How is Healthcare Like a Business? Reviewing Senior Care Opportunities in 2017
How is healthcare like a business?
Though we can point to Big Pharma, sports science, and the weight loss industry as examples, today’s post is specifically about senior care businesses. Read on to learn why senior care is such a great business opportunity for entrepreneurs in 2017!
Why is senior care such an exciting business opportunity?
- Strong demand for services. By 2050, the senior population will reach a record-high of nearly 90-million people 65 or older, many of whom will rely on senior care services.
- Resilient market opportunity. Aging is a fact of life, and seniors are living longer than ever as medical science continues its evolution. In other words, there will always be a need for senior care.
- Multiple revenue streams are available. Senior care businesses are extremely versatile. Beyond conventional home health care, there is a steady demand for housekeeping, companionship, transportation, and other non-medical services that business owners can take advantage of.
- Senior care businesses create jobs. Like any successful business, senior care companies create important jobs in the community. Executive Care employs registered nurses, healthcare support workers, marketers, and administrative staff.
What makes senior care businesses successful?
Like any business, a successful senior care company is founded on the following key elements:
1) Competent Planning and the Creation of a Distinct Corporate Culture
A successful business depends on a strong company vision, clear mission statement, and realistic goals.
At Executive Care, we center our vision and mission statement on the provision of unparalleled senior care services. Long-term, our objective is to distinguish ourselves as America’s top senior care company, which will allow us to help as many people as possible while also exceeding our franchisees’ big-picture investment goals.
Today, our mission is well underway, with Executive Care having been ranked #11 on Entrepreneur Magazine’s Top New Franchises 2017 List, as well as appearing in the Top Half of Entrepreneur Magazine’s 500 Franchises list.
2) Organizational Structure
A successful business depends on strong organizational structure, with clear roles assigned for everyone from the front lines of care to the back-end office administrators.
Executive Care deploys a proven business system that gives franchisees the option of working directly in client care or managing staff and infrastructure. Our refined process streamlines everything from startup to daily operations, eliminating the guesswork when it comes to organization.
Beyond this efficient internal structure, Executive Care is also organized into a larger franchise family, with different roles assigned to franchisee and franchisor allowing for optimal development. For example, this mutually beneficial franchise organization can be seen in the way the franchisor’s focus on branding, national marketing, and securing profitable partnerships allows the individual franchisee to focus on local lead development and day-to-day processes, which in turn contributes to a stronger brand reputation.
3) Quality Procedures
Every business need efficient, standardized procedures that produce consistent, high-quality results.
Executive Care’s procedures are polished and proven. With the help of our top-tier training program, our franchisees are taught everything from staffing, to marketing, to providing more than 7 in-demand senior care services.
4) Strong Leadership
Every business needs strong leadership.
When you start a senior care franchise with Executive Care, you are the leader of your business, but that doesn’t mean you’re all alone. As the leader of your individual location, you will work in partnership with your franchisor in a mutually beneficial relationship that strikes a perfect balance between autonomy and teamwork.