With the population of the United States aging rapidly, it means big business for home care companies such as CareBuilders at Home and its many competitors, like FirstLight Home Care.
Older Americans are expected to make up 20% of the U.S, population by the time 2030 rolls around, according to the Institute on Aging.
Poll after poll, survey after survey, suggest most seniors prefer to continue living at home and age in place rather than move into a nursing home or other assisted living facility.
This is why the demand for in-home senior care services is so high and why the industry is so attractive to entrepreneurs. There are many companies you can choose to partner with, but which one is the right one for you?
Here is a look at how a FirstLight Home Care franchise compares to a CareBuilders at Home senior care franchise.
Item 19 Inspection
One of the most common questions potential franchisees ask is, “How much money can I make owning this franchise?” Due to Federal Trade Commission (FTC) regulations, franchisors cannot explicitly make earnings claims or forward-looking projections for a potential franchisee.
However, franchisors can provide reference data from Item 19 of the Franchise Disclosure Document (FDD). The financial representations in Item 19 present historical financial data based on the performance of other operating locations for that franchise brand, which may include outlet sales, costs, profits, or losses.
Item 19 from FirstLight Home Care and CareBuilders at Home represents figures from franchisees within each system that have been in business for the past calendar year.
A side-by-side comparison of Item 19 shows CareBuilders at Home has a significant difference in the average gross revenue figures.
| FirstLight Home Care | CareBuilders at Home | |
| Average Gross Revenue | $1,084,847 | $1,227,202 |
One of the financial advantages CareBuilders at Home offers potential franchisees that no other home care franchise offers is complete back-office support. This includes payroll, billing, collections, and more. Taking this tedious task off the plates of the franchisees allows them to concentrate on the quality of their service and the growth of their business. This model also cuts down on costly mistakes that can shave off a lot of money from the franchisee’s bottom line.
Start-Up Costs and Fees
A look at the basic startup fees reveals the investment needed to open a FirstLight Home Care franchise versus a CareBuilders at Home franchise. While the franchise fee for both companies is the same, CareBuilders at Home proves to be a more affordable franchise in terms of the overall investment.
The investment range covers a wide variety of costs, which include travel and training expenses, business permits and licenses, even grand opening marketing fees. It should be noted that the initial franchise fee is included in the total.
| FirstLight Home Care | CareBuilders at Home | |
| Investment | $113,000 – $198,000 | $115,200 – $155,500 |
| Franchise Fee | $49,500 | $49,500 |
| Term Of Agreement | 10 years | 10 years |
| Year Franchised | 2010 | 2012 |
Multiple Revenue Streams
Diversification of service offerings creates multiple revenue streams that can provide financial stability, reduce risk, and makes a business more marketable.
In addition to its full range of home care services, FirstLight Home Care gives clients access to a medical alert system. This system, which is sourced from an outside vendor, allows clients to summon help if they have an accident in their homes while unattended. Medical alert systems are used by many other home care companies.
CareBuilders at Home has a unique and exclusive program that provides an additional source of revenue for franchise owners. The Virtual Caregiver program is a subscription-based monitoring program that uses new technology to provide care and companion services to clients. It also serves as an alternative for seniors who may be resistant to traditional hourly home care services.
Get Started
To learn even more about the advantages of becoming a CareBuilders at Home franchise owner, contact us to request additional information.
