Starting a Home Care Agency in 2018
Are you considering starting a home care agency in 2018?
If so, you’re not alone. The senior care market has never been hotter, and prospective owners have more resources available to them than ever before.
But with so many different brands and franchise systems to choose from, the decision of where to get started can be a difficult one.
Today’s post is designed to help you get started by detailing two of the most important early steps to ownership: researching the opportunity and accruing start-up capital.
Read on to learn how to go about starting a home care agency in 2018, and why Executive Care is the smart choice!
Researching the Opportunity
The first step to starting a home care agency in 2018 is conducting diligent research about the market, available territories, and potential opportunity.
Here’s a glimpse of what makes 2018 the perfect time for starting a home care agency with Executive Care:
- Thousands of new “customers” every day. According to research from the Social Work in Health Care journal, the rate at which Americans are aging past 65 has never been greater. Seniors over the age of 65 accounted for only 10.5% of the population in 1975, but recent estimates suggests this figure will grow past 20% by 2030 (Spitzer et al., 2004, p. 22-23). According to these projections, 10,000 Americans will be aging past 65 every day for decades.
- Unprecedented demand for homecare services. According to an AARP study, nearly 90% of Americans prefer to stay in their homes as they age. Today, homecare services are seen as a favorable alternative to assisted living centers, if only to avoid the disruption of a major move.
- Executive Care’s model has never been better. We have been polishing our business model, marketing processes, and support services in the 14 years since our launch. As a result, our franchise system has never been stronger. Listen to our franchisees’ success stories here.
You can find a full industry overview at https://www.executivehomecarefranchise.com.
Accruing Start-Up Capital
Naturally, one of the most prohibitive stages of starting a home care agency is acquiring the funds to get started.
There are plenty of guides out there detailing the best ways to approach family, friends, and lenders. But starting a home care agency with Executive Care is so affordable that you may not even need to consult them!
On average, the startup cost for an Executive Care business is $100,000, which includes between $44,500 and $68,300 of your own working capital. While Veterans’ discounts make our opportunity even more affordable, there are also plenty of opportunities to save money on office equipment, vehicles, and rent if your budget demands it.
For more information on financing, investment costs, and information on how to start a home care agency this year, visit https://www.executivehomecarefranchise.com. One of our representatives will be happy to answer any questions you may have.
Schoen, C., Osborn, R., How, S. K., Doty, M. M., &Peugh, J. (2009). In chronic condition: experiences of patients with complex health care needs, in eight countries, 2008. Health affairs, 28(1), 1-16.
Spitzer, W. J., Neuman, K., & Holden, G. (2004). The coming of age for assisted living care: New options for senior housing and social work practice. Social Work in Health Care, 38(3), 21-45.