When you opt to open a new franchise location, you invest your hard-earned capital, likely apply for tens of thousands of dollars in financing, and put your own reputation on the line. All of that is part and parcel with American entrepreneurship, but at the same time, it makes no sense to “take the plunge” before “looking before you leap.”
Thus, doing your homework (in the form of industry-wide and franchise-specific research) before “slapping down the money” is essential to a well-informed business plan.
Here are a few ideas to get you started on that research.
The senior care industry, in general, and the home care franchise industry, in particular, are growing at a phenomenal pace. In the U.S. alone, the senior care industry’s annual revenues are expected to hit some $400 billion by 2018, and the homecare sector accounts for $70 billion of revenues disbursed among around 30,000 providers.
Job growth for home care aides is projected to jump by 70% over 10 years, and the industry will likely need to hire 1.2 million new caretakers by 2025.
What is fueling this growth? It is several factors in combination: the “aging” of the U.S. and world population, the increase in chronic diseases and conditions like Alzheimer’s and diabetes, and the desire of Baby Boomers and others to maintain an active lifestyle. The rising costs of nursing home care and the lower family member to senior ratios are also affecting the industry.
In senior care and home care, franchising is on the rise for several reasons. First, franchising tends to yield a higher ROI compared to new start-ups — in an industry that already yields very high revenues relative to initial investment.
Second, you can grow faster and more steadily by wearing the name of a well-known and trusted home care franchise. Name recognition, trust, and customer loyalty are all key factors in this industry, even more than in most others.
Third, franchises give you access to their proven business model, making them “turnkey investments.” You get all the initial and ongoing training you need, help in selecting a viable location, valuable advice on how to handle problems that may arise, and sometimes, assistance with financing and advertising.
Seeing the potential in the senior care industry and sensing the advantages of entering that industry as a franchisee are only part of your pre-planning effort. You also need to select a specific home care franchise.
Senior Helpers is a great choice for those interested in franchising in this industry. Here’s why:
It’s always best to first test the waters before jumping into the pool, but with the senior care industry, conditions couldn’t be more favorable. With franchising, your business situation is improved yet more, and Seniors Helpers ranks among the best franchises available.
To learn more, contact Senior Helpers Franchise at 877-376-7120 or by filling out the online form.