Home care is one of the most in-demand businesses in the nation. The U.S. is older than it’s ever been, as a so-called “silver tsunami” looms. With the high demand, not only is an in-home care company a savvy investment, it can be a rewarding venture — combining passion and entrepreneurship. If you’re considering a home care startup, here are five critical things you need to know to prepare for a launch, especially when opting for an in-home care franchise.
1.Understanding the Market Demand
Before opening any business, it can be a smart idea to understand the market demand. The U.S. Census Bureau estimates that by 2030 all baby boomers will be 65 or older, and 1 in every 5 U.S. residents will be of retirement age. Nationally, this paints a picture of increased and severe demand for senior care. Still, when you open a home care startup, it can be a great idea to look at national and local rates.
Start by researching the population and demographic trends in your area. Some things to consider might be:
- Income levels
- Age distribution
- Existing services for seniors
- Need for more care
This information can help you understand what services are in demand in your area, and if your home care business could be successful. CareBuilders at Home helps franchisees find locations that can support a new home care business.
2.Startup Costs and Financial Requirements
As with any business venture, there are startup costs to opening a home care startup. When you purchase a franchise, you get so much more than your own business — you’re paying for training, ongoing support, marketing assistance, and a name brand with a positive reputation. Some common startup costs for franchises include:
- Initial franchise fee: This is a one-time payment that allows you the rights to use the franchise name, brand, and business model.
- Royalty fee: This is an ongoing cost and typically a percentage of sales.
- General operating costs: Everything from equipment and furnishings to computer systems may fall under this category.
- Training programs: One of the best parts about owning a franchise is the training involved. This allows you to start a business backed with knowledge.
It’s important to understand the financial requirements and needs of an in-home care franchise and weigh those against your current financial situation.
3.Licensing and Accreditation
When a business is taking care of people, there may be licensing and accreditation required. The legal requirements will vary state to state and possibly city to city. These regulations are designed to ensure that home care providers meet certain standards of care and operate within legal and ethical guidelines. They are in place for a good reason — to protect people. Following these guidelines and rules is essential.
However, these laws can be confusing and overwhelming. Working with a franchise like CareBuilders at Home can help alleviate this burden and ensure you’re following all the legal requirements needed. Our franchise team offers guidance and support in obtaining all necessary licenses so your business complies with all local, state, and federal regulations
4.Expansion and Multi-Unit Opportunities
One of the advantages of starting a home care business with a franchise is the opportunity for expansion and owning multiple units. This means you can essentially grow your business as much as you want. After learning the ins and outs of your in-home care franchise, it’s possible to open another and grow your business portfolio.
Exclusive territories allow for your business to be the only franchise for that brand in operation in a given area. Adding more units to your portfolio can expand your territory and hopefully your wallet
5.The Franchising Process
Before you take the plunge and launch your home care startup, it’s a good idea to understand how the franchising process works. This is a brief overview of what you can expect when opening a franchise. A franchise team will walk you through each step so you’re always in the know.
- Application: The first thing you must is apply. An application outlines your background, financial situation, and motivations for becoming a franchisee. The franchise will consider all of these to determine whether you’ll be a good fit.
- Discovery: If your application is approved, you can meet travel to the brand headquarters, meet members of the leadership team, and visit existing operations to get a full understanding on the business model.
- Franchise agreement: You’re ready to sign on the dotted line. When both parties agree to move forward, you’ll sign the franchise agreement. This document details the terms of your franchise ownership, including startup costs, ongoing fees, and operational guidelines.
- Training: You’re never alone with a franchise, and that starts with training. The franchisor will host comprehensive training to equip you with the skills you need to be set up for success. Training may include marketing, general operations, staff training and hiring, care management, and more.
- Location setup: With ongoing support, your franchise location is set up, staff is hired, and you get ready to officially open your business.
- Grand Opening: Finally, your franchise will open and ready to care for the needs of families in your community.
Start a Home Care Startup with CareBuilders at Home
With a mix of passion, care, business opportunity, and support, a CareBuilders at Home franchise is a unique opportunity to build your portfolio. The market has never been better for home care businesses, and CareBuilders at Home is the franchise to help you with the critical areas to get your business going.
We help our franchisees with every step of the process, including:
- Site location
- Training
- Marketing
- Licensing
- General operations
- Hiring and training
- Billing and payments
- National insurance contracts
- And more!
Ready to get started with a business that matches your passion? Request information on a CareBuilders at Home franchise.
