How to Start a Home Healthcare Agency: Self-Starter Checklists and Alternatives
Though it requires patience, compassion, and a measure of physical and emotional endurance, working with the Greatest Generation in a home-care environment is as gratifying as it sounds. There’s nothing better for the soul than being the one responsible for keeping somebody’s loved one safe and comfortable, and there’s nothing better for business than on the front lines part of what market analysts call the fastest growing sector in the booming healthcare industry.
In today’s post, the Executive Home Care family introduces the topic of how to start a home healthcare agency, covering 3 preliminary steps that need to be taken before you can open your doors for business. We approach this common question from two perspectives: that of the self-starter, and that of the franchisee. Get the facts and find out which of these business paths best suits your personality and budget.
How to Start a Home Healthcare Agency on Your Own – 3 First Steps
- Planning your business. The first step involves a lot of planning. Unless you come from a background in home healthcare, you will need to spend a considerable amount of time learning about marketing research, how to conduct it, and where to find authoritative information and statistics to support your investment decisions.
This step is one that both self-starters and prospective franchisees will have in common; it’s where you decide whether the market’s pace and projected growth meets your needs, and whether this job is right for you. Granted, researching a franchise is generally a lot easier, as there are people whose entire job description revolves around preparing information packages for prospective franchisees. Franchisees also get concrete numbers for projected expenses, return on investment timelines, and royalty fees to factor into their planning, while self-starters are usually just making semi-educated guesses.
Unlike franchisees, self-starters will need to plan out their business model. Is it better to pursue a sole proprietorship, partnership, corporation, or cooperative model? Answering this question will require another considerable time investment as you learn about all of the different avenues your business can take. Franchisees benefit from a fixed system with a clear path, which eliminates a lot of the “treading water” required before self-starters can open for business. That might not seem like much, but walking into an established system means opening your doors for business sooner, and working your way to a healthy ROI before your self-starting competitor!
- Naming your business. This is a big decision. Your name needs to communicate the nature of your business. The best names also say something about the brand’s style or philosophy. Once you’ve chosen a name, you’ll also need to start building it up with branding. This can literally takes years, and some businesses never build their name to an appreciable level.
On the other hand, franchisees skip past this step entirely, walking into an established brand name and enjoying all of the benefits of having a trusted reputation in the US.
- Choosing the right location. Choosing the right location is another critical pre-opening decision. You want somewhere that isn’t dwarfed by competition, yet isn’t too remote. Working with a franchise eliminates this step, trusting the decision to a team of territory analysts who are dedicated to building the brand through your personal success. If you’re trying to start the business on your own, you’ll need to sink a lot of time and effort into this decision. You also won’t be protected from other local competition in the same way our franchisees are.
Want to learn more about how to start a home healthcare agency through the Executive Home Care franchising system? Visit https://www.executivehomecarefranchise.com today!