Over the past decade, Senior Helpers® has consistently ranked as one of America’s best senior care franchises. It’s a point of pride for our team — as well as our franchise owners.
But as proud as we are of being named a top home care franchise, we know that rankings only get you so far. When you’re getting ready to buy a franchise, the best opportunity will be a personal question. You need to find the perfect franchise for you, and that won’t always be the best opportunity for somebody else.
Finding the best franchise starts with asking the right questions. As a franchise buyer, you need to know your budget, your target market, what it will take to prepare yourself for franchise ownership. At the same time, you’ll want to find an opportunity that offers strong profit potential and allows you to do meaningful work.
In this post, we’ll cover tips on how to choose the best senior care franchise, including…
- Find home care franchises that fit within your budget
- Choose the right geographic focus area for your search
- Prepare yourself to become a successful franchise owner
- Measure the earnings potential of different franchise opportunities
- Select the best franchise for your personal goals and work style
1. Budgeting for a Senior Care Franchise
When researching franchise ownership, setting a target price point is the first step for most buyers. This requires a strong understanding of your finances and which types of franchises will fit within your budget.
Senior care franchises are on the more affordable end of the spectrum. They often require under $200,000 in upfront costs. For example, the average investment for a Senior Helpers franchise is between $125,800-$169,800 per territory.
When assessing your finances, there are a number of questions to consider. Two of the most important will be the amount of liquid capital you have on hand and your total net worth. At the same time, you’ll need to consider the ongoing costs of franchise ownership, the risks that come with starting a business, and how these could impact your short-term and long-term financial health.
Depending on your finances, you may also have questions about financing. Are you willing to accept the interest and potential risks that come with a loan? Do you meet eligibility requirements for SBA lending? If not, should you consider a franchisor that offers assistance with third-party financing?
At Senior Helpers, we work closely with prospective franchisees to help them understand the upfront and ongoing costs of a franchise.
We know that the cost of starting a franchise is one of the biggest barriers to entry for new franchise owners, and we strive to make franchise ownership as affordable as possible. Today, we’re recognized as one of the best low-cost franchise opportunities in the U.S. across all industries. In 2022, Entrepreneur named us one of top 30 franchise opportunities in any sector with an average initial investment of under $150,000.
- How much liquid capital do you have available for buying a franchise?
- How much can you realistically invest in a franchise business?
- Will you need an SBA loan or a third-party lender to help with funding?
2. Choosing the Right Franchise Territory
Another important part of choosing the best home care franchise is territory availability.
The right territory is critical to your success as a home care provider. The three most important factors when evaluating a market will be:
- The number of local seniors
- The share of households that can afford in-home care
- The list of local competitors within the home care sector
Other important factors include funding opportunities, business costs, taxes, licensing, and hiring conditions.
If you’re like most franchise buyers, you’re looking to start a business in your local metro area or state. In that case, you’ll want to develop a list of franchisors with available territories in your target area. You can then evaluate each brand and territory to find the best fit.
If you’re willing to relocate for your business, you can pursue a wider range of possible markets. In this case, you might start by choosing a franchisor, then evaluating available territories for the best fit. Alternatively, you can create a list of markets where you’re interested in starting a senior care business. You can then check for franchise opportunities within each of these territories.
Senior Helpers currently has over 600 franchise territories available for sale in the U.S. To find out if we have a franchise for sale in your area, simply view our territory map or speak with a member of our franchise development team.
- Are you willing to relocate, or are you looking to start a business close to home?
- What qualities are you looking for in a market for your home care franchise?
- Which brands have franchises for sale in areas that match your criteria?
3. Training, Support & Resources
Buying a home care franchise might feel unnerving, especially if you’re new to the industry. The good news? You can start a senior care franchise without any prior experience in home care or business ownership. In fact, many of our most successful franchisees took very different paths to franchise ownership.
If you don’t have experience in the home care sector, the training and support you get from your franchisor will be particularly important. Otherwise, you’ll have to fend for yourself when it comes to getting licensed, finding office space, hiring caregivers, building care plans, marketing your business, getting your first clients, and countless other aspects of agency management.
Training can vary widely within the senior care franchise sector. Some franchisors offer less than 40 hours of training, while others offer more than 100 hours of training for new owners. At Senior Helpers, we offer 117 hours of online and in-person classroom training, plus additional onsite training at your business.
- What kind of skills and knowledge does the franchisor expect from new owners?
- How much training does the franchisor provide to new owners?
- What level of direct support does the franchisor provide to owners before and after opening?
4. Evaluating Earnings & Growth Potential
Senior care is frequently named one of the best industries for franchise owners in terms of earnings and growth potential. In a 2021 report from the Franchise Business Review, home care franchises were named the most profitable of any franchise sector.
As an investor, there’s good reason to focus on the elder care market. That said, it’s important to keep in mind how much earnings can vary from franchise to franchise and model to model.
Another important factor in earnings is your target market. Indicators like average household income, total number of seniors, and projected growth of the senior population all play a major role in profit potential.
Ultimately, you want to find a franchise model that offers strong earnings potential, and which aligns with the makeup and character of your target market.
One of the factors that make Senior Helpers franchisees successful is how we structure our territories. Every territory contains a minimum of 30,000 seniors and a protected service area.
We also regularly analyze demographic data to identify high-potential markets. This way, we can help prospective owners pinpoint available territories that align with their business goals.
- Has the franchisor’s network grown, shrank, or remained stable in the past five years?
- Will the franchise system be a good fit for your target market?
- Does the franchisor offer data about earnings in the Franchise Disclosure Document?
5. Finding the Right Personal Fit
At the end of the day, choosing the best senior franchise will come down to personal fit. You need an opportunity that gives you a chance to pursue your entrepreneurial goals. But at the same time, you need a business model that suits your workstyle and lifestyle, aligns with your personal mission and values, and allows you to build your business your way.
Finding the right fit in senior care isn’t always easy. The unprecedented growth of the U.S. home care market makes elder care a lucrative industry. As a result, there are brands that treat home care services like any other commodity. On the other hand, you have brands who understand the personal side of senior care, and who take a people-first approach to their services.
Senior Helpers believes that putting people first is essential for sustainable, long-term growth with a senior care franchise. It’s what’s helped us become one of the nation’s largest and most trusted home care providers, and it’s a cornerstone of our franchisee approval process.
If you think you’re a fit with our mission and values, you’re that much closer to franchise ownership.
- Does the franchisor’s mission and values align with your own?
- Does the franchise model fit your style of work and leadership?
- Will you find franchise ownership rewarding with this franchisor?
Start a Business with One of the Top Home Care Franchises in the U.S.
If you’re looking for the perfect franchise and think Senior Helpers could be the right fit, we encourage you to contact our franchise development team.
Senior Helpers is routinely named one of the best home care franchises for investors. In 2022, Entrepreneur named Senior Helpers as the:
- #195 Best franchise overall
- #27 Best franchise under $150,000
- #6 Best senior care franchise in the U.S.
We know how important it is for franchisees to find the perfect fit. At the same time, we know that our growth depends on the success of our owners. If you’re thinking about buying a Senior Helpers franchise, we want you to be sure it’s the right opportunity for you.
Our experts will be happy to discuss your goals for franchise ownership, answer your questions about Senior Helpers, and provide more information about franchises for sale in your target area.
Contact us today or book a one-on-one phone call to learn more about senior care franchise opportunities with Senior Helpers