3 Keystones for Senior Home Care Business Success
Today’s post runs down 3 keystones for success in the senior home care business. Read on to learn what it takes to get a foothold in the booming home care industry, and explore Executive Care opportunities in your area!
Experience in the Senior Home Care Business
The senior home care business is booming. And while you can’t complain about an historic surge in the demand for home care services, the “Graying of America” has made the senior home care business a lightning rod for potential investors. That means an increase in competition.
If you want to challenge the competition and come out on top, you’ll need experience. That means either putting in the time or partnering with industry vets like us.
We’ve been in the senior home care business since 2004. In the 14+ years since, we’ve only improved our model and furthered the reputation that has buoyed our success.
A Trusted Reputation
There is extensive research on the real impacts that a company’s reputation have on their profits, productivity, and longevity (Yoon et al., 1993; Park & Lee, 2009). But nowhere is trust more important than in the senior home care business.
Your senior home care business success relies on a trusted reputation, both online and offline. Every time you “make a sale,” clients entrust you with the health and happiness of their most vulnerable family members. Let that sink in.
Fortunately, Executive Care is recognized as a trusted senior home care authority, and our franchisees reap the benefits in the form of regular referral and organic lead generation.
Low-cost, High-quality Care Options
The need for senior care is universal; people grow old regardless of their social or economic class. Thus, in order to maximize your profits and caregiving opportunities, senior home care businesses need to move beyond premium pricing strategies that only skim the top of the market. Affordable care options are essential.
Economy pricing is an effective alternative in today’s climate, which has been described in literature as the “gold rush” of senior care (Stotts&Deitrich, 2004). There are at least two ways of achieving this – you can price your services way below the competition, or increase the value of your offering in relation to what the competitor is offering for the same amount.
Since each Executive Care office is independently owned and operated, exact home care rates vary. But our brand’s mission to bring affordable home care into communities across America ensures fair pricing and services of the highest quality.
For an affordable price, clients receive a custom Plan of Care that developed alongside the family and client, and delivered by a licensed, trained, bonded, and vetted caregiver. All in-home care services are available 24/7, 365 days per year, and clients always have access to a registered nurse.
Furthermore, our senior home care business guarantees no hidden costs or fees, and we never lock clients into contracts. In doing so, we simplify financial planning and care budgeting.
Finally, every care service includes light housekeeping and errand services at no charge. Though not a complete top-to-bottom house-cleaning, this added bit of help saves families money that would otherwise be spent on additional housekeeping services.
By providing high-quality, low-cost care, our senior home care business targets multiple demographics and socioeconomic statuses. In doing so, we maximize our franchisees’ opportunities to profit and help community members in need.
Park, C., & Lee, T. M. (2009). Information direction, website reputation and eWOM effect: A moderating role of product type. Journal of Business research, 62(1), 61-67.
Stotts, N. A., &Deitrich, C. E. (2004). The Challenge to Come: The Care of Older Adults: The senior boom is on its way, and with it comes new demands on clinicians. A new AJN series asks: are nurses ready?.AJN The American Journal of Nursing, 104(8), 40-47.
Yoon, E., Guffey, H. J., &Kijewski, V. (1993). The effects of information and company reputation on intentions to buy a business service. Journal of Business research, 27(3), 215-228.