What You Should Know Before Buying a Home Care Franchise Business
Photo from Preferred Care at Home
Do you want to help others and start your own business? Do you have a lot of experience with caregiving for elderly or disabled people and would like to do it full time?
If so, then buying a home care franchise might serve your needs well. However, before you sign on the dotted line and make an offer, there are a few things you should know about what’s involved in becoming a franchisee. Hopefully, this post will help you decide whether starting your own senior care franchise is right for you.
To learn more about what you should know before buying a home care franchise business, keep reading.
America’s Families Need In-Home Care
In any society, family members and friends make up the most basic support network. Increasingly, however, these individuals are caring for aging adults with sicknesses or disabilities.
It can prove challenging to take on this responsibility. Nevertheless, these unpaid caregivers are woven into the fabric of American society. They’re serving as long-term support for people who need it the most.
The population is continuing to age. As they do, caregivers as a cornerstone of society will become more important.
Currently, over one in five adults in America fulfill the role of caregiving. Within the last year, these individuals have spent some time caring for an adult or a child with special needs.
Altogether, an estimated 53 million adults took on this role in 2020. That number was up from 43.5 million caregivers in 2015.
A growing number of Americans are stepping up to care for friends, family members and neighbors. These individuals may need assistance because of health or functional needs. This demand is especially prevalent among the aging Baby Boomer population.
Challenges of Today’s Family Caregivers
Moreover, a growing number of caregivers are providing care for multiple individuals. Also, the number of people who describe caregiving as part of their daily activity is on the rise.
Today, aging adults are more likely to need long-term care due to physical conditions. There’s also a slight increase in the number of older adults grappling with mental health issues and memory problems.
Physicians have even diagnosed some of these individuals with conditions such as Alzheimer’s and dementia. As a result, it’s becoming more challenging for people to take on the role of a part or full-time caregiver.
Many caregivers take on the responsibility of caring for an older adult without the aid of affordable services and adequate support. They do so despite the increasingly complex health needs of care recipients. Still, there are fewer incidents of care recipients needing overnight hospitalization thanks to the good work of caregivers.
A mere 30% of today’s caregivers report receiving paid help. As for other support, health care and long-term support systems in the United States are fragmented.
As a result, providers must transport care recipients to many different settings for care, services, and support. Providing this kind of rigorous assistance in addition to managing life’s responsibilities can prove frustrating, stressful, and expensive.
You Can Help While Earning a Living
If you’ve been considering buying an assisted living franchise, you can help today’s struggling caregivers.
However, a franchise agreement is about more than buying a franchise. It’s an investment in a proven system. A franchise comes with many benefits, including:
- Brand recognition
- Continuing support
- Established operating methods
- Proven sales
These benefits will help you attract and keep a loyal client base.
With a franchise for senior care, you’d go into business for yourself. However, you’re not by yourself. More importantly, franchisor support will help get you started helping others quickly.
You’ll also have the camaraderie of other franchisees. With the franchise business model, the franchisor and franchisees collaborate to work toward success.
Together, you can help to increase the value of the brand. This is a shared responsibility that benefits everyone involved. Everyone works together to make the brand a leader in its field.
The franchisor will establish metrics for consistency, convenience, and quality. They’ll also help you determine what factors will help you to achieve success for all stakeholders—especially for those for whom you provide care.
We’ll Help You Get There
You don’t have to have any expertise in home health care to start a franchise with Preferred Care at Home. Nor do you need expertise in health care franchise operations.
If you’ve ever done a search for “home care franchise near me,” Preferred Care at Home may serve as the opportunity you’ve been looking for. We have available opportunities across the United States.
Many of our new home care franchise partners aren’t health care professionals. Some don’t even come from medical backgrounds.
For example, some people have made the switch from fields such as accounting. Other various businesspeople also make the switch to home health care franchising.
What is important, however, is that you’re highly motivated to make a positive difference in the lives of those who need in-home care. You must have a passion for the industry. It’s also helpful to prefer the structure of an established system.
There’s plenty of time for you to become an expert once you get started. If needed, you can even eventually hire experts to work on your team.
A franchise opportunity gives you the benefit of months of support and onboarding. When you succeed, the franchise succeeds.
Accordingly, a good franchisor will do everything in their power to help you succeed in the field. Once you’ve been accepted as a franchisee and complete all paperwork and payments, the franchisor will be right by your side every step of the way. In fact, you’ll receive support as long as needed.
The Business Side of the Business
To remain in a franchise, you must pay franchise and royalty fees. These fees go directly toward helping you grow your business.
They’re a normal part of franchising. More importantly, the fees exist for a good reason.
They give you access to a trusted brand, name, and trademarks. Franchise fees also give you access to comprehensive coaching and training.
