Starting a Senior Care Franchise: Costs and Considerations
Today’s post breaks down costs and common considerations for those interested in starting a senior care franchise with Executive Care.
If you have been thinking about starting a senior care franchise, now’s the time. Though much of the information presented in this brief beginner’s guide may have a sobering quality for excited prospects, it’s hard to deny how quickly this sector is expanding.
The demand for senior care services is at an all-time high in 2017, but we’ve only scratched the surface. Population growth projections are anticipating that 1 in 5 people will be over age 65 by 2020. Taken together with the fact that life spans are increasing as medical science and food quality improves, this means that the senior population will be bigger than it’s ever been in only 3 years. And with more than 85% of surveyed seniors indicating that they prefer in-home care to commuting or relocation, we will see a tremendous expansion of the senior care industry.
One way or another, the unprecedented demand for at-home senior care will be met. Savvy entrepreneurs are now getting in on the ground floor, but there’s still time!
Contrary to popular belief, starting a senior care franchise requires no medical or healthcare background. Social work, rehabilitation therapy, and business management skills all carryover well to the senior care world, but are not required.
What you will need is the right attitude. Aspiring senior care providers need to be passionate about making a positive difference in the lives of their elderly patients. Empathy and compassion are key. Starting a senior care franchise also means dealing with difficult choices and realities, so a thick skin and measure of patience go a long way. Most importantly, you’ll need to remain dedicated, coachable, and open-minded throughout your journey.
Starting a senior care business on your own can seem like an attractive option, but it’s a tall task. Assuming you have the training and knowledge needed to simultaneously manage client care, bookkeeping, advertising, and staffing, you’ll still have to commit a lot of hours, money, and effort before you can open your doors for business. Even after you’ve furnished an office, sorted your insurance, and trained caregivers, you’ll need to put in the time to develop a reputation – this business is built on trust, after all. Realistically, it could take many months, even years, before you work your way out of debt and establish a decent reputation.
Starting a senior care franchise allows you to minimize risk, control costs, get more business, and provide a service that beats the competition.
Starting a senior care franchise is safer for a lot of reasons. Along with access to a proven system, you get the constant support and guidance of your franchise family.
Starting a senior care franchise allows you to control costs because you’re paying for a fixed “package” which includes the franchise fee, training program, advertising expenses, and so forth. Though this figure will vary slightly from franchisee to franchisee depending on individual rental fees and existing assets, you will know exactly how much you need to spend well in advance. This makes for better business planning and financing, as well as sounder sleeps at night knowing exactly what you owe.
Franchising with Executive Care also means enjoying the benefits of an established brand reputation from day-one. This translates to more business and a faster return on investment, while self-starters slog away for months trying to earn the trust of their community.
Finally, starting a senior care franchise means being able to offer a superior service that outperforms the competition. Our training program and ongoing support will fast-track your learning so you can better help your community and satisfy client needs.
How Much Will It Cost?
Visit http://www.executivehomecarefranchise.com for a detailed, itemized expense breakdown, as well as financing tips to help you realize your dream today.