In today’s post, the Senior Helpers team discusses 3 of the first steps that are required for prospective home elder care business owners. Read for an introduction to the preliminary stages of home elder care business ownership.
Market research. Conducting market research is a critical aspect of the pre-franchising phase. Before you decide on which home elder care business you’d like to align yourself with, you need to understand the nature of the senior care industry. Finding specific industry sector data is of particular importance because it will help pinpoint opportunities for profit. Once you’ve identified a gap in the market, you can make an informed choice between franchises that offer single, specialized forms of support, and those that offer various care options.But since you’re already reading our blog, you probably know the value of market research. Instead of doubling back on what you already know, we will share some senior care sector stats to inform your research.
Thanks to the Baby Boomer generation, the number of aging Americans has never been higher. Most projections figure the number of United States citizens above the age of 65 will represent 20% of our total population by 2020. Roughly 10,000 people age into this demographic range per day, and this trend will continue for at least another twenty years. To put that in the context of your home elder care business, that means 10,000 new clients are created every single day, and since 90% of seniors polled in our surveys indicated that they prefer in-home care, this business opportunity has never looked better!
Deciding on the structure of your business. Different business structures suit different personalities, time commitments, and management styles. If you want to start a home elder care business, you have to decide if you want a sole proprietorship, partnership, or franchise model. While each business structure has its benefits, the Senior Helpers franchise system has been proven as a safe, streamlined, and cost-effective way to get your foot in the door of a highly profitable market. For the price of a franchise fee and some nominal royalties, you get access to a polished startup process, highly relevant industry training curricula, and a trusted brand name that will bring in customers the day you open your door. Franchising also gives you the benefit of ongoing support from people who are highly experienced and invested in your success.
Naming your business. If you’ve gone the sole proprietorship or partnership route, it’s time to name your business. You’ll need to think of something clear, concise, and compelling that communicates the meaning and character of your brand without being too wordy. This can be rather time-consuming! Once you’ve settled on a name, you have to start the long road of building a brand so that people will trust and recognize your company enough to entrust the care of their loved ones to your staff. This is no easy task, and it has undone many small businesses. If you’ve decided to franchise, then you can omit this step altogether, knowing that teams of market researchers have settled on the perfect name and gone to great lengths to build positive reviews and word-of-mouth traction.
Even the preliminary stages of opening a home elder care business aren’t easy, and we haven’t even scratched the surface! Prospective business owners still need to choose a location, physically set up, plan marketing and sales campaigns, and shore up any gaps in their skill sets. Knowing this, it’s not hard to see why so many people choose the Senior Helpers franchising system to make their business dreams a reality! You can learn more by browsing our website.