What Might Your First Year of Business Look Like as an Elder Care Franchise Owner?

Owning a small business can be a challenging yet immensely satisfying journey that will likely have you wearing numerous hats along the way. Owning an elder care franchise with Executive Home Care is no different, and it’s not uncommon for people to ask us what ownership entails, especially in the beginning. Let’s take a brief look at what your first year as a franchisee might look like.

Identifying and Setting Growth Goals for you Elder Care Franchise

Once you’ve opened your doors and hired your staff, one of the first things you’ll want to do as the owner of your new elder care franchise is identify and set growth goals. As an Executive Home Care franchisee, you’ll be overseeing your business at an executive level, leaving the caregiving to qualified staff. This will allow you to focus on the big picture, set objectives, and grow your client base.

Tracking your growth as a business owner isn’t just good for your bottom line; it’s critical to staying responsive and relevant, and one of the best ways to do so is to use key performance indicators or KPIs. A KPI is a significant measure of some sort of numerical or non-numerical performance and is often used to measure projects, processes, campaigns, and more. They track performance and progress toward a specific goal over time, helping to keep the most important goals of a business front and center. Below are some typical KPIs:

• Staff growth: How quickly is your staff growing? How many employees are you adding monthly, quarterly, or yearly? What is your goal? You can use payroll metrics to track this KPI.
• Client growth: By what percentage are you seeing client growth each month? What is your target number? You can use revenue over a set time period to help gauge client growth.
• Brand awareness: How many people know about your senior home care franchise? How are they finding you? Among other ways, you can track visits to your social media platforms and/or website to measure this KPI.
• Customer service: How quickly are inquiries being addressed? How does your staff address problems or issues? How flexible are they to special requests? You can use client reviews or surveys to gauge this KPI.

Networking with Your Community

One of the best ways to grow a new business is to get out there and network with your community. Your new Executive Home Care franchise will offer important senior care resources, and it’s vital that you let your community know that. Our corporate team will help you market your franchise to reach your best customers, but it’ll be up to you to establish some face-to-face time with them in ways that feel genuine and informative. Regular open houses are a good way to introduce seniors and their families to everything you have to offer. Joining business groups and your local Chamber of Commerce are two more smart ways to get the word out.

Networking is something you’ll do to a certain degree for the entirety of your career as an Executive Home Care franchise owner, but it will be an especially important responsibility in the early months of business.

Staying on Top of Industry Trends

The senior care industry is a robust and dynamic one, and staying on top of trends and advances in it is vital to your success. Fortunately, our corporate team always has its finger on that pulse and makes sure to share new information or developments with our franchisees on a regular basis. But you’ll want to keep abreast of the market, too, through publications and industry groups. The world of in-home senior care is very much influenced by economics, cultural shifts, demographics, and more, and staying knowledgeable will give you a competitive advantage that will serve you well.

Executive Home Care is a leader in the in-home senior care sphere. To find out more about our franchise opportunity, reach out today!