Cost To Start A Homecare Business In 2020
Today’s post offers a no-nonsense breakdown of the costs to start a homecare business in 2020.
Read on to learn exactly how much you’ll need to get started with Executive Care, and find out how our opportunity stacks up against some other popular franchise opportunities.
How Much Does It Cost To Start A Homecare Business In 2020?
Let’s get right down to business: with Executive Care, your total initial investment will range between $99,650 and $161,900. This fee covers everything you’ll need to launch your business, from franchise fee to the estimated costs of food and hotel during your training. This initial investment also gets you:
- Fast startup. Refined startup processes, training systems, and the full support of our corporate team means you start making a return on your investment faster than the competition.
- A profitable model. Our comprehensive care model unlocks more than 7 resilient revenue streams to build your business, without the need for university degrees or medical training. We are also a private pay home care company, which decreases receivables and increases cash flow back into the business.
- Cutting-edge tools. Our franchisees use a robust, customized software package to streamline all business tasks, get better marketing results, and free up more time to focus on client care.
- A winning brand reputation. This is a trust-based industry where an established reputation will directly benefit your business. Executive Care has been recognized as a trusted care provider by FranchiseTimes, Franchising World, Forbes, and the International Franchise Association, as well as more than 15 years of glowing reviews and client testimonials.
- Round-the-clock support. Our franchise offers support services to answer any questions you may have. And members of your franchise family are always there to help!
You can lower your start-up costs even more by taking advantage of our discount programs, including:
- Multiple territory discounts—Second territory franchise fees are reduced to $35,900, and third territory fees are reduced to $29,500.
- Veterans’ discounts—Executive Care proudly participates in the International Franchise Association’s (IFA) VetFran program, which provides servicemen and women with a 20$ discount on their initial territory fee.
Cost-benefit Analysis: Why Invest In A Homecare Business In 2020?
Though the cost to start a homecare business will vary from brand to brand, the value of the investment remains constant. That’s because in the United States alone, the senior care industry has grown into an $84-billion behemoth. And since it’s showing no signs of stopping, there has never been a better time to get involved in senior care. In fact, by 2030, 1 in 5 Americans will have aged into your business’s “target demographic” and begun looking for qualified senior care providers.
- Homecare businesses are poised to profit due to increasing demand for respite services. Today, more than 1 in 5 Americans provide care for an aging loved one, and nearly 4 in 10 (38%) felt having respite services available would be helpful. This number greatly increased among caregivers who work longer hours, those caring for loved ones with memory problems or long-term physical conditions, and those balancing caregiving obligations with full-time careers.
- Health care workforce shortages increase demand for homecare businesses. While discussing possible causes for the massive upswing in demand for homecare services, AARP researchers pointed to “limitations or workforce shortages in health care or long-term services and supports (LTSS) formal care systems” (p. 4).
- More “elder orphans” need homecare in 2020 than ever before. The term “elder orphan” is used to describe seniors without spouses or adult children. These individuals typically rely on homecare businesses and community care resources to maintain their safety, comfort, and independence. In 2020, the AARP reports that the number of elder orphans is higher than ever.
Additionally, in light of the COVID-19 pandemic, homecare business opportunities become even more valuable. Consider this:
- COVID-19 increases the demand for qualified homecare specialists. Homecare providers help seniors reduce the risks of isolation, enforce hand hygiene, infection-control and contact-tracing recommendations, and minimize exposure by handling errands, grocery runs, and medication pick-ups. With many informal care arrangements disrupted by social distancing orders and travel restrictions, more Americans are relying on help from homecare businesses than ever before.
- Homecare businesses are “pandemic-proof.” Homecare businesses are now designated “essential services” by the US Department of Homeland Security. As such, homecare businesses get guaranteed continuity for the foreseeable future, even in the event that the economy closes once again.
In summary, starting a homecare business in 2020 gets you in “on the ground floor” in an industry with unprecedented demand and “pandemic-proof” resilience. Few other industries can say the same.
Franchise Cost Comparison: Why Start A Homecare Business In 2020?
By now you know the homecare business is eminently profitable, but how do the start-up costs stack up against other franchise opportunities?
Consider the start-up investment you’d need in these industries:
- Over $1-million to start an average McDonald’s franchise;
- Between $150,000 and $500,000 to start an average brick-and-mortar retail franchise;
- $350,000 or more to open a car wash;
- $150,000 or more to start a mid-level hair salon.
These are all perfectly good business opportunities to pursue. But none of them offer the same kind of growth potential and “pandemic-proof” resilience that the senior care industry does. And none give the same level of job satisfaction after a hard day’s work.
When you compare start-up costs, it’s not hard to see why senior care businesses are popping up all over the country. If you’re thinking about getting started, the time is now!
Is it possible to find a cheaper business opportunity? Absolutely! But how many other industries are valued at over $300-billion, with 20+ years of unprecedented growth ahead?
Book A Free Homecare Business Consultation With Executive Care
Call 1 (855)-393-2372 or fill out the contact form on the Executive Care website to start a free consultation and learn more about our exciting homecare business opportunity.