There are many questions that you need answered when it comes to deciding what type of home care business that is best for you. The first would probably be are you looking to open a companion/ personal care (non-skilled) home care agency or possibly a home health care agency that can provide skilled nursing and therapy type services? Does a home care franchise fit into your business model or should you consider working with a Home Care Consulting company and establish an independent Home Care Business? It is important for you to understand the benefits of both so that you can make a smart and educated choice Let’s take a look basic benefits of Home Care Franchising and what a home care consulting company would offer as well.
There are several reasons why there will be continuous growth in the home care business industry. The baby boomer generations propose unlimited opportunities for patient resources. In 2011 the baby boom generation began to turn sixty-five years of age. Today there are 40 million-plus Americans older than 65, and the number will surge to more than 88 million by 2050, according to the U.S. Census Bureau. Can you imagine that the number of seniors alone that will need personal care and companion care will more than double by the year 2030. An estimated seventy-two million. Another very important reason is that besides the result and demand for services is cost for services. Home care services are less expensive than the costs associated with long term facilities.
According to a survey report completed in 2013, three of the top 10 franchises are in home care. According to the Franchise Business Review, a national market research firm researching franchisee satisfaction, ranked home care franchises for senior care as one of the top five most profitable franchise sectors.
One of and soon could be the fastest growing business opportunities in the franchise industry is Home care franchising. Growth in the home care franchising sector has been staggering due to a growing demand for home care services derived from both demographic and economic factors, including an aging population, the rising cost of traditional care and a desire by many seniors to receive ‘in-home’ care rather than receiving care in a nursing home.
One thing is certain the size of the home care market is huge and will continue to grow. Demand for home care services will continue to fuel the growth of the home care business industry.
Franchises require a variety of fees in return for the right to use their name or brand recognition along with any ongoing support and assistance provide. This is a major benefit in knowing that someone will be available to help support you when needed.
Franchise fees for Home Health Care Franchises range from approximately 30,000 to over 100,000. It important to note that there may be other fees and franchising charges such as ongoing royalties and, depending on the particular Home Care Franchise, regular contributions to a national advertising fund. Another expense could be the Home Care Franchise may have building plans that are required. You then have to factor in other expenses such as rent and operation equipment.
One thing is certain. Opening a Home Care Business is complicated. It is highly recommended that you don’t do it on your own.
If you are an independent individual, the controls and restrictions placed on your Business operations by certain franchises might be a challenge for you. Home care Franchises believe in there model and enforce the way they want things done to protect their integrity. Restrictions might include signage and appearance, site location, goods and services offered, and even the size of the territory you can service.
Franchises assign you an area of service. The downside to this is that you cannot services a patient outside of this service area. Most Home Care Franchises have a ten to twenty mile service area requirement. This limits your opportunities to do business. If you chose to work with a home care consulting company you can service patients according to what their state license allows.
Home Care Franchises require franchisees to have a contract for franchise requirements. The length varies it can be anywhere from three years to twenty years.
Not many if any Home Care Franchises or Home care consulting companies provide patients for their clients. However they can make suggestions and assist with credentialing for insurance company providers. It is our belief that a home care agency creates its own brand awareness. An example of this is when most people think of hamburgers they think of the brand McDonalds. When they think Coffee, the brand of Starbucks or Duncan Donuts come to mind. What comes to mind when someone thinks home care agency? Again it is our opinion that whether you chose to open a home care franchise or an independent home care agency you must be ready and willing to create your own brand awareness in your community.
At the end of the day, the business model you choose should be the one that works for YOU. We encourage you to thoroughly investigate the benefits and features of several home care franchises and opening your own Home Care Business with a Home Care Consulting company.
Like a home care franchise a home care consulting company can provide you with everything you will need to Open Your Own Home Care or Home Health Care Agency. Most home care consulting companies do not charge Franchise Fees, Royalty Fees or have Territory Restrictions.
Most have found that to be an, meaning you have chosen to open your own home care agency, means you will be able to save upfront capital expenditures associated with a Home Care Franchise. This has a direct effect on the operator’s monthly bottom line profitability. The differences in startup cost could make the difference between your ability and inability to start your company.
When you start a home care business with home care consulting company you are Independent home care business owner and you are own boss. You are not renting a franchise. In most cases, you will be able to save upfront capital expenditures associated with a Home Care Franchise. This has a direct effect on the operator’s monthly bottom line profitability. The differences in startup cost could make the difference between your ability and inability to start your company. We can help you better understand all the costs associated with opening a home care franchise compared to a home care business and what to look for when choosing the right home care consulting company. You will need to find a consulting company that is established, reputable, has size, a complete scope of series and can help you every step of the way. One home care consulting company to consider is 21st Century Health Care Consultants. They have helped establish over fifteen hundred home care/home health care agencies in every state and offer a guarantee business model for their new agency startup process.
When considering a home care consulting company here are many to choose from. Call us and find out who has the experience that you can trust. We have been in business for more than 20 years. Customer services is one if not the most important factor in who you will choose to work with. We employ a team of 30 full time employees, all focused in the area of customer services with a specific field of expertise. That is more than most home care franchise companies and far more than any other home care consultant you will find.
Now it’s time to take a look inside yourself.
Do you know everything you need to know about opening a Home Care Franchise or opening a home care business with a consultant?
With home-health franchises booming, how can you spot the best one?
We recommend that you need to ask lots of questions.
We will help you understand the differences and answer all your questions.