In-home Senior care franchise industry is still on the rise! A lot of people get in this field because it could be not only financially but also emotionally rewarding.
What does an in-home senior care franchise do?
As an in-home senior care provide, you will hire and send caregivers or nurses to take care of the elderly in his/her own home.
Why senior care industry?
Every day more than 10,000 people are turning more than 65 years old[i].
It has made a growing customer base and has attracted so many people in this field. When talking to current franchisees, most of times you hear that the challenge of finding customers is not as hard as other industries in this field.
What are different types of in-home senior care franchises?
Senior care Franchises are mainly categorized based in the type of services that they provide. There are mainly four category of services that an in-home senior care franchise normally provides:
Although franchise services can mainly be categorized in one or more of the above mentioned choices but some
come up with specialties in fields that differentiates them from others like the ones focusing on providing care for Alzheimer patients or ones who are specialized in working with long term care insurance clients. Other than that, some have added side services such as childcare support which helps increasing your income.
Who is a good fit for a senior care franchise?
Unlike what is normally assumed, having background in medical services is not the main specification of a good
potential franchisee for this type of franchises. Almost none of the franchisors need you to have such a background.
What they are looking for in a potential franchise are the following characteristics:
How much money do I need to start a senior care franchise?
When buying a franchise, you always have two requirements that you must meet:
How much money I can make by starting an in-home senior care franchise?
In-home senior care franchises are among the ones that their success is highly dependent on the franchisee’s
capabilities and efforts. Aside from selecting a good supportive franchise and a territory that has the proper demographics, the success of a franchisee will highly be dependent on his/her efforts.
The better connections he/she can make with referral sources in the healthcare industry and the better service
he/she can provide to his/her consumer and the better caregivers he/she can hire and retain, the better he/she can be successful in this business.
Usually if everything goes as planned, this type of businesses grows and make more money as they get mature
and established. When looking at franchisor’s financial data which is provided to you in item 19 of their Franchise Disclosure Document (FDD), you usually see that the longer the franchisees are in business, the higher their income is
shown.
It is not unlikely to see operating franchisees of this industry wo earns more than a million-dollar in gross sales after being in business for a couple of years.
As any other franchise, to find out how much income potential exist out there by starting a unit of senior care franchise, you need to look at item 19 of the franchise you consider buying and see if there is any income representation provided by franchisor in that item. You may also directly do your own research and talk to current franchisees to get data of their actual business performance.
What are the criteria for selecting a good in-home senior care franchise?
Usually the first item that limits your choices is your net worth and cash in hand. If you don’t have
enough of those, you will be limited to the ones that need less. The more financially strong you are, the more choices you will have.
Besides that, you will need to decide if you want to stay away from non-medical services which will definitely be easier to handle or have room or interest to include medical services as well. This will give you better opportunity for future growth while getting it more complicated and harder to manage the business.
After deciding on the type of franchise that fits best into your skill set and your constraints, territory will be the next important parameter. Most of the franchises in this industry sell exclusive territories meaning if they already have a franchisee in your desired area (territory), you won’t be able to buy a new franchise from them within the boundary of that territory. As for this type of business, it would be much better to start your business where you have lived for a long time as you know people who can help you expand your network and grow your business faster and sooner.
For that reason, your first step would be to know which franchises are available in your territory.
When you got to a short list of 2 to 3 franchises that matches your criteria, start communicating each franchisor and nitiate your due diligence process. Buying a franchise is a time-consuming process starting with reviewing franchise’s documents, seeing/listening to their presentations, talking to their franchisees and participating in their
discovery day to get a feeling of the franchisor’s culture and truth of their claims.
It always helps if you go forward in this process in at least two different franchises to get chance of comparing them together and use your time to make a good decision.
How could you get help in the process?
A franchise consultant has relationships with several franchises in the industry and has great information of what are the best franchises out there to start with. They can help you quickly check and find out a short list of franchises that matches your situation and are available in your territory. In Franchise Elites, we have long term relationships with top and some newer number of franchises in the industry and can check their availabilities in your territory very quickly. Also, with in depth information about their type of services, needed net worth, cash requirement, and …, we can help you to narrow down your search to that small group that you can focus when you want to make your selection. We start our process by considering your specification and help you to have a better understanding about it. Then we will introduce you some of the franchises that match your criteria and are available in your territory. If you become interested in going forward in the process of researching the franchise, we will introduce you to them and will coach you through the whole process of buying the franchise.
