Executive Update with Margaret Haynes | 12.12.23
Duration: 32m 16s
Description:
Right at Home’s Jen Chaney, VP of Franchise Development, talks with Margaret Haynes, CEO & President, providing a general Executive Update and state of the union about the Right at Home franchise system, its growth, and organizational structure through mid-December 2023 and a look into 2024.
State of Right at Home
For our brand, 2023 was a great year from many different perspectives. We’ve seen an increase in the number of hours/week across the brand, and it continues to grow nicely. Right at Home was 14% higher in hours than we were a year ago. There are other positive metrics such as good bill rates, and good pay rates for caregivers. We are constantly expanding our footprint. In 2023 we added 24 new territories. As for the need for services, we are just on the cusp of a boom. 2024 and beyond looks to be an exciting year.
Increase in Hours
The increase in hours is attributed to many things. There are more franchisees in the network, as well as an increase in the number of hours in individual units. There’s been a focus on being the employer of choice in your local market so you can recruit additional caregivers. In 2023 we introduced different tools to drive leads in from a caregiver perspective, train them, and help the caregivers be successful.
Right at Home’s Competitive Advantage
Right at Home breaks it down to its core elements. It’s about experience and the relationships that we build, the relationships that we have with our franchise owners, and that the franchise owners have with each other. The culture that Right at Home has created also sets us apart. The additional elements of best practices creates an experience for the client and the caregiver. We help our owners build sustainable, profitable businesses. We know to have successful owners and engaged owners, we have to provide value. Ultimately, we think about the micro-experiences and want our franchise owners to be top-notch, because it’s the experience that really differentiates us.
Marketing Support for Owners
Marketing is really important, and we recognize that most of our franchise owners come in with a wealth of experience but typically not a wealth of experience across all elements of business ownership. We supplement our owners with information and education in areas that they don’t have a background in. On the marketing side, we have a brand fund, which is a national advertising fund that all franchisees contribute to. Our Strategic Leadership Council, which is made up of franchise owners, works side by side with our Chief Marketing Officer and her team to determine how to use those funds nationally and make each dollar work as hard as it can for the overall brand. The brand fund advertising focuses on driving brand awareness across all consumers, as well as local leads into their office. This allows the capability to buy TV advertising nationally, and purchase pay-per-click advertising that drives leads. We monitor those metrics alongside the franchise owners to ensure the program is producing the return expected. Corporate also provides marketing and online specialists that help with social media and websites as that can sometimes be overwhelming.
National Marketing Fund
Margaret notes that in 2022 the fund was around $7 million and in 2023, the fund was around $8.2 million. It’s growing as more franchises join the network. As your business grows, the fund contribution is 2% on the first million and then caps out at a $40,000 contribution.
Online Marketing Specialist (OMS)
When a franchise owner comes into the network, they are connected with an OMS. The OMS sets them up with a base website so they are ready to start their business. When owners come into Omaha for training, we produce video recordings for their website, because is so important to have that personal connection. Corporate helps make sure your website is working for you. We like to mesh with the needs of owners to make sure they have a well-presented, well-rounded presence from a social and online perspective.
Caregiver Training
When a new franchisee comes into the system, we teach them how to train their caregivers by providing key topics, and in some cases that might be dictated by the state they are located. The actual training and online tools available come from a third party that Corporate pays for. This allows the franchise to leverage different online trainings.
Performance Expectations
There are growth performance expectations for franchisees that are clearly outlined in the FDD. This starts after the first 24 months. We are not there to be heavy-handed, but want you to have a sustainable, profitable business. We have performance groups which are peer groups that serve like a board of directors to each other. They help push you and help you keep the entrepreneurial spirit and the drive to grow alive.
NEXT SCHEDULED TALK:
Check our website for the schedule of upcoming Tuesday Talks.
If you’d like to view some other Tuesday Talks, here’s a few you might like:
Caregiver Recruitment and Retention 10.31.23
Executive Update with Margaret Haynes 11.14.23
Marketing Your Franchise with Right at Home 8.23.23
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