How to Start a Home Healthcare Agency: Essential Research Tools and Strategies
Are you interested in learning how to start a home healthcare agency as part of the Executive Care team?
Today’s post shares some top research tools and strategies to help you find all the information you need to decide whether the Executive Care Advantage is right for you.
Check the brand’s “Candidate Criteria”
Most established brands will know what they’re looking for in new franchisees. Reviewing this information not only helps you make a great impression during your initial consultation, but also gives you an idea of what life will be like working with your chosen company.
This step will also save you a lot of time if it turns out your goals and expectations don’t align with the brand you’ve picked.
Getting Scientific with Google Scholar
Google Scholar is one of the best free tools to help you find empirical, peer-reviewed research on a variety of topics. While you won’t find any scientific journals publishing articles explicitly about how to start a home healthcare agency, you can search for senior statistics, aging trends, industry developments, and other information that will help you see your financial future as an Executive Care franchise owner. You can even narrow the search parameters to show only research published within the last year.
Ask Active Franchisees the Right Questions
If you’re wondering how to start a home healthcare agency, there’s no better resource than active franchisees. Though certainly not an exhaustive list, the following questions will help you obtain the right information:
- How long did it take to reach the break-even point (BEP)?
- Are you satisfied with the franchise training and support?
- Would you say your financial expectations are being met?
- How did your actual franchise investment compare to what was stated in Item 7 of the Franchise Disclosure Document (FDD)?
- How many hours per week are you working to run the franchise? Is this time commitment more or less than what you expected?
- Are you satisfied with how territories are defined and allocated?
Study Brand Reviews
A quick Google search for “[brand name] + reviews” will give you a tremendous amount of information about your prospective franchise’s reputation, customer service commitment, and online presence.
Of course, not all reviews are valuable. Many third-party review sites are full of one-sided stories and slanderous comments, some of which will be written and posted by competitors trying to tarnish other companies’ reputations.
This is where a little diligence goes a long way. Pay less attention to 1-star reviews from low-authority sites. Focus instead on mainstays like Yelp, RateABiz, and anything published by the Better Business Bureau.
Compare Startup Costs
High-quality companies will have relatively affordable “buy-ins” since franchisors know their model works and will remunerate them through royalties over time. These companies should also be quite transparent about their startup costs.
Executive Care estimates your first year initial investment will range between $99,750 and $151,000 which includes your franchise fee, recommended operating capital, and other startup costs.
Executive Care proudly participates in the International Franchise Association’s (IFA) VetFran program by offering veterans a 20% discount on the initial territory fee.
Review the Franchise Disclosure Document (FDD)
In particular, ask about Item 19, which holds information pertaining to operating expenses, sales, gross margin, and product and supply costs. If the franchisor won’t offer an Item 19 disclosure, consider it a major red flag, unless they’re a start-up.
Of course, you’ll need to book a consultation before you get access to this document. So if you want to learn more about how to start a home healthcare agency, call 1-855-393-2372 for a no-cost, no-commitment consultation.