Buying a Franchise: Do You Really Know Enough About Home Care to Own a Franchise? Here Are Some Things to Consider
How much do you know about home care? If you don’t know very much about this important industry, how do you think it’s going to work out when you’re the owner of a home care franchise? Some people get involved in various types of businesses because of the money. They see the new stories about the home health care sector being the number one job creator, the increased demand thanks to the Baby Boomer generation that is now retiring, and the push by the federal government to help reduce hospital readmission rates, which means there’s more support and encouragement of in-home care.
Buying into a home care franchise can be lucrative.
However, one of the first things to keep in mind is there needs to be a passion for this line of work. If you’re not passionate about the business you take on, it is far more likely you will step away and give up, possibly losing a lot of money in the process.
Below are a few other things you might want to consider if you’re contemplating purchasing and owning a home care franchise.
First, what are the real benefits?
It’s easy to assume what the benefits will be, such as being the boss, but what are the benefits going to be to and for you? Is it going to be reputation? Finally being a true ‘business owner?’ Are you looking to maximize profits at the expense of quality care?
You need to be clear on what the benefits are to you.
Second, how many family caregivers are struggling in their lives?
There are an estimated 44 million people taking care of aging and disabled loved ones across the country (). Most of them are struggling emotionally, mentally, and physically. Many of them are also struggling financially.
There’s a huge market for home care services, but is the motivation to get involved in this industry purely financial? Or is it true compassion?
Third, what impact are minimum wage laws going to have on your agency?
The minimum wage fight may not be front page news at the moment, but it hasn’t stopped. People are demanding increased wages, and it’s affecting the home care sector. If you’re not prepared for these financial changes that could happen in the future, that can potentially hamper your long-term success.
Fourth, determine what companies are ‘doing it right.’
The ones that are doing it right are those with a great reputation, great testimonials from clients and client families, and home care aides and other workers who have remained dedicated to their services, loyal employees who truly want to make a difference in the lives of aging and disabled Americans in their time of need.
If you have questions about franchise opportunities with Golden Heart Senior Care Franchise, please contact our office at 1-800-601-2792, or check out our form at https://goldenheartfranchise.com/apply-now/.