Own a Senior Care Franchise and Be Your Own Boss
Published September 1, 2021 by Francesca Robinson, MA
Being Your Own Boss With a Franchise
Being your own boss can be a dream. You hold yourself accountable and make big decisions. For a responsible person, this means more freedom and satisfaction.
However, the costs and effort that go into starting up a business from scratch are often too much of a roadblock. Creating your own business model, finding a location, supplying goods and services, hiring employees, and so much more are all costly and difficult tasks. Without experience and a solid plan, many startups fail.
You can fulfill your dreams of being your own boss and make it even easier for yourself by starting with a franchise. Franchises support and train small business entrepreneurs so that they can get started without experience. But how exactly do franchises help entrepreneurs take charge?
Training and Resources
One of the biggest benefits of opening up a business through a franchise is that you support a thriving operation behind you. You’ll never be alone in any task because you will receive thorough training and be provided with many materials to get you started. You’ll learn exactly how the company and business model works so that you don’t have to reinvent the wheel.
Your training will cover everything from policies and procedures to hiring employees. When you’re ready, the franchise company will find you a location. They’ll even help you to obtain all licensing required and meet all guidelines to operate.
This support won’t go away either. Even after your training, you will still have access to continued training and resources to help you on your journey. Whenever you have questions or need guidance, you can get help from company representatives by scheduling a call or planning a visit.
You’ll have a regional representative that can visit and guide you. You can talk to business consultants, marketing experts, and development teams, all supplied by the franchise.
You’ll also have access to a pre-made list of preferred vendors, so you won’t have to find your own and build partnerships. On top of it all, the franchise company will take care of all marketing and advertising, so all you have to worry about is targeting your unique community through local efforts.
Suddenly, all the most difficult tasks to starting up a business melt away so you can focus on being your own boss and serving your community.
Lower Risk and Smaller Buy-In
Because of all this support, starting your own franchise location has a much lower risk than starting a business from scratch. You won’t have to worry about if your business model will fail or if your products and services will find customers.
Because the business model has already been proven, and other business owners have been successful with the franchise, you can be confident in your decision. You’ll have a much lower risk of failing than you would with your own startup.
Additionally, you’ll have to invest a lot less money and time into the startup of your business than usual. You’ll pay upfront to buy into the franchise and for training, but the franchise will take care of and support you in all the tasks that would normally be expensive and time-consuming. You’ll also save money over time by not having to worry about the marketing you would normally need to grow a business.
As for the money you do spend, you can be sure it is money well-spent. You won’t have to worry about if a certain investment was a wasted experiment because you’ll only be paying for what has been proven to work already.
Finally, if you need to find a small business loan or investment, you have a much higher chance of securing one. Lenders are much more likely to lend money to franchise owners because the business model is proven successful. Lenders will be taking on much less risk by offering you money.
Not only will your franchise company take care of national and widespread marketing and advertising, but your brand name will already be established. The company will offer you marketing materials that you can customize on a local level to choose to be proactive. However, rigorous local advertising won’t be as necessary because people will already know your brand.
Having an established brand means obtaining loyal customers and long-term partnerships. This can be done with a small business startup, but it is much more difficult and takes more time.
By investing in a senior care franchise, you’ll be inheriting an already established brand identity and loyal customers without the work and time spent. As soon as you open your doors, clients are already more likely to choose your business over another due to your brand name.
This does not mean that you can slack, however. A franchise will usually require that you meet certain goals, and you should take pride in running a great business. Customers might come initially due to the brand, but you’ll have to keep up the good reputation.
Otherwise, clients can leave not only you but the brand entirely.
Benefits of Investing in Senior Care Franchise
Now, you’re convinced that you want to be your own boss. You’re also convinced that a franchise is the best way to go. But are you convinced that a senior care franchise is the right choice?
Sure, there are many options for franchises that you can choose from. A lot of entrepreneurs choose to open up fast-food chain restaurants. Others choose entertainment franchises like movie theatres.
So why is senior care a much better option than other industries?
The senior care sector in the healthcare industry is highly successful and shows great promise well beyond the present moment. By choosing to open up a senior home care franchise, you’ll be ensuring your profit and satisfaction for the foreseeable future. You’ll also be doing something that fulfills a sense of purpose and deeply benefits your community.
