Finding the Best Business Plan for Home Care Agency Startups
Today’s post compares 3 common routes for senior care business start-up – building from scratch, buying an existing company, and franchising – to determine the best business plan for home care agency success.
Starting your own business
For some people, the best business plan for home care agency success involves starting a company from scratch. The idea of being in complete control of a business sounds great, but be warned: there’s a lot of work involved.
If you’re thinking of starting your own business, take a look at the following checklist. This is only a taste of what you’ll need to get done before your company sees a profit:
Step 1 – Planning
The planning stage is the most prohibitive for prospective business owners, as it requires a great deal of financial, demographic, and marketing knowledge to do alone. This is where most entrepreneurs “wash out.”
- Choose your niche – whom will you serve?
- Research the market – what geographic area will you operate in? Who are your competitors? What services are in particularly high demand?
- Develop your plan – write an executive summary, mission statement, marketing plan, and budget; identify long and short-term goals, profit/loss and breakeven points, and legal structure
Step 2 –Pre-opening responsibilities
Once your plan is in place, you will have to invest a considerable amount of time and money into pre-opening obligations. This is the second “washout point,” as most businesses spend months in the pre-opening phase, idling “in the red” while behind-the-scenes work is done.
- Acquire capital – consider working with lenders, friends, or family to fund your business based on the budgetary plan you created in step 1
- Acquire training – will you be a manager or practitioner?
- Choose a location – find and furnish your first home care agency office with computers, software, communications equipment, printers, copiers, and more
- Establish marketing assets – social media pages, PPC campaign management, flyer distribution, and other marketing assets must be in place before you’re open for business
- Complete legal obligations – forms, payroll, licenses, tax registrations, and employer legalities must be in order before opening
- Staffing – prospects must be found, vetted with background checks and interviews, and trained before opening
Step 3 –Running your business
The work’s not over once you’ve secured your own training, capital, marketing assets, and staff. The senior care market will be highly competitive over the next two decades, which means ongoing marketing and service development will be needed to stay on top.
- Ongoing marketing – coordinating local and national campaigns to drive customers and solidify your brand reputation
- Continuing education – respond to changing care needs and keep ahead of the competition
As you can see, there’s a tremendous amount of labor and research involved in starting your own senior care service from scratch – developing a business plan for home care agency success is a life’s work in itself.
Buying an existing business
An alternative to starting your own business is to buy an existing one, but this should be approached with caution. You’ll find a variety of businesses for sale in trade publications, newspapers, and through business brokers, but you should always ask yourself why the owner is selling. More often than not, it’s because the business has problems, which makes buying an existing business more of a gamble.
Starting a senior care service franchise with Executive Care
Starting a senior care service doesn’t have to be a grind or a gamble. Our franchise system can empower anyone to senior care success, so long as they come with the right attitude, and a commitment to this invaluable service.
The Executive Care advantage means top-tier training, ongoing support, and access to a proven business plan for home care agency success. Furthermore, you’ll get the marketing power of our local and national assets, and enjoy total confidence in our legal compliance. Finally, you’ll get total control of your start-up costs, as our transparent approach eliminates the fear of the unknown and maps out your route to profitability in the early goings.
Executive Care ranked #11 on Entrepreneur Magazine’s Top New Franchises 2017 list. Find out why at http://www.executivecarefranchise.com.