA |
NA |
NA |
| Average Marketing fees |
$3,750 |
$3,500 |
$575 |
| Average Licenses and permits fees |
$4,000 |
NA |
$300 |
| Average Insurance fees |
$3,250 |
$2,000 |
$625 |
| Average Admin fees |
$1,250 |
$112 |
$1,400 |
| Average Personnel fees |
NA |
$2,500 |
$250 |
| Average Other fees |
NA |
$11,000 |
$1,775 |
Bottom line
Caring Transitions franchise costs run a total of $70,212. Before you decide to become a franchisee, compare the total costs against industry averages. And to learn more about financing
read our guide to franchise financing.