You’ll also receive in-house marketing support. What’s more, you’ll learn to operate your home care franchise business using a proven formula for success.
Investing in a franchise is not like starting your own in-home care business from scratch. When you start from scratch, you must finance your brand, website, marketing campaigns and pay to attend industry conferences.
With a franchise, however, your upfront investment and a small portion of your monthly revenues give you access to all these important business functions. Without the support of a franchise, you could spend years building an equivalent operation for your business.
However, there’s another aspect of franchising that you may not have considered. By joining a franchise, you’ll gain instant access to a network of like-minded business peers.
Life as a Franchisee
One highlight of home care franchise ownership is the annual franchisee conference. Yearly franchise conferences are inspiring and educational. In a way, it’s like a fun family reunion.
Each year, you get to catch up with business associates that you’ve met at previous events. You’ll also participate in highly beneficial workshops and forums. You’ll even get to attend social events where franchisees get together to talk about the year’s successes.
The annual franchise conference is a phenomenal opportunity to learn how to run your business better and better serve the community.
The Preferred Care at Home Annual Conference is a remarkable event. There, franchise owners from across the nation gather to learn, grow and support each other.
It’s a great time of year for franchise owners. It’s also a good reminder of the drive and passion of Preferred Care at Home franchisees.
Each year, franchisees connect to further their quest of providing quality senior home care services. They also soak up a renewed vision and eagerness to serve communities, families, and seniors.
The great thing about the annual Preferred Care at Home conference is that it’s evident that everyone loves what they’re doing. Our franchise owners live for the opportunity to help older adults who want to age in place comfortably.
Making Sure Things Fit
A Preferred Care at Home franchise is an excellent opportunity to combine your passion for caregiving with entrepreneurialism. However, it saves you from the grunt work of starting a new business from scratch.
You’ll immediately have access to a business model that already works on all levels. Our franchise is market-tested. You’ll also start out with an active pipeline of clients.
So far, the idea of a home care franchise may sound appealing. However, you want to make sure that it’s the right vehicle for your needs. A franchise is a long-term investment.
With this in mind, there are a few things that you want to consider.
Start With Introspection
Simply put, you’ll want to begin by thinking about who you are as a person. For instance, military personnel do well with the franchise business model.
Over the years, they’ve become accustomed to following a specific set of rules. They’re familiar with operating within a highly regulated system. A franchise system works in much the same way.
You may have a creative streak, and that’s fine. However, home care franchises don’t leave much room for creativity.
Franchise operation is more science than art. Rather than creating things, you’re an implementer.
Learn All You Can About Franchises
Franchising is very different from other business models. Before you approach a franchise, you’ll want to learn everything you can about how they work.
The business model has many intricacies. For instance, franchisees must spend a specific amount of money on advertising.
However, as a home health care franchise owner, you don’t control the advertising budget. This kind of understanding of the model is important for evaluating a franchise opportunity.
You can begin learning about franchises by reviewing publicly available information. For example, the FTC publishes “A Consumer’s Guide to Buying a Franchise.” This publication is a good source for learning the basics of franchising.
There are a couple of other information sources that you may find helpful. These sources include:
- Franchising 101 – The International Franchising Association
- Roadmap to Selecting a Franchise – the American Association of Franchisees
These resources should give you a good idea of what it’s like to operate in the franchise environment.
What Do You Bring to the Franchise?
You’ll also want to assess your strengths as an entrepreneur. For instance, how do you feel about responding to warm leads?
You may love the idea of providing care for those who need service. You might even find that you’re happy with an administrative role that meets this objective.
Yet, you want nothing to do with the sales process of connecting clients with what you have to offer. However, sales are one of the most important parts of any business. If you don’t generate revenue continually, your franchise will fail.
Dollars and Cents
Finally, you’ll want to think beyond the minimum requirement for buying into a franchise. Usually, a franchisor will provide you with the franchise fee and the costs for any equipment.
You also need to think about what you need to invest in getting your marketing machine up and running. You must also know how much profit you need to generate to break even.
Furthermore, you must be prepared to endure a period of net losses. When entering any business, it takes time to recoup your investment. Eventually, however, with enough dedication and passion, your home health care franchise business will catch on.
Learn More About Starting a Home Care Franchise
Now you know more about what you should know before buying a home care franchise business. Hopefully, you’ve learned what you need to decide whether this kind of opportunity is right for you. If so, Preferred Care at Home is here to help you from the start and throughout your career.
Preferred Care at Home is a franchise opportunity that offers the best of both worlds—you can earn a great living while also providing high-quality care for seniors in need. What’s more, we’re the best home care franchise in the business. We offer training, support, and ongoing education so you can feel confident about caring for others as well as yourself.
Contact Preferred Care at Home today at (866) 690-7733 or connect with us online to schedule a call about your future in professional home care.