When opening a business, one of the most important variables you must consider is its potential for profitability. After all, this is the only way a business can remain sustainable and have a positive impact on the community in which it is located. If you are ready to follow your heart by opening a home care business, evaluating the profitability of the opportunities available to you will be key. To help you with this process, we are reviewing some of the standout characteristics of the most profitable senior care franchises below.
A Proven Track Record of Success
One way you can determine whether you are looking at one of the most profitable senior care franchise options is by considering how its business model has stood the test of time. In other words, what is the track record of its franchise locations’ success according to data points such as average gross revenue?
For example, based on data for the year 2023, Senior Helpers franchises open between 12 and 23 months generated $589,472 in average gross revenue. Average gross revenue jumps to $971,101 for locations open 24-35 months. Those franchise locations open for five or more years generated an average of $1,494,426 in gross revenue.
You can also turn to third parties to help you assess whether a franchisor offers a solid track record. Entrepreneur’s Franchise 500 Hall of Fame is one place to look, and we are proud to say that Senior Helpers has spent more than fifteen consecutive years on this reliable list, highlighting our status as one of the most profitable senior care franchises.
A Solid Brand Reputation
The most profitable senior care franchises also share the common factor of a great brand reputation. When you work under a brand name that is recognized and trusted by families nationwide, you can count on speedy enrollment and get on the fast track to offering seniors the services they need.
This reputation is usually built over years of offering high-quality care, exceptional customer service, and providing talented caregivers with a supportive work environment. Furthermore, franchisors that offer plenty of training and support for franchisees are more likely to be able to maintain a consistently high reputation.
Assessing a brand’s reputation is as simple as looking and asking around. Online reviews contain a plethora of information in this regard from the client’s side, while current franchisees can give you an idea of what to expect when it comes to working under the brand’s name.
A Drive to Accommodate Overlooked Needs
You can also trust that some of the most successful home care brands offer unique services and programs that effectively target common but often unmet needs in the senior community. For example, at Senior Helpers, we make sure elderly adults receive care that is tailored to their specific diagnoses with our Parkinson’s Care program and Senior Gems® memory care program for those with Alzheimer’s disease or dementia. We also take steps to ensure individual seniors are provided the exact level of support they require through our data-driven LIFE Profile™ tool and the creation of customized SmartCare Plans.
A Smart Business Model
A smart business model is selective about the types of services offered to ensure overhead costs remain low enough to maintain profitability. That’s why the most profitable senior care franchises are typically those that offer non-medical home care services rather than home healthcare services. Because home healthcare franchises have higher costs due to the need for specialized staff, and are also subject to more regulation, they are often less profitable than their non-medical counterparts.
However, operating a non-medical home care company, such as a Senior Helpers franchise, does not mean you will feel limited by the services you can offer. Instead, you will be able to deliver a range of specialized services that meet the vast majority of needs of seniors who age in place, all while keeping overhead costs low.
Are you ready to partner with one of the most profitable senior care franchises? To speak with a representative from Senior Helpers about our franchise packages, contact us online or schedule a call!