It’s no secret that the senior population is growing faster than ever before. With this shift in the population distribution, the senior care industry has become more enticing for home care business owners thanks to job security and increasing financial prospects.In fact, the home care market brought in approximately $100 billion in 2016 but is projected to reach $225 billion by 2024. That’s an increase of 125% in less than a decade! These statistics indicate that now is a great time to enter the industry. But in this post, we will explore more of the financial benefits of opening a home care franchise.
Low Overhead Costs
You really don’t need much to open a home care franchise. You will need a small office space and a handful of caregivers. Because care is provided in the home of your clients, your office space can be simple and only needs to accommodate you and managerial office staff. You may want separate rooms within the space, but an open concept design with small square footage will suffice. You’ll be responsible for the rent costs and any utilities associated with the space. Compared to other franchise restaurants — like QSRs — these costs are minimal and very manageable. With low overhead costs, franchise owners can keep more of their money earned instead of having to budget it for fixed costs.
A small office space also means that you won’t need to spend a lot of money furnishing or stocking your office. For a Caring Senior Service franchise, you may need to purchase a few desks and chairs, marketing materials, and small office furnishings.
Quick Start-Up Time
In addition to low overhead costs, a home care business allows you to start your business quickly. You won’t have to portion out a large chunk of your budget to building a new building or waiting on new construction, which means you can start working right away. After all, time is money. Other franchises may require owners to wait years before they can open their doors for business. And that time can equate to lost money.
If you’re interested in a Caring Senior Service franchise, we can start the process now. Reach out to us and we will ensure that our values align with yours. You can speak with our Franchise Education Specialist to learn more about the onboarding process and us. Learn more about the process here. Depending on your level of preparedness, you can take open your own franchise in just a few weeks or months.
Digitization & Automation
Another financial benefit that the senior care industry offers comes with digitization of healthcare. New technology can help home care businesses improve quality, increase efficiency, and bring down costs. For example, instead of driving to a client’s home to see how they are getting along with their new caregiver, a manager or franchise owner can reach out via video chat. This saves the time of driving to the client’s home and the gas expenses that it would require. However, the client still feels cared for and listened to. And that’s just one example!
Caring Senior Service has created the Tendio Family Portal, which allows caregivers and clients to send messages back and forth, provides family members and healthcare providers visibility into a senior’s care, and makes scheduling a breeze. With this tool, franchise owners can enjoy all the benefits of digitization without having to pay for extra development costs or access to other apps.
Low Franchise Fee
Another financial benefit of the senior care industry is that the average ongoing fees and initial startup fees for new franchisees are relatively low. According to Franchise Direct, franchises can expect an initial investment ranging from approximately $60,000 to $100,000, and most franchises charge a royalty fee of 4%. Compared to other franchises across the all industries, these costs are extremely affordable. Learn more about the costs associated with financing a Caring Senior Service home care franchise. Lower rates mean that you won’t have to borrow as much money or your bank account won’t take as much of a hit upfront as opening a franchise in a different industry.
Potential for Growth
As the senior population grows, so can your home care business! Home care franchise owners can become successful multi-unit owners as they keep up with the demand for home care. Many seniors prefer to age at home than to move into an assisted living facility or nursing home. Home care is the perfect solution for seniors who require assistance but who want to remain in the comfort of their home. Within a few years, franchise owners can expand their client base in their own territory as well as in new territories for exponential growth opportunities!
Caring Senior Service offers nationwide territory for franchise owners. We perform an analysis of each of the territories we offer to ensure that they have the potential to be successful. Discover some of the territories we have available today!
The financial prospects of the senior care industry are looking up as the number of seniors continues to rise. Thanks to the low financial barriers to entry, a home care industry can be a great investment that doesn’t break the bank. But financial success isn’t the only thing that a home care company can offer. This business is also full of heart and caring. It can be extremely rewarding to help seniors improve the quality of their lives as they age.
Our services can also help relieve burdens placed on families who have been taken on the responsibilities of caring for their aging loved ones.