What Kinds of People Start Senior Healthcare Franchises?

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There has never been a better time to buy a senior healthcare franchise. America is aging like never before, with 1 in 5 members of the population expected to be 65 or older by 2030. Soon older adults will outnumber children. Can you think of another industry whose target market is multiplying in record number?

The nature of aging is changing, too. Lifespans are increasing, which ups the demand for specialized and intensive care across the country – more great news for senior healthcare franchises!

At the same time, many seniors are enjoying greater mobility and independence for longer due to advances in medicine, nutrition, and technology. As a result, senior care settings are also changing in ways that support our senior healthcare franchise model. Now people are demanding in-home care like never before; according to a recent study by the AARP, more than 90% of surveyed seniors planned to “age in place” instead of moving to a nursing home.

Clearly the timing is right for your new business venture, but do you have what it takes to start a senior healthcare franchise? Read today’s post to find out, and discover more about the Executive Advantage.

What Kinds of People Start Senior Healthcare Franchises?

Successful senior healthcare franchise owners have 3 things in common:

  • Human Capital, which includes high-level education, business experience, and personal motivation.
    While you don’t need a doctorate to run a senior healthcare franchise, you do need comprehensive training and education, all of which is provided by the Executive Care startup program.
    Business experience accrues over time, but Executive Care franchisees get access to all of the collective insights and experiential knowledge our franchise family has gathered over the years, along with responsive support and coaching from industry veterans.
    Personal motivation is totally intrinsic – you either have it or you don’t. But if you’re reading this article and putting in the research, odds are good that you qualify.
  • Organizational Capital, which refers to the business’s capacity to adapt quickly to changes and implement successful strategies. The senior care industry is changing rapidly, and successful business people need to know how to turn new developments and demographic trends into opportunities, rather than going the “Blockbuster route.” Executive Care’s expansion into transportation services through select partnerships with Lyft is a great example of an adaptive strategy that turned a potential threat into an opportunity.
  • Relational Capital, which refers to the development of productive business networks, as well as having immediate access to critical stakeholders. This is one of the hardest “success currencies” to acquire, as it takes time to network, build trusting relationships, and establish open channels of communication. But that’s all built into the Executive Care senior healthcare franchise model, where new franchisees instantly expand their professional networks to include their franchise family and stakeholders.

While it may seem daunting, starting a senior healthcare franchise is within reach of anyone with the right attitude and the Executive Advantage!

But Can I Afford To Start A Senior Healthcare Franchise?

The average startup investment for Executive Care franchise owners is $99,750 to $151,000, which $44,500 to $68,300 of working capital, along with everything else you’ll need to run your business. For context, that’s a fracture of what you’d pay as an initial investment for a stand-alone restaurant franchise, not including the land or lease costs.

You can find an itemized breakdown of this investment here, or call 1 (855) 393-2372 to speak with an Executive Care representative.

Resources

Pena, I. (2002). Intellectual capital and business start-up success. Journal of Intellectual Capital, 3(2), 180-198.

Walker, E., & Brown, A. (2004). What success factors are important to small business owners?International Small Business Journal, 22(6), 577-594.