Starting A Senior Care Home Business: All You Need To Know
If you’ve ever thought of starting a senior care home business, today’s post is for you. Read on to learn all you need to know about start-up opportunities, costs, and criteria.
Starting A Senior Care Home Business In 2020 Makes Sense
Thinking about starting a senior care home business in 2020? The timing couldn’t be any better.
America’s senior population is bigger and growing faster than ever before. Between 2016 and 2020, the US population of adults over the age of 65 grew from 49.2 million to 56.4 million, according to research by the Administration for Community Living–that’s a growth of 7.2 million seniors over 4 years! This echoes research by the AARP indicating that roughly 10,000 individuals age past 65 every single day, and will continue to do so for the foreseeable future.
This unprecedented senior population growth translates to unprecedented demand for senior care services, which many older Americans currently rely on to successfully “age in place” while maintaining their independence and quality of life. Can you think of any other industries that are seeing this kind of exponential increase in target audience and service demand over the next 3+ decades?
What We Look For In Senior Care Home Business Owners
Our idea of the “perfect candidate” for franchise success has nothing to do with senior care experience or investment capital. So long as you have the right attitude, sufficient start-up capital, and a sincere desire to help America’s senior population, you make your business dreams a reality.
We can summarize the ideal characteristics of a successful owner as follows:
- Strong leader
- Readiness to learn
- Passion to succeed
- Strong time-management skills
- Ability to multitask
- Strong community ties
- Commitment to the principles of the Executive Care system
Costs Of Starting A Senior Care Home Business
Starting a senior care home business costs less than you think.
Estimates by The Balance – Small Business figure the average start-up cost for the leading sub sandwich and fast food restaurants (who will remain nameless!) at $263,000 and over $1-million, respectively.
Starting a senior care home business with Executive Care costs much less–well under $200,000, as a matter of fact. On average, total startup expenses range between $99,650 and $161,900. This figure includes the franchise fee, territory rights, operating capital, and all other startup costs (e.g. office supplies, signage). It also includes a significant chunk ($40,000 or more) of working capital to retain for emergencies in the early goings.
Executive Care also offers discounts to veterans as part of our participation in the International Franchise Association’s (IFA) VetFran program. Contact our team to learn more.
Why Use The Executive Advantage Instead Of Starting On My Own?
The benefits of starting a senior care home business with Executive Care include:
- Access to a proven business model that has built multiple home care businesses across America
- Powerful brand reputation that drives sales and builds trust from day-one
- Streamlined start-up process
- Comprehensive training
- Ongoing support with sales, marketing, operations, and more
- Access to a robust technology and operating system
- Exclusive territory sales rights, and more!
Book A Free Senior Care Business Consultation
Call 1 (855) 393-2372 or visit the Executive Care website to book a free consultation and get all your questions answered!