Owning a senior care franchise can seem daunting. On top of that, there are many myths about the industry that makes people shy away.
The truth is that owning a senior home care franchise is one of the best franchises to own. For instance, the senior home care business has had a stable growth of 8% since 2019. Also, the demand for senior care services is expected to increase due to COVID-19.
In this article, we will debunk common myths about the senior care franchise industry.
It is true that senior care closely involves the healthcare sector. Nevertheless, healthcare experience is not necessary to run a senior home care franchise.
As a franchise owner, your place is to fulfill the basic everyday needs of seniors. If anything, you may assist seniors in finding appropriate healthcare services.
Regarding experience, senior care franchise owners can thrive from developing skills like:
While helpful, the skills mentioned above are not strictly necessary. You can always hire a third party person to help with your franchise.
The only necessary thing that you need to run a franchise is state licensing and, depending on your state, accreditations to manage Medicaid payments.
For the most part, home care services are covered through private pay. Therefore, it is unlikely that you will receive payments through the patient’s insurance or Medicare.
Options for seniors to pay through insurance include:
Note that not all senior home care businesses offer the payment opportunities mentioned above.
Just like in any other business, starting a senior home care franchise requires money. However, you don’t need millions to start your agency.
To start a senior home care business, you’ll need around $35 to 50k. In addition to that investment, you should have enough savings to maintain your current lifestyle, but you don’t have to be a part of the top 1%.
For more information about franchise costs, reach out to A Better Solution in Home Care. We can provide fees and financial recommendations to help you start your business.
Once you buy the franchise, your contract should specify that you have ownership of a license.
Owning a license will allow you to:
Unless it is specified on your contract that you can’t sell your franchise, you certainly can. A franchise contract rarely prohibits selling the franchise.
It is never too late! Many older people find that investing in new businesses allows them to stay active. Plus, this industry allows you to help your community.
If you want a lifestyle change while helping others, a senior home care business might be right for you.
Are you still interested in owning a senior home care franchise? A Better Solution in Home Care can help! For more information, visit the company site. You can also call us at 1–877–585–9011. We are here to help.