The Road Less Traveled: Starting a Non Medical Home Care Agency with Executive Care
Today’s post illuminates the risk of starting a non medical home care agency on your own, and how the Executive Advantage sets businesses up for success.
Going Solo: The Risks of Starting a Non Medical Home Care Agency
If you’re reading this post, you’ve undoubtedly heard about the senior care industry’s incredible supply and demand ratio. Seniors will soon outnumber children under 5 in America, with 1 in 5 people set to age over 65 by 2030, which will cause a massive spike in demand for a variety of non medical home care services. At the same time, healthcare experts remain concerned about the availability of care services–just read this report by the Atlantic, which estimates 1.2-million job vacancies will appear for registered nurses between 2014 and 2022.
The need for long-term care has never been greater, yet nursing and caregiver shortages persist. If you’re serious about starting a non medical home care agency, there has never been a better time.
But is going solo the best option? Research says otherwise.
According to the United States Small Business Administration, 30% of self-starters fail within the first two years, 50% within the first five, and 66% during the first ten. And a recent report from Bloomberg went as far as to suggest that 8 out of 10 entrepreneurs who start businesses fail within the first 18 months–that’s an 80% failure rate.
Why Do So Many Self-Starters Fail in the First Year?
Though market conditions are promising, starting a non medical home care agency has massive barriers to entry without the right training and support.
Let’s review a few pertinent reasons why self-starter businesses tend to fail in the senior care industry:
- Overcoming the learning curve. A successful non medical care company owner must know how to choose a prime location, market their company, conduct back-office duties, provide qualified care services, design and run a website, and much more. Opening your doors for business without these skills in place is as unprofitable as it is unethical.
- Trying to build a reputation from scratch. The senior care industry is all about trust, and trust takes time to build, even for outstanding care providers. Unfortunately, most self-starters simply can’t stay afloat long enough to build the trusted reputation they need to bring in new clients. It’s especially hard when they’re trying to compete with proven brands like Executive Care.
- Failure to communicate value propositions. Marketing your care services is critical, but many self-starters lack the resources and knowledge to do it right. Unfortunately, it’s not as easy as Google Adwords makes it out to be. Without comprehensive market research and a familiarity with various marketing channels, your marketing budget goes to waste, pushing you further “into the red” without producing any tangible results.
- Inability to nail a profitable business model with proven revenue streams. When starting your non medical home care agency, a profitable model with multiple proven revenue streams is essential. Companies who try to skirt their educational requirement by offering only homemaking or companionship services will struggle to assert themselves in the senior care sector, and face competition from established companies in ancillary industries (e.g. other house cleaning services).
- Failure to plan or estimate expenses. Failing to plan is planning to fail, but it’s hard to predict start-up costs when you’re new in the business. Unfortunately, many self-starters’ estimates are way off, and some shut down before their doors even open for business.
The Road Less Traveled: Getting Started with Executive Care
|Two roads diverged in a wood, and I—|
|I took the one less traveled by,|
|And that has made all the difference.|
-Robert Frost, “The Road Not Taken”
Though franchising is growing more popular every day, it remains the “road less traveled” compared to self-starting, if only because of persistent myths about how these systems work.
In truth, starting a non medical home care agency with Executive Care mitigates start-up risk and sets entrepreneurs up for success.
- Beat the learning curve with top-tier training and ongoing support from our team. Some of our most successful franchisees started with no caregiving experience.
- Hit the ground running with a winning reputation. All Executive Care franchisees enjoy the benefits of a trusted brand reputation from day-one.
- Beat the competition with cutting-edge marketing tools and practices. Our marketing training and exclusive software helps communicate your value propositions via highly targeted local advertising that gets results.
- Take advantage of our proven system. Our business model creates more than 7 proven revenue streams to ensure your profitability.
- Set and achieve your business goals. We are totally transparent about start-up costs, and our Onboarding and Operations Support Team ensures you’re continually setting and achieving smart business goals.
Take the road less traveled. Learn more about starting a non medical home care agency with Executive Care at https://www.executivehomecarefranchise.com