Should You Take Advantage of the Booming Home Care Business?
In-home health care is a growing industry, with prospects for growth improving for many reasons. These include an aging population, an increase in chronic conditions, and the COVID-19 pandemic encouraging more people to use in-home services.
How can you take advantage of this as an entrepreneur?
A home health care franchise company or senior care franchise provides a range of services to patients who are recovering from various chronic illnesses or injuries in their homes. These include physical therapy, nursing care, occupational therapy, medical care, and social services like cooking or cleaning for patients with special needs.
How do home health care franchises work?
Home care franchising is a business model that allows people to build their own small businesses by providing personalized services for their customers.
The franchisee pays the franchisor a franchise fee (a percentage of gross revenues) for granting them exclusive rights to work with qualified customers (patients or seniors). The franchisee has the right to use the franchisor’s name in marketing efforts.
Many people start this business because it aligns with their personal values and interests, while also providing them with an opportunity to work with other caregivers who share the same ideals.
You don’t need to have experience in health care, but you will need to commit to growing your own home health care business. You’ll receive training, and you’ll need to employ high-quality people to provide care to your customers.
You’ll get help to build your business, although, like the training and support you receive, the level of help depends upon the franchise you buy.
What services do home health care franchises offer?
Home health care franchises offer their patients the option to stay in their homes rather than opt to go into a hospital or other facility. They may provide day-to-day assistance and home care services such as housekeeping, meal preparations, and shopping, and a range of health care services that include:
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Physical therapy
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Home senior care
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Treatment of illness or injury
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Therapeutic services
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Palliative care (or hospice/nursing home services)
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Support to patients and families dealing with long-term and end-of-life issues
How do I know if it’s a good idea for me?
To know if home health care is a good business for you to own, you must consider your knowledge, business experience, if the business model matches your goals and the future of the industry.
First, the industry. According to Market Data Forecast, it’s on a great growth path. Currently valued at around $110 billion, it’s forecast to increase by 7.5% per year through to 2026. This would deliver industry revenues of approaching $160 billion in 2026.
A franchise offers the entrepreneur a proven business model, marketing support, training, and the reputation of the franchise brand. However, you must run your business according to the franchisor’s processes. If you want an off-the-peg business model with proven success in a growing sector, then owning franchise locations with a company like Brightstar Care could be perfect.
Before you jump in, you’ll also need to assess if owning a franchise suits your business goals as well as your personality.
Do you have an appropriate level of business acumen and knowledge? What level of support and training will you need? Have you managed skilled nursing staff before?
These are the types of questions you should answer before deciding which of the best franchise opportunities in this space is right for you.
How do you start?
Take the Franchisee Aptitude Test today.