If you’re looking for senior care business opportunities, you may find that some of the very best pathways toward success in this industry are in the franchising sector. When you partner with a highly respected franchise brand, such as Senior Helpers, you can look forward to having a leg up as you open your new business.
Purchasing a franchise location rather than starting from scratch can give you a much-needed head start and enable you to open a local care agency that families in your community trust from day one. Furthermore, if you select a franchisor that offers comprehensive support, you can look forward to training, ongoing guidance with business operations, and assistance that will help you avoid the common pitfalls associated with opening a business on your own.
Understanding Key Terms Related to Senior Care Business Opportunities
As you continue researching the senior care business opportunities available to you, you are likely to come across industry-specific terms. Having a solid foundation of sector-related vocabulary can help you more efficiently find the best opportunity for your goals.
Below, we take a look at some of the industry-related terms that may be unfamiliar to you but are essential when comparing senior care business opportunities.
Terms Related to the Franchising Industry
Franchise Agreement
The franchise agreement is the legally binding contract conducted between the franchisee and franchisor. It describes all of the terms and conditions according to which the franchisee can operate their business using the brand name, business model, and other forms of intellectual property owned by the franchisor.
Franchise Disclosure Document
Also referred to as the FDD, the Franchise Disclosure Document is a legal document that contains essential details about the franchisor ranging from the history of the brand to the intricacies of the business system.
The Federal Trade Commission requires franchisors to provide potential franchisees with this document to ensure transparency prior to a franchise purchase. Be sure to read it thoroughly before taking any next steps towards committing to a senior care business opportunity.
Franchise Fee
The franchise fee represents the cost of entering into a franchisor’s system. It is a one-time fee paid per franchise territory and typically covers the ability of the franchisee to do business under the franchisor's brand name, as well as initial training and ongoing support. This will be one of the key data points to compare when researching senior care business opportunities.
Trademark
In the context of franchising, a trademark is a significant asset that the franchisor offers the franchisee as part of the franchise agreement. It represents the brand identity and reputation of the franchisor, covering everything from their name and logo to the slogan. Use of this trademark is often associated with certain standards in the eyes of consumers and thus gives the franchisee the benefit of pre-established trust.
Terms Related to the Care of Seniors
Non-Medical Care
The term “non-medical care” may seem self-explanatory, but it is important to understand how this type of care is distinguished from the alternative. Non-medical services can be offered by professionals without a medical license and typically cover assistance with daily tasks like bathing, running errands, and chores.
Care agencies that provide non-medical care services usually have lower labor costs and an easier ability to hire caregivers, which is why you may want to focus on these senior care business opportunities first.
Home Health Care
In contrast to non-medical care, home health care covers medical support and can only be offered by licensed professionals. Unlike typical healthcare services, though, these are delivered in the comfort of the patient's home. Examples include wound treatment, health monitoring, physical therapy, and the administration of medication.
Activities of Daily Living
Also referred to using the acronym ADLs, activities of daily living are the essential tasks that healthy individuals do on a daily basis without external support. As seniors get older, they typically require increasingly advanced levels of assistance with these activities. ADLs include everything from getting dressed and grooming and preparing food to walking, mobility assistance, and toileting.
Companion Care
Companion care services fall under the category of non-medical care and cover types of support that do not involve direct physical assistance. A companion care provider may, for example, provide social interaction, do basic homemaking activities, and offer the care recipient essential reminders.
Personal Care
Personal care is another type of non-medical care but, unlike companion care, it does involve physically supporting the care recipient. Personal care providers often offer walking and mobility assistance, help their care recipients bathe and use the toilet, and provide support with grooming and other sensitive tasks.
Specialized Care
Specialized care services usually refer to forms of care that are designed to meet niche needs relating to a specific condition or disorder and support with managing certain symptoms. Dementia care, Alzheimer’s care, Parkinson’s care, fall prevention services, and transitional care are all types of specialized care.
Learn More About Our Senior Care Business Opportunities
Are you ready to learn more about finding the right senior care business opportunity for you, as well as the details of working with a trusted franchisor such as Senior Helpers? Just contact us online or schedule a call with a member of the Senior Helpers team today!