3 Steps to Success: Home Health Care Business Start Up Guide
Thinking of starting a senior care service?
We’ve boiled it down to 3 steps in this home health care business start up guide. Read on to learn the fundamentals for long-term senior care success, and find out why Executive Care is recognized as an industry leader.
1. Plan for success
No home health care business startup guide will be complete without a basic overview of this venture’s business planning requirements. Proper planning saves money on marketing, uncovers the most profitable sectors in your area, and gives you a chance to learn more about the industry you’re interested in. In the early stages, you’ll need to:
- Identify your niche. Home health care businesses come in many varieties, some focusing on more general care services like housekeeping and companionship, while others specialized in intensive live-in care for those suffering from debilitating chronic conditions.Though more general forms of care are currently seeing a higher demand, this will change as the Baby Boomer population ages into their 60s, 70s, and 80s.
At Executive Care, we offer 7 care services. This broadly defined “home care” niche allows us to maximize revenue streams and caregiving opportunities for franchise owners, and also gives the owner the freedom to specialize in a service of their choosing, should the market support it.
- Research the market. In-depth market research is essential for your company’s success. Proper research will help you select a geographic location for your office, inform your business’s service structure and expansion, and guide ongoing marketing efforts.Consider visiting potential competitors’ websites for inspiration. Executive Care has assembled valuable industry overviews and market breakdowns.
- Develop a strong business plan. Volumes have been written about writing successful business plans, and this topic is beyond the scope of a single article. Nevertheless, make sure yours includes an overview of your mission statement, marketing strategy, organizational structure, management plan, and financial information including start-up costs and ROI projections. For an idea of how your plan stacks up against industry leaders, take a look at the costs and considerations involved in running an Executive Care franchise.
2. Find the E.A.S.E.
EASE stands for Education, Attitude, Skills, and Experience, all of which you’ll need to run a trusted and successful senior care service. Quite simply, your home health care business needs to be more qualified than the family’s informal caregiver, and also better than your local competition. Acquiring this knowledge and disposition takes time and effort, and the certifications you’ll need are being updated all the time, which makes EASE a moving target for self-starters.
While this home health care business start up guide can’t teach you all that’s involved with senior care, marketing, staff management, and business bookkeeping, Executive Care’s training and support system can. Our training includes pre-opening planning and business development, initial franchise training, on-site support, team develop and continuing education, back-office curricula, and so much more.
3. Tell your story
A smart businessperson once wrote that “marketing is the key to monetization,” and they’re right. It doesn’t matter whether you’re offering premium care services – nobody is going to turn to a company they don’t know exists. If you want your company to make the biggest profit, and help the greatest amount of people, you need to tell your story with effective, ongoing local and national marketing.
Marketing is a discipline unto itself, and its changing rapidly in the internet age, but its cornerstone role in senior care success is undeniable. That’s one of the reasons Executive Care includes effective marketing assistance designed to increase client traffic, grow sales, and help franchisees build lasting relationships in their community. Beyond the marketing training and support, franchising with Executive Care also gives your business the benefit of an established brand reputation – we were ranked #11 in Entrepreneur Magazine’s list of Top Franchises in 2017 in part because of the marketing edge we grant our partners.
Learn more about franchising with Executive Care
Visit https://www.executivecarefranchise.com for full cost breakdowns, home health care business start up guide, and to request a free consultation!