High Demand and Profitability
Not only is there a wide-open market of potential customers, but a huge market of current customers as well. Statistics show that this market will only keep growing.
According to the National Health Review, two-thirds of seniors who need care receive informal care from family members in their private homes. This statistic includes even the most severely disabled seniors. Family members offer informal care to loved ones out of love, but this can be a heavy burden.
This large population of seniors receiving informal care represents a huge market of potential clients for you to market to.
About 90% of seniors intend to age in place, while 85% are confident they can do so safely without serious changes. At the same time, only 25% of seniors are confident that their community offers the services and resources necessary for them to stay at home safely.
This statistic proves two things: there is a huge demand for at-home senior care, and you’re starting with a proven market of people who want your services yet don’t have sufficient access to them elsewhere.
This high demand has been trending upward with no signs of stopping. The two driving factors are the preference for in-home care and the growing population of the elderly.
The baby boomer population, the biggest generation in current existence, is finally hitting its peak, needing assistance. In this decade, the generation shift is moving the baby boomers to the average age of 65 years of age and older. This age bracket is the one that has the highest need of assistance.
The US government has released studies showing that the number of seniors requiring care services will hit 27 million. Further, by 2060, there will be about 94.7 million people over 65 years of age.
Business owners have to research and think about economic trends when they’re deciding on starting a business. Often, starting a business can be really risky if economy experts are worried about economic downturns. With the nature of senior care franchise profitability, there’s no real bad time to start.
The healthcare industry is very robust and often survives unscathed, while the economy hurts other industries. While you should always understand that you are assuming some level of risk when starting a business, opening up a health care franchise is a choice with minimal risk.
The healthcare industry is so robust because it depends on the health care needs of the people. Economic downturns don’t stop people from aging, falling ill, and needing assistance. In fact, sometimes, economic downturns can cause more health issues.
Seniors can also suffer more from economic downturns because informal caretakers might need more work to stay financially stable. Family members who might have given a lot of time caring for seniors might now have to work more instead.
The key to staying recession-resilient is to stay flexible and offer services that the community requires. If you keep up good communication with your clients and offer adjusted plans or help them find financial assistance, your clients will stay loyal and keep hiring you.
Whenever you have concerns, it is great to be a part of a franchise. You’ll be able to turn to your franchise company for guidance and help. They’ll likely have company directives to help adjust to economic changes.
However, most of the time, you can be certain that demand will stay high and you stay profitable.
Caring for Those in Need
Being profitable and staying in business are not the only perks of being your own boss in a franchise. Picking the right franchise also means feeling like you belong and making the world a better place. Investing in a senior care franchise can be the answer to your call for a purpose.
Everyone wants to feel like they can make a difference, and senior care is definitely an avenue for bettering people’s lives in your community. Fast-food chains and entertainment businesses can bring joy, but senior care brings happiness through health and companionship for the most vulnerable.
Whether you are an assisted living franchise or a non-medical home care franchise, all types of senior care make a huge difference to the vulnerable. They receive much-needed care and assistance in their own homes.
Most of the time, sending seniors to live in nursing homes is a last resort. Families might feel like they cannot take care of them, and most of the time, seniors who are extremely disabled or confused are not safe living on their own.
Nursing homes can feel like hospitals, and most of the time, seniors live in rooms with other seniors. They are surrounded by many strangers, residents, and professionals and must get used to a new routine and environment. For someone at an advanced age with numerous health concerns, this can be very distressing.
In most circumstances, however, seniors can receive sufficient in-home care from senior care franchises while enjoying a sense of independence and privacy. You can bring the care to them without separating them from their familiar and comfortable environment and taking them further away from their families.
Being a part of this fulfilling and compassionate industry is definitely a great addition to being your own boss.
Open Your Own Senior Care Franchise
Being your own boss is certainly rewarding, but it’s even more rewarding when running a business that is so beneficial to your community. By offering in-home senior care services, you’ll be relieving the burden on family members while helping the elderly in need. What other reasons could you possibly need?
Become your own boss today with Preferred At Home Care’s senior care franchise. If you’re interested in learning more, you can fill out this form to get started!
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