Home Healthcare Franchise – Why Should I Consider Starting One?
Starting a Home Healthcare Franchise is Easier Than You Think!
Over the past few decades, franchised businesses have become a part of almost all consumers’ daily lives, from house cleaning to power washing – even dog walking. So if you’re currently considering getting started with a franchised business, deciding on the right one to choose can be overwhelming. Naturally, the biggest, and most immediate, question to answer is “What kind of franchise do I want to be a part of?”. A home healthcare franchise has some of the best ROI for a new business.
One of the most popular and quickly growing franchise opportunities is in home care services. The number of companies in this field has quintupled over the last fifteen years, and shows no sign of slowing, even growing into international markets. The aging Baby Boomer population is finding that they need additional aid in living, but don’t want to disrupt their active lives by having to leave their homes or seek ongoing hospital care. Here are some reasons why a home healthcare franchise is one of the best options for the first-time franchisee.
Low Investment and High Revenue
Forbes Magazine recently listed four different home health care franchises in their top ten 2016 “Best Franchises to Own Under $150,000”. Because home care has low costs to start and maintain it tends to have a high return on investment.
As USA Today reports, several factors make investing in a home health care franchise particularly lucrative:
- Startup costs are low, only requiring office space, standard initial costs and staffing
- Home care means not having to maintain an inventory of stock and other daily operating costs common to other franchises
- Ongoing business contracts and a regular client base ensure regular revenue
- Regular training and support from the home office keeps franchisees current on maintaining a viable, competitive business
- A new franchise can be up and running within 10 weeks, limiting starting costs
- Large, exclusive territories lead to greater referrals from community members and organizations
Growing Demand for a Long-Term Business
The UN estimates that the worldwide population of people over 60 is set to triple by 2050. The youngest Baby Boomers are in their early fifties, and the older ones have already retired. Generally speaking, this is a segment of the population who are more active and affluent than the generations before them and many will need the assistance home services can bring. Many people with older parents are taking over responsibility for one or both on a daily basis while still trying to maintain their own work schedule and life. Home health care gives them the assistance that they may unavailable from family and community.
In addition, caregiving is a “future-proof” service. The internet cannot provide care, and assistance cannot be provided from oversea outsourcing. Caregivers are local, friendly and a part of the community that clients are looking for. While technological advancements always play a role in the business, excellent care can only be provided by excellent caregivers.
Home Healthcare Franchises are a Force For Good
Many Franchisees who choose this field do so because of the impact they have on their community. Assisting others is one of the most satisfying things you can do with your time and money, and providing services that make other people’s lives better on a daily basis is tremendously rewarding. Helping people stay in their homes isn’t just a business – it’s a community service.
Currently, one in five Medicare beneficiaries who leave the hospital are readmitted within 30 days. Studies estimate that up to 76% of these readmissions may be preventable. The average cost per one of these readmissions is $7,200. Home health care is one of the most convenient and affordable ways to help reduce these statistics.
A Great Match for the Motivated Entrepreneur
While extensive home healthcare experience is not a requirement, certain personalities are suited for the challenges and opportunities a franchise experience in this field. There are three traits that are key to success:
- Independence Seeker – These tend to be business-oriented people who are attracted to senior care because of the potential for growth. They want to build a single-unit business that serves people in their local community, while also providing independence, flexibility and a quality lifestyle for their own family.
- Mission-Driven Provider – These are people who are drawn to this business because it improves the quality of life for others. In some cases they’ve seen the need for this business firsthand in their own family, so they know the positive impact these services can have.
- Empire Builder – These are people that want to build a substantial, multiple-unit business of up to three territories
If this describes you and what you’re seeking in a franchise, then home care should definitely be at the top of your list.
Ongoing Relationships and Repeat Business
Our client relationships at Caring for People Services don’t just last for one day. Clients hire us to assist with a family needs on an ongoing basis. These cases may only last a few weeks, but can go on for many years. Many owners develop personal relationships with their clients that can extend for a long time. Each client represents a recurring revenue stream and a living testament to the excellent service and support provided.
As Entrepreneur magazine states, making connections in home healthcare is critical. Local city and state government can be a great resource in this respect. Political and business leaders are aware of the current and upcoming needs of their people, and are a potential asset in starting a new home care business. It often falls into the “right” sort of local company that they want to encourage to settle in their area.
Assistance with Red Tape
While home-health franchises offer great opportunity, there are always hurdles in starting a franchise, especially one that involves employing a remote workforce, on-site assistance and American health laws. From HIPAA compliance to local labor laws to insurance issues, there are a lot of important details that can trip up a new franchisee.
Partnering with CFPS ensures that you as a business owner can be in compliance, and smooths the transition into a healthy, thriving local franchise. Taking on local labor laws, national and state insurer requirements and properly marketing your business is a daunting task. Our guidance as a trusted national franchise is a great way to lessen the load. Also, being a part of a national chain means that there is someone in your corner advocating and lobbying for your business interests at a state and national level.
Direct Home Healthcare Franchisee Support
Caring for People Services has launched several programs to assist franchisees in becoming stronger, healthier, and more profitable businesses. In these exciting initiatives, we offer valuable benefits and training to help Caring for People Services franchisees of all sizes and volume become more established and knowledgeable in the in-home healthcare field.
We believe in having “A Winning Culture”. When you speak with our management team and franchisees you’ll see it in the way we encourage involvement at every level. We know that when we work together we are an even stronger force in the marketplace. CFPS was one of the first companies to enter the in home care industry. We have the compassion for people who don’t need an institutional setting, but still need some assistance to live at home.
So there you have it. If these reasons resonate with you, and you think a franchise with Caring for People Services makes sense for you, please reach out to us right away. Click the button below to begin the application process and become a part of our growing family. Start making a change for the better in your life and your community today!
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