If you’re thinking about starting a companion care business, know this: Companion care is one entrepreneurial venture that will not make you choose between people and profits.
Demand for companion care services in the U.S. is at an all-time high. The industry brings in more money every year as our aging population increasingly chooses to grow old in their own homes. It’s a well-publicized statistic that more than 10,000 seniors a day turn 65 in this country, making companion care one of the fastest-growing and most essential industries.
Older Americans are not the only people who can benefit from some extra help. People living with disabilities, recovering from surgery, or in need of assistance with daily activities for other reasons may also turn to companion care.
When you launch a companion care business from scratch, there several important steps. We have put together a list of the 8 important steps to set yourself up for success.
Do Your Research
The first step in starting a companion care business is research. You must evaluate the need for your services in the communities you plan to target. You should also size up your competition and determine if there’s a way you can differentiate your business from the rest.
The Name Game
Next, you’ll need to decide on a name for your business and determine whether it is available for use in your state and that it doesn’t violate another business’ trademark.
Every state has an agency responsible for business entity filings and has an online name check tool so you can quickly find out whether another business is already using the name.
Once you have a name, you’ll be able to incorporate your business and access an Employer Identification Number (EIN). An EIN is needed if you plan to hire employees.
Legal Requirements/Licensing
You need to learn the rules that govern the home care industry and acquire any necessary training, accreditation, and licensing. Laws vary from state to state. About 28 of the 50 states require a specialized license. Contact your state’s Department of Health to get started.
Form a Business Plan
A solid business plan maps out the direction your companion care business will grow. It should include your goals, services you’ll offer, the management structure, and your financial plan.
Depending on where you plan to open your business, it can take up to a year to secure your license. You will need to take this low-revenue period into consideration You can check out the U.S. Small Business Association to learn exactly how to set up a business plan.
Search for Office Space
Even though companion care agencies do the bulk of their business in clients’ homes, you will need a home base for administrative staff and a place where you can train your caregivers. You should first decide whether you will rent or buy your office space. Then work with an experienced commercial real estate agent to help you identify the perfect office location in your target community.
Staffing
Any companion care business is only as successful as its staff, so it’s important to build a solid caregiver team from the start. There are various recruitment tactics you can use to attract employees. Check with local colleges and nursing schools about upcoming career fairs. Post job openings online, starting with broad-based job websites such as Indeed, and then target more health-care specific pages such as Care.com.
Get the Word Out
Marketing is an essential part of your business. Any business. Without a marketing plan, how will people in your community know your businesses exists? Consider your services and identify what sets you apart from other companion care businesses. It’s wise to use all avenues to market your business, including radio, TV, social media, and print.
Connect with Referral Sources
Referral sources are the lifeline of any successful business. When starting a companion care business, you should take the time to learn about the potential referral sources in your area and determine how you can best work with them.
Referral sources include:
- Hospital discharge planners
- Skilled nursing facilities
- Hospices
- Assisted living facilities
- Area Agency on Aging case managers
Join the CareBuilders at Home Franchise Family
One of the best ways to set yourself up for success in the companion care space is to invest in a companion care franchise like CareBuilders at Home. As part of our franchise, you’ll get help with all the steps outlined above and then some. Thanks to our solid business model, you can even skip some of the steps – like choosing a name. We’ve done the hard work for you. We’ll guide you step by step through the process of opening your companion care business and provide you with incredible support throughout the life of your franchise. We even take care of the back-office minutiae, like billing and payroll. No other companion care franchise can say that.
Contact CareBuilders at Home today to learn more about the franchise opportunities and become part of this exciting and essential industry.