Get Ready for a Changing Industry
This is an exciting time to break into the home health care franchise industry. Growing demand for senior care, and a lack of viable options, are creating an increasing demand for solutions.
Already today, there are more than 43 million unpaid caregivers across the United States.
For some families, having one individual care for another, or making it a group effort, makes sense. But for families where all adults need to work, space is at a premium, or an aging senior’s medical needs are increasing, this may not be an option.
And this is a problem that’s only getting worse.
By 2030, the Baby Boomer generation, born in the 1960s, will be between the ages of 66 and 84. The generation consists of more than 61 million people. An additional 9 million, those born before 1946, will be approaching their 90s or well on their way to 100 years old.
This means there will be more than 70 million individuals who will either be in need of care or a few years away from needing some form of care.
At the same time, nursing homes were hit hard by COVID-19, leading many to close their doors permanently.
This, in conjunction with a growing demand for seniors to stay in the comfort of their homes, will lead to a rapid increase in demand for home health care.
Understand Why Families May Opt for Home Health Care
Understanding why families may opt for home health care over a nursing home or other option is important if you’re going to run your own franchise. You want to be able to not only answer their questions but also provide insight into what they can expect with either option
Choosing between a nursing home or home health care isn’t a decision to be taken lightly.
There are a number of reasons why families might turn to nursing home facilities. If their loved one needs around-the-clock medical care, they may feel that this is their only option. Their loved one’s current home may no longer be a safe place for them to get around. Or, they may simply feel comfortable with nursing homes, as they’ve been the popular choice—and, at times, the only choice—for many years.
Families may have been using the same local nursing home for several decades now. This makes it a comfortable choice.
But many of these beliefs come from a lack of home health care options in the past. A few decades ago, professional home health care was unheard of. Now, it can provide seniors the care and attention they need.
Some individuals need help with simple, routine everyday tasks. Others need around-the-clock medical attention. In either case, home health care can provide it. And, it can provide it while allowing individuals to stay in the comfort of their own home.
This could mean being able to stay at home with a spouse who doesn’t need care. Or it might be a chance to stay in a home that’s close to other family members or to stay with their beloved pets.
Even if a family feels that they have properly vetted a nursing home (after all, cases of nursing home abuse have risen in recent years as well), they may not be getting the comfortable option that they think they are. Private rooms are often quite expensive, and things like extracurricular activities and food can vary widely from one facility to the next.
Read Your Franchise Agreement With Care
Understanding the industry may be the first step towards owning your own successful home health care franchise. But once you’ve mastered the industry, it’s time to make sure that you’re also prepared to buy into a franchise.
After you’ve requested additional information about the home health care franchise opportunity, take the time to carefully read the agreement or contract and any additional information about the company.
Read the fine print, and consider taking notes on what is required of you. From the finances to deadlines for paperwork to ongoing reviews, it’s a good idea to make sure that you know everything you can expect ahead of time. This will allow you to make an informed decision about whether or not owning a health care franchise is the right choice for you.
Another great way to better understand what to expect of a home health care franchise is to check out testimonials from other franchise owners.
Outside of the information that you can learn from an agreement, these testimonials will give you a real picture of what owning a franchise is really like. You might even learn about mistakes that franchise owners make that you could avoid or about health care franchise benefits that you hadn’t previously realized.
Consider Your Goals
Before you take the next steps towards owning a senior care franchise, it’s important to make sure that doing so will truly align with your future goals.
If your only goal is to own your own business, you likely have plenty of other options. But the best way to set a new business up for success is to make sure that you’re passionate about what you’re doing.
If you care about taking care of others and providing the best possible experience for aging seniors or individuals with disabilities, a home health care franchise is a business that will no doubt align with your values. But if your only focus is on profits, a franchise in a different industry might be a better choice for you.
Those who want to have complete control over every decision that goes into opening and running their own business might be better off starting a separate business rather than buying into a franchise.
However, if you’re new to owning a business, want help in the form of a roadmap, or want to set your new business up for immediate success, a franchise can be a great option. Rather than starting from scratch and building from the group up, you’ll have help every step of the way. You’ll be able to look towards other successful franchises and what they are doing right any time you face a problem or have questions.
Understand the Health Care Franchise Benefits
It’s easy to get caught up in the finances or requirements of starting your own home health care franchise. But while those factors are important, it’s also important to understand the benefits of owning your own franchise.
Besides being a great chance to help others and lead a rewarding business, owning a franchise is a great way to be your own boss and own a company, but without many of the struggles that come with building a company from the ground up.
You’ll have instant access to corporate marketing, professional development teams, and experienced business consultants. You can learn from a business that has already grown to success. This includes both learning from their success and from their mistakes, that way you won’t need to make the same ones during your own journey.
Another reason to consider investing in a senior care franchise is that it’s far more affordable than starting a business from scratch. Because you are following a model for a home health care business that has already proven to be successful, lenders will be far more willing to give you the loan that you need to get started.
If you care about providing excellent assistance to aging seniors or those living with disabilities or illnesses, you’re likely also invested in improving your local community. And starting your own business is a great way to do just that.
You’ll be creating jobs in your community that will fuel growth and could change the lives of families. Your home health care business will need a variety of types of employees. From registered nurses to home health aides and more, you’ll create steady, rewarding jobs.
COVID-19 turned the working world upside down for many people. Now, individuals, and especially college grads, are looking to get back to work. Creating new and rewarding jobs can help pump money back into your local community. As your business grows, you’ll continue hiring new employees and bringing even more growth to your local community.
Decide Whether a Health Care Franchise is the Right Choice for You
Now you have a better understanding of the benefits of owning a home health care franchise. You also have an idea of what that journey will look like. That means it’s time to decide whether it’s the right choice for you.
Did you find that this business aligns with your professional goals and personal values? If so, you’ll be ready to take the next steps and look at the financial side of things.
When you’re passionate about the business you’re looking to start, you’ll be more motivated to work hard to make the financial side work as well.
If at any point you find that you aren’t motivated by a desire to help others or to own your successful business, it may be time to reassess your goals. The last thing you want to find after committing to the time and money it takes to own your own business is to discover that you’re no longer passionate about the work that you’re pursuing.
Launching Your Own Health Care Franchise
Owning your own health care franchise is more than just a business opportunity. Besides giving you the chance to break into a rapidly growing industry, you’ll also be taking steps towards a rewarding career.
You’ll be giving aging seniors or those struggling with disabilities back some freedom. They’ll have the option to remain in the comfort of their own home, alongside their beloved pets or family members. Whether you choose to work directly with your clients or not, you’ll no doubt see the impact that you’ve made in the lives of those you care for.
A franchise also makes starting your own home health care business faster and easier. You’ll have a roadmap towards launching your business and growing it to success. Our experts will be there every step of the way to help guide you and show you the ropes in the industry.
If you’re ready to take the next steps and learn more about starting your own home health care franchise, we’re here to help. Complete our contact form today to find out whether you qualify to learn more about our franchise opportunities. Preferred Care at Home awards only a limited number of franchise opportunities each year, so don’t delay! Fill in the form today!