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Financial Benefits of the Senior Care Industry

By Ian Klaes

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 entrepreneurs thanks to job security and increasing financial prospects. Here are some additional benefits that the senior care industry offers.

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 expenses, franchise owners can save money instead of having to budget it for fixed costs.

A small office space also means that you won’t need a lot of furnishings or office supplies. 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

A senior care franchise allows you to start your business quickly. You won’t have to wait on new construction, which means you can start working as soon as you find an office space. After all, time is money.

Some states require home care businesses to receive licensing before delivering care; however, other states do not have any requirements. Depending on the territory that you're interested in, you could start delivering care within days or weeks. Other franchises may require owners to wait years before they can open their doors for business, and that time can equate to lost money.

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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.

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.

Most seniors prefer to age at home than to move into an assisted living facility, nursing home, or other senior living arrangement. Home care services are 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!

Other Benefits

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.

To learn more about benefits of joining the senior care industry by opening your own home care franchise, reach out to us today.

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Tags: Franchise Ownership